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Hapag-Lloyd, Asian lines form new alliance

Tie-up between Germany's top container shipping line and 5 partners will take on bigger rivals amid glut in capacity

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HEAVY BURDEN: Hapag-Lloyd, which has a fleet of 175 vessels, reported a first-quarter loss of 43 million euros.

Tokyo

HAPAG-Lloyd AG, Germany's top container shipping line, and five Asian carriers will form a new vessel-sharing alliance to take on bigger rivals amid a glut in capacity that's depressed freight rates.

The partners will include Japan's Kawasaki Kisen Kaisha Ltd, Mitsui OSK