Container-line Hapag-Lloyd reported revenue growth of 18% in 2Q 2018, or 7% when excluding UASC’s first time consolidation. The improvement in revenues wasn’t enough to offset higher costs, and particularly bunker fuel, with the result that profitability (EBITDA margin) fell to 7% from 9% a year earlier. That ended a four quarter improvement but wasn’t a surprise given the previous earnings guidance cut announced by management which was since followed by Maersk and NYK. The next challenge is the widening tariff war led by the U.S. Hapag-Lloyd may be somewhat secure here given China-outbo...