Panalpina reported 4Q revenues that expanded 8.6% year over year, due in large part to a 14.5% improvement in average achieved shipping rates per unit in its ocean shipping business. That partly came at the cost of lower volume growth, shown by U.S. containerized imports that increased by just 1.9% year over year compared to 7.9% for the industry at large. The company’s volume growth has been below the industry average in the new year too. The increase in rates allowed Panalpina to improve its EBITDA margin to 4.7% from 2.9% a year earlier, though that’s still well behind DSV – which is ...