Container-line Hapag-Lloyd reported an 11% rise in 4Q revenues vs. a year earlier. That was 1% below analysts’ expectations, whereas the other liners who have reported so far have all done better. That was the result of underlying volumes (excluding the effect of UASC being consolidated) being unchanged vs. a year earlier. A slower rate of growth may have continued, with U.S. inbound volumes up by just 3% in January. However, the lower revenues were likely due to disciplined pricing. When combined with cost cutting that resulted in a profitability (EBITDA margin) that reached the highest...