Germany's Hapag-Lloyd will massively hike freight rates between Asia and Europe in response to a shortage of equipment and surging demand.

The leading liner operator will push up rates by up to $1,000 per teu from 1 December on a trade where bottlenecks are boosting rates to levels not seen for several years.

Rates will initially rise by more than $400 to $1,445 per teu on 15 November and then to as high as $2,445 per teu on 1 December.