FedEx reported unchanged revenues compared to a year earlier for its fiscal 1Q, as well as a drop in its EBITDA margin to 10.9% compared to 11.7% a year earlier. That marks the 14th straight quarter of declines. Weak volumes in international trade are a major contributor. IATA data shows that global airfreight handled by all carriers fell by 3.8% year over year in the three months to Jul. 31. Similarly Panjiva’s data indicates U.S. seaborne import fell 0.1% in the three months to Aug. 31. FedEx’s volumes on U.S.-inbound seaborne routes fell 7.8% over the same period, underperforming comp...