Hapag-Lloyd’s third quarter revenues grew 4% vs. the second quarter – the first growth since the second quarter of 2015. Yet, the revenues were 7% below analysts’ expectations. This appears to be driven by a 6% quarter-on-quarter fall in transpacific yields, whereas market rates increased, as shown by COSCO’s 13% rise on similar routes. When combined with other companies that have already reported, shipping industry revenues increased 1.1% on a year earlier in the third quarter, or 3% excluding Hanjin Shipping.