Hapag-Lloyd AG said third-quarter profit fell almost 64 percent as Europe’s fourth-largest container-shipping line confronted low peak-season freight rates.

Net income dropped to 16.6 million euros ($22.3 million) from 45.6 million euros a year earlier, the Hamburg-based company said in a statement. The average freight rate declined more than 10 percent to $1,476 per standard container, or TEU, in the quarter.

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