The first quarter earnings reports for the shipping industry start with the Swiss forwarders K+N and Panalpina on April 20. A recovery in ocean rates, aside from dry bulk, and positive if cautious commentary from management recently may support analysts’ forecasts for a 7% growth in industry-wide revenues on a year earlier. Panjiva analysis shows expectations are most upbeat for the forwarders, where 10% year-on-year growth is forecasted, led by K+N. The container-lines are expected to grow 6% – the first rise since 3Q 2014 – with Hapag-Lloyd seen expanding the most quickl...