Hapag-Lloyd increased container volumes in 2025, but the gain was overshadowed by weaker freight rates and a sharp decline in earnings as the carrier battled overcapacity, geopolitical disruption and rising operating costs.
The company said liner shipping revenues edged up to $20.6bn from $20.3bn the previous year. However, EBITDA fell to $3.5bn from $4.9bn, while EBIT dropped to $1bn from $2.7bn.
Container volumes rose 8% to 13.5m teu, helped by the launch of the Gemini cooperation with Maersk. Even so, the average freight rate declined by 8% to $1,376 per teu as additional capacity entered the market and trade imbalances deepened.
Hapag-Lloyd said earnings were also hurt by higher costs linked to the introduction of new tariffs, ongoing security tensions in the Red Sea, start-up expenses tied to the Gemini network and congestion in ports.
The company noted that savings linked to Gemini started to emerge in the second half of 2025 and are expected to be fully reflected in 2026. It also said one-time non-cash effects in the fourth quarter had a positive impact on results.
Looking ahead, the line forecast 2026 pre-tax earnings in a range of negative $1.5bn to positive $500m, underlining the degree of uncertainty surrounding freight rates and the broader conflict in the Middle East.
Chief executive Rolf Habben Jansen said 2025 had still been a good year in operational terms. He pointed to volume growth, market outperformance and 90% schedule reliability on the Gemini network, alongside record customer satisfaction levels. He also highlighted continued investment in fleet efficiency and modernisation to support decarbonisation, as well as the growing contribution of Hapag-Lloyd’s terminals portfolio to the wider liner business.
