Hapag-Lloyd experienced a better first-quarter of its fiscal year, than it had expected, thanks to substantial rate increases.

But despite the increases in quarter-on-quarter rates, Hapag-Lloyd's business continued to be hit by the global economic crisis.

It reported an operating loss of �21m (US$29m), compared with an �8m loss for the same period in the previous year.

Turnover was up 28% to �1.2bn, year-on-year.

However, there was an improvement of �219m over the previous quarter's operating loss.

Hapag-Lloyd part-owner Tui blamed the losses on "a 13% fall in transport volumes and a 16% decline in average freight rate levels, year-on-year".