CMA-CGM reported a strong rebound in profitability on face value in 1Q 2019, with an EBITDA margin of 10.5% compared to 4.1% a year earlier. Yet, excluding lease accounting and the acquisition of Ceva Logistics that margin dropped to 3.6% in 1Q 2019. By contrast, almost all other container lines reported an improvement in profitability. Shipments by the group from Asia ex-China to the U.S. surged 16.3% year over year in 1Q and by 11.8% in April, indicating a more aggressive stance toward market share. That underscores the need for CMA-CGM to deliver its cost cutting program. Part of tha...