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Hapag-Lloyd Q1 hit by rates and disruption

Hapag-Lloyd has reported a weaker start to 2026, with lower freight rates and operational disruption from severe weather and the Strait of Hormuz blockage weighing on earnings.

The carrier posted Group EBITDA of €422 million ($494 million) in Q1 2026. Group EBIT fell to a loss of €134 million ($157 million), while Group profit declined to a loss of €219 million ($256 million).

In the liner shipping segment, revenues slipped to €4.1 billion ($4.8 billion), driven mainly by a lower average freight rate of $1,330 per TEU, down from $1,471 per TEU a year earlier.

Transport volumes totalled 3.2 million TEUs, broadly stable year-on-year, despite weather-related disruption across Europe and North America that affected terminal operations and wider supply chains.

The blockage of the Strait of Hormuz also added further pressure on cargo flows during the period.

Liner shipping EBITDA declined to €382 million ($447 million), while EBIT widened to a loss of €149 million ($174 million).

READ: Hapag-Lloyd introduces Emergency Operation Charge

The group’s Terminal & Infrastructure division delivered a stronger performance, with revenues rising to €144 million ($168 million), supported by the first-time full consolidation of J M Baxi’s container business and higher volumes in Latin America and India.

Segment EBITDA increased to €40 million ($47 million), with EBIT at €15 million ($18 million).

Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said: “The first quarter of 2026 was unsatisfactory for us, with weather-related supply chain disruptions and pressure on freight rates leading to significantly lower results.

“At the same time, our Gemini network has proven its resilience even under difficult conditions, helping us maintain a reliable service offering for our customers. We will stay firmly focused on our Strategy 2030 and the next milestones for the successful completion of our merger agreement with ZIM while we maintain our rigorous cost management as we navigate the volatile market environment.”

For the full year 2026, the company maintained its outlook, forecasting Group EBITDA between €0.9 billion and €2.6 billion ($1.1 billion to $3.1 billion), with Group EBIT expected to range from a loss of €1.3 billion to a profit of €0.4 billion (a loss of $1.5 billion to a profit of $0.5 billion).

Recently, Hapag-Lloyd and Kuehne+Nagel expanded their long-standing partnership to include emission-reduced ocean freight solutions.