Hapag-Lloyd closed the first nine months of 2025 navigating between two forces that define today’s shipping industry: a turbulent global market and demand that, despite the ups and downs, continues to drive volumes upward. The German group reported EBITDA of $2.8 billion and EBIT of $900 million , figures that reflect resilience, but also operational and financial pressures that have marked each quarter. Although profits improved compared to the second quarter, they remained far from the levels reached a year earlier, affected by depressed rates and upward-pressured costs in various regions.
The core business, liner shipping, showed a significant increase in revenue to $15.7 billion, driven by a 9% rise in cargo volumes, which reached 10.2 million TEUs (twenty-foot equivalent units). Growth was concentrated in east-west trade, a clear indicator that routes most exposed to trade tensions continue to show resilience. However, the factor that has eroded profitability is the average freight rate, which fell 4.8% year-over-year to $1,397 per TEU. The German company’s own report acknowledges that the segment’s EBITDA declined to $2.7 billion and EBIT to $900 million, citing the transition to the Gemini network and costs associated with congestion at multiple ports as the causes.
In terminals and infrastructure , the group continued to expand its footprint. Revenues reached $3.75 billion, an increase largely attributed to the acquisition of a terminal in France. However, operating performance showed slight declines: EBITDA reached $110 million and EBIT $46 million.
CEO Rolf Habben Jansen summarized the situation with a phrase that captures the structural tension in the sector: “The first nine months were characterized by a highly volatile market environment… thanks to strong customer demand, we achieved strong growth in throughput and a solid overall result.” He also defended the investment in the Gemini network, noting that “we are setting a new benchmark for quality… and we are seeing the first cost advantages.” Regarding the port expansion under the Hanseatic Global Terminals brand, he added that the company will respond “agilely to changes in global trade and maintain strict cost discipline.”
The shipping company also advanced its decarbonization strategy by approving investments to incorporate up to 22 new vessels of less than five thousand TEU , a mix of owned and long-term chartered units that will serve as the basis for its goal of net zero operations in 2045.
Although overall performance remains within expectations, the Executive Board has lowered its 2025 forecast. It now estimates EBITDA between $3.1 billion and $3.6 billion and EBIT in the range of $600 million to $1.1 billion. The group cautions that uncertainty will continue to be a constant in a world where geopolitical tensions and volatile rates continue to shape the course of maritime transport.
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