A “peak season surcharge” for Chinese exports from Hapag-Lloyd represents a 7% rise in rates out of Shanghai and comes just after “emergency fuel surcharge” increases from CMA-CGM, Maersk and MSC. It may prove less unpopular than a straight fuel surcharge with customers even though it also follows the contract setting round that only recently ended. Hapag-Lloyd has a higher rate of profitability than its peers (EBITDA margin of 8% in 1Q vs. a sector average 6%) and so can afford to compete more aggressively for market share. That process may already have started as its share of China-to-...