Temasek, the sovereign wealth fund, and Germany’s Tui are in talks to merge their shipping operations in a deal that could see the Singaporean group take a stake of more than 20 per cent in the Hanover-based travel group.

A merger of Tui’s Hapag-Lloyd unit and Neptune Orient Lines, 68 per cent owned by Temasek, would create a global force in container shipping to rival the likes of Denmark’s Maersk Line.