Consolidation is a fact of life in the highly fragmented logistics industry. M&A in 2017 reached $32 billion, 26% higher than 2016 and similar to 2015. The largest deals, as in 2016, were in the container-line sector. Further consolidation among the container-lines is possible in 2018, particularly given the apparent ease with which Maersk and COSCO Shipping’s deals were approved. Infill deals, particularly involving regional specialists such as Yang Ming (12% of Taiwan-U.S. traffic) or Grimaldi (3% of Europe-U.S.) look possible. The freight forwarder sector is more in need of consolidat...