Integrated logistics operator Kuehne+Nagel reported fourth quarter revenues that were 15% better than analysts expected. That was likely due to expansion of the airfreight business. Adjusting for taxes and duties, the seafreight business actually contracted 2% vs. the third quarter as a result of lower achieved prices. That performance is similar to Maersk, and lags that of Hapag-Lloyd and the Japanese shippers. CEO Detlef Trefzger was cautious in his comments about shipping, stating they “assume the market will stabilize”. The company expects to make acquisitions, but these will be in A...