Did capacity concerns make NOL nervous about acquiring Hapag-Lloyd?

Wouldn’t surprise me:

Given the fact that ocean carrier capacity is ramping up while shipper demand is slackening, news that NOL backed out of buying Hapag-Lloyd comes as small surprise to many analysts.

German group TUI AG has agreed to sell its Hapag-Lloyd container shipping business to a Hamburg-based consortium led by Klaus-Michael Kuehne of global forwarding and logistics group Kuehne-Nagel yesterday. The announcement came just days after LM had reported that NOL had withdrawn its offer.