Hapag-Lloyd AG reported strong results for the third quarter despite facing fluctuating freight rates and a difficult global situation. The German shipping company recorded a Group EBITDA of $2.8 billion for the first nine months of 2025.
The Hamburg-based company achieved a Group EBIT and profit of $0.9 billion during this time, although earnings in the third quarter were much lower than last year due to low freight rates and rising costs. The Liner Shipping segment brought in $15.7 billion in revenue, supported by a 9 percent rise in shipping volumes, reaching 10.2 million TEU compared to the same period in 2024.
However, the average freight rate of $1,397 per TEU was a 4.8 percent drop from $1,467 per TEU last year. The company attributed the decline in EBITDA and EBIT to network transition and start-up costs for its Gemini Cooperation with Maersk, as well as congestion costs in different regions worldwide.
Rolf Habben Jansen, CEO of Hapag-Lloyd AG, stated, “The first nine months were marked by a highly volatile market, partly due to geopolitical events and trade policy uncertainties. Despite this, strong customer demand helped us achieve notable growth in transport volumes and a solid overall result.”
Jansen highlighted the quality benefits of the Gemini network, claiming it has “set a new standard for schedule reliability that distinguishes us from competitors.” He added that while the company is starting to see cost benefits from Gemini, full savings will materialize throughout 2026.
In a strategic move, Hapag-Lloyd announced plans to invest in up to 22 new smaller vessels with capacities of less than 5,000 TEU, likely through a combination of long-term charters and owned ships. This investment marks a significant step in the company's modernization efforts and its goal to achieve net-zero fleet operations by 2045.
The Terminal & Infrastructure segment experienced slight growth, with revenues rising to $375 million, mainly due to a terminal acquisition in France. Nevertheless, EBITDA of $110 million and EBIT of $46 million fell slightly short of the previous year's figures.
Looking forward, Hapag-Lloyd's Executive Board has updated its full-year 2025 earnings expectations. The company now anticipates Group EBITDA in the range of $3.1 to $3.6 billion and Group EBIT between $0.6 and $1.1 billion. Management noted that these projections are subject to significant uncertainty due to ongoing geopolitical issues and the fluctuating nature of freight rates.
The company's performance comes amid mixed trends in the container shipping industry. Recent data from Drewry indicated that the World Container Index dropped 5 percent to $1,859 per 40-foot container, marking the first weekly decline after four consecutive weeks of increases following China's Golden Week holiday. Transpacific rates saw double-digit decreases, with fares from Shanghai to New York dropping 15 percent to $3,254 per 40-foot container.
Meanwhile, Hapag-Lloyd's partner in the Gemini project, Maersk, recently upgraded its lower earnings forecast for the year, now expecting underlying EBITDA of $9.0 to $9.5 billion. Maersk's Ocean segment reported EBIT of $567 million in the third quarter, up from $229 million in the previous quarter, benefiting from the cost efficiencies linked to the Gemini Cooperation and a 7 percent increase in loaded volume year-over-year.
Hapag-Lloyd operates a fleet of 305 modern container ships with a total capacity of 2.5 million TEU, running 130 liner services worldwide that connect over 600 ports across all continents. The company has approximately 14,000 employees in its Liner Shipping division and maintains 400 offices in 140 countries.
“Looking ahead, we will stay agile in response to changes in global trade and keep a strict approach to costs,” Jansen concluded. “At the same time, we will not compromise on the quality we provide our customers.”