Panalpina reported a 6.5% rise in revenues for the third quarter compared to a year earlier, which was somewhat slower than its peers including K+N which rose 12.4%. That may reflect a 1.9% drop in ocean freight volumes, which in turn was led by a 13.9% slump in U.S.-inbound volumes. While the drop, and resulting fall in utilization, may explain a 3.9% shortfall in EBITDA vs. analysts’ estimates it also reflects a more disciplined approach to competition. That can also be seen in an increase in its EBITDA margin to 4.7% from 2.8%. By comparison the freight forwarding sector overall is...