Hapag-Lloyd has closed the first quarter of 2026 with a Group result of -219 million euros (-256 million dollars), compared to the 446 million euros in profit recorded in the same period of the previous fiscal year. The Group's EBITDA stood at 422 million euros (494 million dollars), while EBIT fell to -134 million euros (-157 million dollars). The Group's revenue decreased by 16.8% to 4,201 million euros, compared to 5,052 million in the first quarter of 2025.
The German shipping company attributes the decline in results to a complicated market environment, marked by a widespread drop in freight rates and operational disruptions caused by adverse weather conditions and the de facto closure of the Strait of Hormuz at the end of February, which resulted in route deviations, longer transit times, and an increase in transport costs.
In the Liner Shipping segment, revenues fell to 4,081 million euros (4,959 million in the first quarter of 2025), mainly driven by the drop in average freight, which stood at 1,330 dollars per TEU, 9.5% lower than the same period of the previous year (1,471 dollars per TEU). Transport volume reached 3.2 million TEUs, practically stable compared to the previous year (-0.7%), despite climatic disruptions in Europe and North America that affected port operations and supply chains. The segment's EBITDA fell to 382 million euros (1,014 million in the first quarter of 2025) and EBIT stood at -149 million euros (compared to 448 million).
By trade routes, Asia-Europe generated revenues of 1,007 million euros (1,230 million in the first quarter of 2025), Asia-America recorded 1,362 million (1,790 million), and Europe-America contributed 744 million (979 million). The route from Africa and intra-regional trade was the only one to experience growth, with 527 million euros compared to 508 million in the previous period, thanks to robust demand and the expansion of available transport capacity.
In the Terminal & Infrastructure segment, revenues increased to 144 million euros (104 million in the first quarter of 2025), mainly due to the first complete consolidation of the container business of J M Baxi Container Holdings Private Limited, as well as growth in volumes in Latin America and India. The segment's EBITDA rose to 40 million euros (34 million) and EBIT to 15 million euros (14 million). As of March 31, 2026, Hapag-Lloyd held stakes in 24 maritime terminals in Europe, Latin America, the United States, India, and North Africa. In addition, the new container terminal in Damietta (Egypt), in which Hapag-Lloyd has an indirect stake of 39%, began operations in February 2026, with a projected capacity of up to 3.3 million TEUs.
The Group's free cash flow remained positive, with 346 million euros (528 million in the first quarter of 2025), and liquidity reserves remained virtually unchanged compared to December 2025, standing at 6.000 million euros. The Group's equity amounted to 18,323 million euros, with a capital ratio of 61.3%.
Regarding the planned acquisition of ZIM Integrated Shipping Services Ltd., signed on February 16, 2026, for an amount of 4.200 million dollars, ZIM shareholders approved the operation on April 30, 2026, at an extraordinary general meeting. The closing of the transaction is subject to the approval of the competent regulatory authorities, which is expected before the end of the current fiscal year. The operation would consolidate Hapag-Lloyd as the fifth largest liner shipping company in the world.
Rolf Habben Jansen, CEO of Hapag-Lloyd AG, described the quarter as "unsatisfactory", noting that "climate disruptions in supply chains and pressure on freight rates have led to significantly lower results", while highlighting that the Gemini network with Maersk has demonstrated its resilience even in difficult conditions.
For the entire fiscal year 2026, the Board of Directors maintains its forecasts of a Group EBITDA of between 900 and 2,600 million euros and EBIT of between -1,300 and 400 million euros, although it warns that this estimate is subject to considerable uncertainty due to the high volatility of freight rate developments and the conflict in the Middle East.