Container-line Yang Ming reported a 20% growth in second quarter revenues. That was 4% better than expected by analysts, but was only inline with 2015 levels. The improvement was driven by a 7% rise in volumes, with the implied expansion in rates likely driving the positive surprise. The result was inline with that seen by K-Line, and better than Orient Overseas. The strong result may continue, at least based on July U.S. inbound data, and is a necessary adjunct to the group’s equity capital increase.