Q3 2025 delivers the exact same paradox we saw at Maersk — but with a uniquely Hapag-Lloyd flavour

Hapag-Lloyd AG reported earnings in line with expectations for the first nine months of 2025, despite volatility in demand and freight rates caused by ongoing trade conflicts and geopolitical uncertainty.The company achieved a Group EBITDA of USD 2.8 billion (EUR 2.5 billion) and an EBIT of USD 0.9 billion (EUR 0.8 billion), while Group profit totaled USD 946 million.

Below last year’s levels due to persistently low freight rates 

Although results improved in the third quarter compared with the second, they remained well below last year’s levels due to persistently low freight rates and rising costs.  Revenue in the Liner Shipping segment rose to USD 15.7 billion (EUR 14.1 billion), driven by a 9 percent increase in transport volumes to 10.2 million TEU. The average freight rate declined by 4.8 percent year on year to USD 1,397 per TEU. EBITDA and EBIT in the segment decreased to USD 2.7 billion and USD 0.9 billion, respectively, mainly reflecting transition and start-up costs linked to the Gemini network and congestion-related expenses.  

 The Terminal & Infrastructure segment

The Terminal & Infrastructure segment reported revenue of USD 375 million (EUR 335 million), supported by the acquisition of a terminal in France. EBITDA reached USD 110 million (EUR 98 million) and EBIT USD 46 million (EUR 41 million), slightly below the previous year’s figures.  

A highly volatile market environment

CEO Rolf Habben Jansen said, “The first nine months were characterized by a highly volatile market environment, partly due to geopolitical developments and uncertainties surrounding trade policies. On the back of strong demand from our customers we delivered strong transport volume growth and achieved a solid overall result.” He added that the Gemini network had set “a new quality benchmark in terms of schedule reliability” and that cost savings from the network are expected to be realized fully in 2026. 

  Its decarbonization strategy

As part of its decarbonization strategy, Hapag-Lloyd decided to invest in up to 22 new ships with capacities below 5,000 TEU, including both owned and chartered vessels. The initiative supports the company’s goal of reaching net-zero fleet operations by 2045.  The Executive Board narrowed the earnings forecast for the full year 2025. Group EBITDA is now expected to range between USD 3.1 and 3.6 billion (EUR 2.8–3.2 billion), and Group EBIT between USD 0.6 and 1.1 billion (EUR 0.5–1.0 billion).

 Q3 2025 delivers the exact same paradox we saw at Maersk 

It is noteworthy that Q3 2025 delivers the exact same paradox we saw at Maersk — but with a uniquely Hapag-Lloyd flavour :according to Hapag-Lloyd in a statement sent to Maritime Tickers where freight rates down –14% YoY (Q3: USD 1,391/TEU → 1,612) while Gemini turbocharges schedule reliability to ~90% and Gemini turbocharges schedule reliability to ~90%  On the contrary costs explode due to port disruption + Cape diversions + Gemini phase-in and Terminals grow revenue double-digit, but margins fall while Hapag-Lloyd didn’t win the quarter — but it did survive the worst market conditions with discipline, not luck. according to its statement " Hapag-Lloyd didn’t win the quarter — but it did survive the worst market conditions with discipline,"

About Hapag-Lloyd AG 

Hapag-Lloyd AG is a publicly listed German shipping company headquartered in Hamburg. It operates as one of the world’s largest liner shipping providers, offering container transport services across more than 600 ports globally. The company manages both liner shipping operations and terminal infrastructure investments. 

Related : Maersk survey : Expect disruptions to persist for two more years

Hapag-Lloyd AG , Maersk , Q3 2025 , solid nine-month, higher volumes ,lower rates , CEO Rolf Habben Jansen