Freight forwarder Ceva reported 1Q results – the first after its IPO – which included a 12% growth in revenues. That was the fastest rate in at least four years and was led by a 21% surge in airfreight revenues. Encouragingly, pricing discipline is apparent in “unchanged” ocean rate yields vs. container-rates globally that fell 1%. In common with the other freight forwarders Ceva improved its profitability (EBITDA margin) to 3.0% from 2.6% a year earlier which was a similar level to Panalpina’s. Ceva’s management team want to improve that ratio to 4%, which is closer to K+N’s level but s...