Taiwanese container-line Yang Ming reported 1Q revenue growth of just 3%, which was 1% below expectations. Yet, volumes handled rose by 9%, suggesting an average achieved rate that fell nearly 6% vs. market rates that only fell by 1%. The high degree of competition on Transpacific routes can also be seen in Yang Ming’s net loss which was 3.6x worse than the lowest analysts’ forecast. In response the company is reportedly launching an integrated shipping, ports and logistics business including TS Lines. While that provide access to volumes more economically, it won’t be transformative....