Hapag-Lloyd has reported a challenging first quarter for 2026, with earnings significantly impacted by declining freight rates, severe weather disruptions, and the temporary blockage of the Strait of Hormuz.
The company posted a Group EBITDA of USD 494 million (EUR 422 million) for Q1 2026. However, Group EBIT fell to USD -157 million (EUR -134 million), while Group profit declined to USD -256 million (EUR -219 million), reflecting mounting operational and market pressures compared to the same period last year.
In its core Liner Shipping segment, revenues declined to USD 4.8 billion (EUR 4.1 billion), mainly due to a lower average freight rate of USD 1,330 per TEU, compared to USD 1,471 per TEU in Q1 2025. Transport volumes remained relatively stable at 3.2 million TEU despite widespread weather-related disruptions across Europe and North America that affected terminal operations and supply chains. The blockage of the Strait of Hormuz further disrupted cargo flows and operational efficiency.
As a result, EBITDA in the Liner Shipping segment dropped to USD 447 million (EUR 382 million), while EBIT stood at USD -174 million (EUR -149 million).
Meanwhile, the company’s Terminal & Infrastructure segment delivered stronger performance during the quarter. Revenues increased to USD 168 million (EUR 144 million), supported by the first-time full consolidation of J M Baxi’s container business and robust volume growth in India and Latin America. EBITDA for the segment rose to USD 47 million (EUR 40 million), with EBIT reaching USD 18 million (EUR 15 million).
Commenting on the results, Rolf Habben Jansen said the first quarter was “unsatisfactory,” citing weather-related supply chain disruptions and freight rate pressure as key challenges affecting performance.
He added that the company’s Gemini network demonstrated resilience under difficult operating conditions, enabling Hapag-Lloyd to maintain reliable service levels for customers. The company also remains focused on its Strategy 2030 goals and advancing the merger agreement with ZIM, while continuing strict cost management amid volatile market conditions.
Looking ahead, Hapag-Lloyd has maintained its financial guidance for 2026, expecting Group EBITDA to range between USD 1.1 billion and USD 3.1 billion (EUR 0.9 billion to EUR 2.6 billion), and Group EBIT between USD -1.5 billion and USD 0.5 billion (EUR -1.3 billion to EUR 0.4 billion). The company noted that the outlook remains subject to significant uncertainty due to freight rate volatility and ongoing geopolitical tensions in the Middle East.
