The German container shipping line Hapag-Lloyd concluded the first quarter of 2026 with an EBITDA of $494 million (€422 million); however, its operating performance was negative: EBIT stood at minus $157 million (minus €134 million), and the net loss amounted to $256 million (€219 million). These results were impacted by declining freight rates, as well as severe operational disruptions caused by extreme weather conditions and the blockage of the Strait of Hormuz.
In the Liner segment, revenue declined to $4.8 billion (€4.1 billion) due to a drop in the average freight rate to $1,330 per TEU, compared to $1,471 a year earlier. Meanwhile, transport volumes remained nearly on par with the previous year, totaling 3.2 million TEU – despite weather-related disruptions in Europe and North America that disrupted terminal operations and supply chains. Additional pressure was exerted by the blockage of the Strait of Hormuz, which caused interruptions in cargo flows. The segment’s EBITDA fell to $447 million, while EBIT stood at minus $174 million. In the Terminal & Infrastructure segment, revenue rose to $168 million – driven by the consolidation of the J M Baxi business and growth in Latin America and India – while EBIT reached $18 million.
CEO Rolf Habben Jansen noted that the quarter was unsatisfactory due to pressure on freight rates and supply chain disruptions; however, the Gemini network demonstrated resilience and enabled the company to maintain service stability. He reaffirmed the company’s commitment to its “Strategy 2030” and preparations for the closing of the transaction with ZIM, while maintaining strict cost control amidst a volatile market environment. The company also maintained its 2026 outlook, projecting EBITDA in the range of $1.1–$3.1 billion and EBIT between -$1.5 billion and $0.5 billion, amid high uncertainty stemming from freight rate volatility and the situation in the Middle East.