A deal could not be ruled out, although nothing has been finalised, The Straits Times quoted NOL's president and chief executive, Thomas Held, as saying.
"We have said all along that we want to play an active role as a consolidator in the shipping industry if this creates value for shareholders and fits in with our long-term strategy," Held was quoted as saying.
"We have to look at all opportunities, so of course we have to look at this," he reportedly said in reference to a possible tie-up with Hapag-Lloyd.
Last month the German leisure and shipping group TUI said it was reviewing strategy and would likely separate its shipping unit Hapag-Lloyd.
TUI said it would examine all options for Hapag-Lloyd, including a spin-off, a merger with a peer or a sale to an investor.
"We need to know what TUI intends to do exactly, as this has not been made clear yet," Held said in The Straits Times.
"We have to see what's the next step happening in Germany."
NOL is 66 percent owned by Singapore state-linked investment firm Temasek Holdings, the Temasek website says.
In February, NOL reported a 44 percent full-year increase in net profit, mainly on improved container shipping volumes and freight rates.
Net profit for the year ended December 28 was 523 million US dollars compared with 364 million a year earlier, the global container shipping and logistics group said.
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