The freight forwarding sector may face a round of renewed competitive pressure after EBITDA margins stabilized in 1Q at 10.5%. A period of restructuring in the sector has brought both larger freight forwarders – particularly DSV with Panalpina – as well as new entrants such as JB Hunt and vertical integration at Maersk and CMA-CGM. The restructuring comes as global export volumes have begun to decline. Even the previously strong U.S. seaborne import sector saw growth of just 3.6% year over year in April. There’s already been a marked divergence between the major frei...