On May 13, Hapag-Lloyd released its financial results for the first quarter of 2026. The report shows that freight rate declines and operational disruptions, compounded by severe weather and the Strait of Hormuz blockade, weighed heavily on the company’s earnings.

In Q1, Hapag-Lloyd recorded operating revenue of USD 4.92 billion, down 7.5% year-on-year; EBITDA stood at USD 490 million, a year-on-year drop of 55.2%; EBIT posted a loss of USD 160 million; and the net loss reached USD 260 million, representing a 59.7% year-on-year decline. Container volume carried totaled 3.203 million TEU, edging down 0.7% year-on-year, while the average full-year freight rate fell 9.6% to USD 1,330 per TEU.

Hapag-Lloyd stated that first-quarter performance was significantly impacted by adverse weather conditions and the Strait of Hormuz blockade. CEO Rolf Habben Jansen commented:

“The first-quarter results are disappointing. Weather-related supply chain disruptions and pressure on freight rates dragged down earnings. Nevertheless, the Gemini network demonstrated resilience amid challenging conditions and continued to deliver reliable services to customers. The group will stay focused on its 2030 strategy and the merger with ZIM, while maintaining strict cost discipline amid market volatility.”

By business segment, liner shipping revenue fell to USD 4.78 billion with EBITDA of USD 450 million and an EBIT loss of USD 170 million, mainly affected by weaker freight rates.

The Terminal & Infrastructure division benefited from the full integration of J M Baxi’s container business and strong performance in Latin America and India. Its Q1 operating revenue rose to USD 170 million, with EBITDA at USD 47 million and EBIT of USD 18 million.

Hapag-Lloyd maintained its full-year 2026 financial guidance, projecting group EBITDA between USD 1.1 billion and USD 3.1 billion, and group EBIT ranging from negative USD 1.5 billion to USD 500 million. Uncertainties persist due to freight rate volatility and geopolitical tensions in the Middle East.

According to Alphaliner data, Hapag-Lloyd ranks fifth globally in liner shipping capacity, operating 290 vessels — 133 owned and 157 chartered — with a total capacity of 2.399 million TEU. The company also has 59 newbuild vessel orders totaling 491,000 TEU.