Container-line Hapag-Lloyd reported third quarter revenues that jumped by 45% after the acquisition of UASC. While volumes were 38% higher than a year earlier, average yields fell 2% in the third quarter vs. the sector. That lagged the modest increases seen by Maersk. Nonetheless, cost cutting secured from the UASC integration meant the company’s profitability (EBITDA margin) climbed to 12.9% from 9.3% a year earlier.

That beat Maersk’s 12.2%, and was the best in the container-line sector – a remarkable feat given it was worst-in-class in early 2014. The container line sector’s av...