Hapag-Lloyd reports unsatisfactory first quarter

Hapag-Lloyd closed the first quarter of 2026 with a Group EBITDA of US$ 494 million, a Group EBIT of negative US$ 157 million and a Group net loss of US$ 256 million.

The results represent a significant deterioration compared to the same period in 2025, driven by lower freight rates and operational disruptions stemming from severe weather conditions across Europe and North America and the blockage of the Strait of Hormuz.

In the Liner Shipping segment, revenues declined to US$ 4.8 billion, primarily reflecting a lower average freight rate of US$ 1,330 per TEU compared to USD 1,471 per TEU in the first quarter of 2025.

Transport volume held at 3.2 million TEU, broadly in line with the prior-year quarter despite ongoing terminal and supply chain disruptions caused by adverse weather and the Hormuz blockage. Segment EBITDA fell to US$ 447 million, while EBIT came in at negative USD 174 million.

The Terminal and Infrastructure segment provided a partial offset, with revenues rising to US$ 168 million following the first-time full consolidation of J M Baxi’s container business and strong volume growth in Latin America and India. Segment EBITDA increased to USD 47 million and EBIT reached USD 18 million.

CEO Rolf Habben Jansen described the quarter as unsatisfactory, while noting that the Gemini network demonstrated resilience under difficult conditions, maintaining service reliability for customers.

He reaffirmed the company’s commitment to its Strategy 2030 and to completing the merger agreement with ZIM, alongside continued rigorous cost management.

For the full year 2026, the Executive Board maintained its guidance for Group EBITDA in the range of US$ 1.1 to 3.1 billion and Group EBIT between negative USD 1.5 billion and positive US$ 0.5 billion, subject to considerable uncertainty given volatile freight rate dynamics and the ongoing Middle East conflict.

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