Hapag-Lloyd delivers solid Q3 results amid lower freight rates and strong transport volume growth

Global shipper Hapag-Lloyd reported a group EBITDA of $2.8 billion in the first nine months of 2025. Meanwhile, group EBIT and group profit reached USD 0.9 billion. 

Global trade has continued to grow despite multiple conflicts, resulting in volatile demand and fluctuating freight rates. 

“The first nine months were characterized by a highly volatile market environment, partly due to geopolitical developments and uncertainties surrounding trade policies,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG. “On the back of strong demand from our customers, we delivered strong transport volume growth and achieved a solid overall result.” 

In the third quarter of 2025, the company’s earnings improved compared to the second quarter but remained significantly below prior-year levels due to low freight rates and upward cost pressure.

“We see first cost advantages from Gemini and will deliver the planned savings in full in the course of 2026,” added Jansen. “Looking ahead, we will respond agilely to changes in global trade and maintain strict cost discipline.”

Hapag-Lloyd financial report by segment

In the Liner Shipping segment, revenue increased to $15.7 billion. This was driven by a 9 percent rise in transport volumes compared to the same period in 2024, which reached 10.2 million TEU, primarily due to growth on the East-West trades. 

At $1,397/TEU, the average freight rate was 4.8 percent lower than the prior-year level. The EBITDA and EBIT decreased to $2.7 billion and $0.9 billion, respectively, due to network transition and start-up costs for Gemini, as well as congestion-related costs in various parts of the world.

The Terminal & Infrastructure segment reached $375 million, representing an increase in revenue in the first nine months of 2025, driven by the acquisition of a terminal in France.

At the same time, the EBITDA stood at $110 million and the EBIT at $46 million, both slightly below the prior-year level.

Sustainability efforts and 2026 outlook

As part of its ongoing modernization and decarbonization efforts, Hapag-Lloyd is investing in up to 22 new ships with capacities of less than 5,000 TEU.

These will likely be a mix of L/T charters and owned vessels. This marks another significant milestone for Hapag-Lloyd on its path to enhanced efficiency and net-zero fleet operations by 2045, according to the company.

As business performance is in line with expectations, the Executive Board has further narrowed the earnings forecast for the full year 2025. 

The Group EBITDA is now expected to be in the range between $3.1 and $3.6 billion, while the Group EBIT is set to be in the range of $0.6 and $1.1 billion. 

However, the company stays cautious and states the forecast remains subject to considerable uncertainty due to geopolitical challenges and volatile freight rates.

*All images courtesy of Hapag-Lloyd

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