Trade volatility hits Hapag-Lloyd profits

Hapag-Lloyd said nine-month profits fell as global trade disputes led to uneven demand and depressed freight rates.

While overall revenue for the German ocean carrier improved to $16.05 billion from $15.28 billion in the same period a year ago, group profit fell to $946 million from $1.83 billion.

“In the third quarter of 2025, the earnings improved compared with the second quarter but remained significantly below prior-year due to low freight rates and upward cost pressure,” the company (HLAG.DE) said in a release.

Lower group pre-tax (EBITDA) and operating (EBIT) earnings pushed margins down to 17% and 6%, respectively, from 24% and 13% a year ago.

Liner shipping revenue increased to $15.7 billion from $14.9 billion y/y on a 9% improvement in transport volumes to 10.2 million twenty foot equivalent units (TEUs) from 9.3 million TEUs, mainly on growth in east-west trades.

Hapag-Lloyd and Maersk (MAERSK-B.CO) inaugurated the Gemini alliance of joint services in 2025. The partnership helped grow the former’s Asia volume by 19.2%.

But the world’s fifth-largest container carrier said liner EBITDA and EBIT margins dropped to 15.5% and 4%. Maersk by comparison reported margins of 19.5% and 6.2% in the recent quarter. Network transition and start-up costs for Gemini, and congestion related costs in various parts of the world hit margins, the carrier said.

The average freight rate was $1,397 per TEU, down 4.8% from $1,467 the year prior on volume that was 6.1% higher. By comparison, global volume improved by 3.7% in the third quarter.

Hapag-Lloyd narrowed its full-year EBITDA forecast range to $3.1 billion-$3.6 billion, and EBIT to $600 million-$1.1 billion.

Find more articles by Stuart Chirls here.

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