Hamburg Sud is seeking options for the business after merger talks with bigger rival Hapag Lloyd failed last year, Chief Executive Ottmar Gast said. "We are working on alternatives," Gast told reporters at the results news conference of Hamburg Sud parent Oetker Group. Gast, who is part of the four-member management group of Oetker Group's holding company Dr. August Oetker KG, did not provide details, noting only that "size isn't everything". Hamburg Sud and Hapag Lloyd ended talks in March 2013 to create the world's fourth-largest shipper after failing to agree on which of the two should have management control. Shipping groups have struggled with the worst slump on record, with a weak global economy, oversupply of vessels and low freight rates providing impetus for sector consolidation. Hapag Lloyd in April this year signed a deal with Compania SudAmericana de Vapores to take over the Chilean's shipping company's container business and create the world's No. 4 player behind Maersk Line, part of Danish conglomerate A.P. Moller-Maersk, Switzerland's Mediterranean Shipping Company and France's CMA CGM. Hamburg Sud's revenue declined 4 percent to 5.25 billion euros ($714.79 billion) last year, the Oetker Group said. The company does not disclose profit figures. (Reuters)