HMM (formerly Hyundai Merchant Marine) reported 2Q 2018 revenues that fell 0.3% on a year earlier despite a 17% surge in volumes. That indicates the container-line’s average achieved rates underperformed the 6% decline seen globally. Despite lower rates the company struggled to maintain its market share with shipments from South Korea to the U.S. up by just 1% in 2Q vs. 10% for all liners. That process appears to have continued with a 13% drop in July. A surge in fuel costs meant HMM’s EBITDA margin loss expanded to 11% from 9% a year earlier, making for the 12th loss in the past 13 q...