Negotiations over the future of Hapag-Lloyd, Germany’s largest container shipping line, appear to be deadlocked as Tui, the largest single shareholder, seeks to avoid making a cash contribution to the €1.75bn ($2.46bn) fresh capital that the company is seeking.

The operator of the world’s seventh-largest container shipping fleet also looks set to be dependent on securing state guarantees to raise the €1bn portion of the financing that it intends to seek through new lending from banks.