Shares in Germany’s Tui rose nearly 7 per cent on Tuesday after both the container shipping lines and the travel businesses in which it holds shares announced deals seen as favourable to their recovery chances.

Hapag-Lloyd, the container shipping line in which Tui holds 43 per cent, has reached agreement with the works council for its German trade unions on their part of a cost-cutting programme intended to reduce costs by $900m annually. Tui Travel, the UK-listed travel operator in which Tui holds 51.4 per cent, announced it had reached agreement with Germany’s Air Berlin on disposing of its scheduled airline business.