Logistics tycoon Klaus-Michael Kuhne has boosted his holding in German container line Hapag-Lloyd.

His Kuhne Holding said the Kuhne + Nagel owner now has 17.15%, up from 14.1%, according to Reuters.

He snapped up some of the shares sold by tourism giant TUI this week.

Kuhne views his investment in Hapag-Lloyd as long term.

"The ongoing shipping industry consolidation offers Hapag-Lloyd new growth perspectives and strengthens its positions among the most important shipping companies across the world," Kuehne Holding executive chairman Karl Gernandt said.