The Associated Press July 6, 2010, 8:52AM ET

TUI shares soar as shipping outlook brightens

Shares of TUI AG are soaring as the travel company says the Hapag-Lloyd container shipping business will generate higher profit this year than initially forecast.

Hannover-based TUI, which has a 43.3 percent stake in Hapag-Lloyd, said Tuesday that the business has been helped by "a notable recovery in global container shipping."

It says it now expects Hapag-Lloyd to post "significantly positive" operating earnings after transport volumes and freight rates improved. TUI added that prospects for its core tourism business remain unchanged.

Shares of TUI were up 9 percent at euro7.56 ($9.53) in Frankfurt trading.

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