Maersk’s 2016 earnings were ill-received by the markets – a net loss of $2 billion compared to expectations of a $1 billion profit, resulting in an initial 6% drop in the stock price. That was the result of a writedown in the energy business, though revenues in that unit also fell 16% in the fourth quarter vs. the third. A recovery in shipping was absent – revenues were unchanged – though this reflects 40-60% of volumes being on long-term contract and hence missing out on the 9% shipping rate recovery. When added to companies that have already reported, it looks like...