Pricing discipline in container-line markets appears to be failing. Average China-outbound rates fell 9% at the end of March vs. February, leaving them at their lowest since December 22. As a result first quarter rates were down 1% on a year earlier. That was led by a 9% drop in U.S. west-coast routes and 6% to the east coast, though intra-Asia rates improved. The former has come ahead of the risk to volumes from trade tariffs applied by China and the U.S. Rates have also failed to keep track of bunker fuel costs, which rose 27% on a year earlier in the first quarter. Importantly it w...