Maersk has followed MSC in applying an “Emergency Bunker Surcharge” in response to a surge in fuel costs. Average bunker fuel prices rose 27% on a year earlier in the first quarter and have climbed 47% in the second quarter so far. The surcharges are necessary to rebuild profitability for the container-lines. That challenge to profitability can be seen in the 1Q results from ZIM Shipping which reported a 17% rise in volumes but a 2% drop in average achieved rates. The combination of lower rates, higher fuel costs and increased container handling charges resulted in ZIM’s EBITDA margin...