Hapag-Lloyd reported an 11% rise in revenues on a year earlier in the first quarter. That was 2% better than analysts expected, and was stronger than the 5% rise reported by Maersk. The outperformance is a surprise given average rates fell 1% on the prior quarter, whereas benchmark rates increased 7%. That may mean there is room for a better result in the coming quarter as contracting catches up. The main challenge for the company is completion of the delayed UASC deal, so guidance remains unchanged. The company does see the need for “continuous market discipline” to ensure rate rises...