Maersk reported 2Q profitability (EBITDA margin) that fell to 9% from 12% a year earlier, repeating a pattern seen across the container-line sector. As with other liners that was due in large part to higher bunker fuel costs. Yet, excluding the “Hamburg Sud mix effect” gross earnings before fuel also fell due to higher handling costs. Maersk management had already cut guidance for the year. Halfway through the third quarter container rates have improved 12% from their mid-May lows while bunker fuel rose just 5%. However, third quarter-to-date rates are 8% below the year earlier level and...