CMA-CGM reported revenues for 2Q16 that were 13.9% lower on a year earlier, and 1.5% lower on 1Q excluding NOL. As the last reporting firm for 2Q it couldn’t change the 2.2% increase in revenues for the industry vs. 1Q – the first improvement since 3Q14. The third quarter of 2016 looks set to be better again, with 1.6% revenue growth based on current analyst estimates.