After two quarters of decline, negative results for Hapag-Lloyd also in the first quarter of 2026.
The German liner, in fact, closed the first quarter of 2026 with a net loss of -218.6 million euros compared to a net profit of 445.9 million euros in the same period last year. According to the company, compared to the same quarter of the previous year, earnings were affected by the reduction in freight rates and operational disruptions due to adverse weather conditions and the blockade of the Strait of Hormuz.
In the Liner Shipping segment, revenues decreased to 4.1 billion euros, mainly due to the reduction in the average freight rate to 1,330 /Teu (first quarter 2025: 1,471 /Teu). Transport volume was 3.2 million Teu, almost in line with the same quarter of the previous year, despite adverse weather conditions in Europe and North America, which caused ongoing disruptions to terminal operations and supply chains. Furthermore, the blockade of the Strait of Hormuz caused disruptions in goods flows. Ebitda decreased to 382 million euros, while Ebit stood at -149 million euros.
In the Terminal and Infrastructure segment, revenues increased to 144 million euros in the first quarter of 2026 thanks to the full consolidation, for the first time, of J M Baxi’s container business and strong volume growth in Latin America and India. Ebitda rose to 40 million euros, while Ebit stood at 15 million euros.
“The first quarter of 2026 was not satisfactory for us, with supply chain disruptions due to weather conditions and pressure on freight rates leading to significantly lower results,” said CEO Rolf Habben Jansen. “At the same time, our Gemini network demonstrated its resilience even in difficult conditions, helping us maintain reliable service for our customers. We remain focused on our Strategy 2030 and the next key milestones for the completion of the merger agreement with Zim, while maintaining strict cost management to navigate the volatile market environment.”
For the 2026 financial year, the board continues to forecast Group Ebitda between 1.1 and 3.1 billion dollars (between 0.9 and 2.6 billion euros) and Group Ebit between -1.5 and 0.5 billion dollars (between -1.3 and 0.4 billion euros). These outlooks remain subject to considerable uncertainty due to the high volatility of freight rates and the conflict in the Middle East.
