Tui, the German tourism group, is to provide more than two-thirds of the short-term financing needed by Hapag-Lloyd after many of the container shipping line’s other shareholders refused to take part in a rescue deal.

Most of the €330m lifeline will come from the €315m sale to shareholders of Hapag-Lloyd’s 25.1 per cent stake in Hamburg’s Altenwerder Container Terminal, one of the world’s most advanced.