HAPAG-Lloyd has attributed contrasting results in the first two quarters of 2025 to US tariff policies that led to volatile development in demand and freight rates overall in H1.
At the same time, problems at major seaports and the ongoing tense security situation in the Red Sea impacted operational development, the company said, in releasing results yesterday [14 August].
While Hapag-Lloyd was able to increase Group revenue by 10.0% to EUR 9.7 billion (H1 2024: EUR 8.8 billion), group EBITDA decreased to EUR 1,759 million (USD 1.9 billion) (H1 2024: EUR 1,822 million) and Group EBIT to EUR 619 million (H1 2024: EUR 813 million) due to higher costs.
Quarter-on-quarter, 2025 2Q saw EBITDA, EBIT and profit fall compared to 2024 although revenue rose.
In the Liner Shipping segment, the transport volume rose by 10.6% to 6.7 million TEU in the first half of 2025, while the average freight rate remained at the previous year’s level of USD 1,400/TEU.
Despite the positive demand development, higher expenses related to operational issues in ports, ongoing vessel diversions around the Cape of Good Hope, and start-up costs for the new Gemini network led to a decline in operating result, as expected.
EBITDA in the Liner Shipping segment was EUR 1,686 million in the first half of 2025 (H1 2024: EUR 1,756 million), and EBIT was EUR 585 million (H1 2024: EUR 782 million). Hapag-Lloyd said the “Gemini Cooperation” was successfully launched on 1 February, together with partner Maersk, and achieved an industry-leading schedule reliability of 90% in the first months since its launch. However, further efforts are required in the second half of the year to optimise the network, the company said.
The Terminal & Infrastructure segment reported revenue and profit growth in the first half of 2025. EBITDA rose to EUR 72 million (H1 2024: EUR 66 million) and EBIT to EUR 34 million (H1 2024: EUR 31 million). The terminal portfolio was expanded in March 2025 with the acquisition of a 60% stake in CNMp LH, the operator of the Atlantique Container Terminal in Le Havre.
Following the payment of a dividend of EUR 8.20 per share in the second quarter (previous year: EUR 9.25) and further investments in the expansion and modernisation of the fleet, the Group’s net debt rose to EUR 785 million as of 30 June 2025 (31 December 2024: net liquidity of EUR 910 million).
Based on the solid earnings performance in the first half of 2025, which was in line with expectations, the Executive Board has, like its Maersk counterpart, raised it expectations for the 2025 financial year with Group EBITDA now projected to be in the range of EUR 2.5 to 3.4 billion (previously: EUR 2.4 to 3.9 billion) and Group EBIT in the range of EUR 0.2 to 1.1 billion (previously: EUR 0.0 to 1.5 billion).
While in general European-based carriers – CMACGM, Maersk and now Hapag – have reported stronger results than Asian counterparts, Hapag-Lloyd is in solidarity with all in saying that in light of major geopolitical challenges and volatile freight rates, their forecast is subject to a high degree of uncertainty.