Hapag-Lloyd Q1 earnings hit by freight rate slump

May 13, 2026

Hapag-Lloyd has reported weaker first-quarter results for 2026, with lower freight rates and operational disruption linked to severe weather and the blockage of the Strait of Hormuz weighing on earnings.

The carrier posted Group EBITDA of €422 million ($494 million) in Q1 2026. Group EBIT fell to a loss of €134 million ($157 million), while Group profit declined to a loss of €219 million ($256 million).

In the liner shipping segment, revenues dropped to €4.1 billion ($4.8 billion), driven primarily by a lower average freight rate of $1,330 per TEU, compared to $1,471 per TEU in the same period last year.

Transport volume reached 3.2 million TEUs, remaining broadly in line with Q1 2025 despite adverse weather conditions across Europe and North America, which disrupted terminal operations and wider supply chains. The blockage of the Strait of Hormuz also affected cargo flows during the quarter.

Liner shipping EBITDA decreased to €382 million ($447 million), while EBIT fell to a loss of €149 million ($174 million).

The group’s Terminal & Infrastructure segment recorded stronger performance, with revenues increasing to €144 million ($168 million).

READ: Hapag-Lloyd 2025 results highlight terminals and TEU growth

Growth was supported by the full consolidation of J M Baxi’s container business for the first time, alongside higher volumes in Latin America and India.

Segment EBITDA rose to €40 million ($47 million), while EBIT totalled €15 million ($18 million).

Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said: “The first quarter of 2026 was unsatisfactory for us, with weather-related supply chain disruptions and pressure on freight rates leading to significantly lower results.

“At the same time, our Gemini network has proven its resilience even under difficult conditions, helping us maintain a reliable service offering for our customers. We will stay firmly focused on our Strategy 2030 and the next milestones for the successful completion of our merger agreement with ZIM while we maintain our rigorous cost management as we navigate the volatile market environment.”

For the full 2026 financial year, the company continues to forecast Group EBITDA between €0.9 billion and €2.6 billion ($1.1 billion to $3.1 billion), with Group EBIT expected to range from a loss of €1.3 billion to a profit of €0.4 billion (a loss of $1.5 billion to a profit of $0.5 billion).

Recently, Hapag-Lloyd and Kuehne+Nagel expanded their long-standing partnership to include emission-reduced ocean freight solutions.