Container-line Hapag-Lloyd reported 1Q revenues that expanded by 23% on a year earlier, and were 2% better than expected. Most of the growth was due to the consolidation of UASC, but importantly underlying volumes grew by just 3% and achieved rates per unit by 7%. The latter compares to a 1% drop in global rates out of China. That would suggest Hapag-Lloyd avoided the ruinous Transpacific competition of the past year. The resulting growth in profitability (EBITDA margin) to 8.4% from 5.8% a year earlier put the company ahead of both analysts’ forecasts (8.0%) and the sector average (7.4%...