The start of the container-lines 1Q reporting season has seen both COSCO Shipping and the major Japanese liners reporting higher EBITDA margins. Many of the drivers are company-specific though. COSCO Shipping’s EBITDA margin improved to 8.1% from 6.5%. That included a more choosy approach to market share – its U.S.-inbound volume fell 14.5% year over year in 1Q. Among the Japanese shipping Mitsui OSK and NYK Line had improving margins while K-Line dropped to a loss. The three should see a rebound in year over year comparisons given last year saw the troubled startup of their combined ...