The shipping industry had a challenging 2Q based on recent revenue reports. Revenues fell 13.2% on a year earlier, and were an average 3.3% below analyst expectations – Nippon Yusen and K-Line did worst. At least 2Q was better than 1Q with the first quarterly rise in revenues since 3Q14. Looking to 3Q16, U.S.-bound volumes have increased 1.4% vs. a year earlier, but Chinese and South Korean exports were both down substantially in July. Container pricing looks robust, but may not help 3Q revenues.