Chicago Express Hapag Lloyd containership

Ship Photo of the Day: Hapag-Lloyd Bumps Up Freight Rates

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May 4, 2012

FRANKFURT (Dow Jones)–German shipping group Hapag-Lloyd said Friday it has increased freight rates for all cargo and container types between Europe and North America with effect from July 1.

The company attributed the price rise to unsustainable revenue and continuous cost increases.

Hapag Lloyd, partly owned by tourism and travel group TUI AG (TUI1.XE), has been suffering from high marine diesel prices for months.

-By Kirsten Bienk, Dow Jones Newswires

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