Hapag-Lloyd said nine-month profits fell as global trade disputes caused uneven demand and depressed freight rates.
While the German ocean carrier’s total revenue improved to $16.05 billion from $15.28 billion in the same period a year earlier, the group’s profit fell to $946 million from $1.83 billion.
“In the third quarter of 2025, profits improved compared to the second quarter, but remained significantly below the previous year due to low freight rates and upward cost pressure,” the company (HLAG.DE) said in a statement.
The group’s lower pre-tax (EBITDA) and operating (EBIT) earnings reduced margins to 17% and 6%, respectively, from 24% and 13% a year ago.
Shipping revenues rose to $15.7 billion from $14.9 billion year-on-year on the back of a 9% improvement in shipping volumes to 10.2 million twenty-foot equivalent units (TEU) from 9.3 million TEU, primarily due to growth in east-west trade.
Hapag-Lloyd and Maersk (MAERSK-B.CO) inaugurated the Gemini joint services alliance in 2025. The partnership helped grow the former’s volume in Asia by 19.2%.
But the world’s fifth-largest container shipper said shipping lines’ EBITDA and EBIT margins fell to 15.5% and 4%. In comparison, Maersk reported margins of 19.5% and 6.2% in the latest quarter. Network transition and start-up costs for Gemini and costs related to congestion in various parts of the world affected margins, the operator said.
The average freight rate was $1,397 per TEU, down 4.8% from $1,467 a year earlier on volume that was 6.1% higher. In comparison, global volume improved 3.7% in the third quarter.
Hapag-Lloyd lowered its full-year EBITDA forecast range to between $3.1 billion and $3.6 billion, and EBIT to $600 million and $1.1 billion.
Find more articles by Stuart Chirls here.
Related coverage:
An unusual October: container volumes and China’s recovery diverge
Red Sea Houthis withdraw: ‘seismic’ impact on maritime transport
Maritime rates tested by capacity conundrum
Container imports fell 17.6% at major US port
The post Trade Volatility Hits Hapag-Lloyd Profits appeared first on FreightWaves.