COSCO Shipping delivered fourth quarter revenues that expanded 6% vs. the third quarter, and were a full 30% above analyst expectations. That may reflect consolidation effects, though achieved shipping rates also grew significantly. Panjiva analysis shows intra-China routes earned 25% more per TEU than a quarter earlier, while intra-Asia routes increased 8% compared to a 2% fall in market rates. Asia-Europe lagged suggesting that – in common with other shippers – long-term contracts have yet to catch-up. COSCO is upbeat on the outlook for shipping, even though it sees “demand uncertainti...