Container vessel operator Seaspan reported first quarter revenues that fell 7% on a year earlier and were 2% below analysts’ expectations. That likely reflects continued lost revenues due to the failure of Hanjin Shipping as well as low usage of recently acquired Panamax vessels. Its decision to postpone delivery of two vessels by a year is an encouraging sign of capacity discipline. The read across to the container-liners is limited by Seaspan’s economic model. Panjiva analysis of consensus estimates suggest container-line revenues could increase 6% on a year earlier.