ZIM Shipping reported revenue growth of just 2.9% in the third quarter of 2018. A drop in average achieved container-rates of 5.8% was to blame and was well below the industry benchmark of a 1.0% decline. When combined with higher fuel costs the drop in rates resulted in a halving of the group’s EBITDA margin to 4.9% vs. a year earlier. Management have also struck a downbeat outlook including “significant uncertainties” due to “trade restrictions” between the U.S. and others. One strategic response is ZIM’s use of joint ventures on shipping routes, which it will continue to pursue. That ...