Hapag-Lloyd, the world’s fifth-largest container shipping line, slipped into loss in the first quarter as a combination of adverse weather conditions and geopolitical instability in the Middle East disrupted its operations and pressured freight rates.
The carrier reported a decline in liner revenue of 8%, bringing it down to $4.8 billion year-on-year, despite only a slight 1% drop in transported volumes, which stood at 3.2 million TEUs. This performance lagged behind the broader market, where global container volumes rose by 4.4%, according to Container Trade Statistics.
Profitability deteriorated sharply over the period. Earnings before interest, taxes and depreciation (EBIT) fell into a loss of $174 million. At the same time, average freight rates dropped by 9.5% to $1,330 per TEU, broadly tracking CTS data, which recorded a 9.7% decline across the market.
Rolf Habben Jansen, chief executive of Hapag-Lloyd AG, described the quarter as particularly challenging, pointing to operational disruptions affecting supply chains in the Atlantic, alongside sustained pressure on pricing.
“The first quarter of 2026 was unsatisfactory for us, with weather-related supply chain disruptions [in the Atlantic] and pressure on freight rates leading to significantly lower results,” he said in the company’s earnings statement.
Despite the weak start to the year, Hapag-Lloyd has maintained its full-year 2026 guidance. The company continues to forecast EBITDA in the range of $1.1 billion to $3.1 billion, and EBIT between a loss of $1.5 billion and a profit of $500 million, reflecting ongoing uncertainty across global shipping markets.
