Container-lines operating on Brazilian outbound routes experienced a third straight quarter of expanding volumes after a 6% rate of growth on a year earlier in the first quarter. That’s benefited the second tier shippers the most. Number one operator Maersk (34% share in the first quarter) had unchanged volumes on a year while MSC (24%) fell 2%. They lost out to Hapag-Lloyd which grew 21% and CMA-CGM up 27%. Maersk’s restructuring with Hamburg Sud may be one explanation. Another is that a slump in Asia-South America rates – down 34% year-to-date vs. a 4% reduction globally ̵...