Hapag-Lloyd set for state bailout

Hapag-Lloyd is set to be rescued by the state, the first time that a big shipping line has been granted a bailout by a government. German transport secretary Wolfgang Tiefensee said he agreed in principal with shipper’s application for €1.2bn (£1.05bn) in state-backed loan guarantees was justified. The move could put pressure on other states in Europe to support shipping lines, which have been devastated in the recession due to an excess capacity hangover left over from the boom.