German container shipper Hamburg-Sud, which failed last year to agree on a merger with rival Hapag-Lloyd, said that a three-way alliance with Hapag-Lloyd and Chile’s Vapores could become an option.

“I wouldn’t rule out that this will make it onto the agenda at some point in the future,” Hamburg Sued’s Chief Executive Ottmar Gast told a press conference on Tuesday.

Compania SudAmericana de Vapores, also known as CSAV, has agreed to take a 30 percent stake in Hapag-Lloyd and plans to combine its container-shipping operations with the German peer.