Hapag-Lloyd is preparing for a major new wave of fleet renewal, with chief executive Rolf Habben Jansen confirming plans to order up to 22 new container vessels. The move comes as the German carrier looks to replace ageing ships, cut reliance on the expensive charter market, and modernise its fleet with more fuel-efficient tonnage. The announcement coincides with a mixed financial performance for 2025, as the company navigates high operating costs and weakened freight rates.
New Ship Orders Target Ageing Vessels and Charter Exposure
Hapag-Lloyd’s upcoming orders focus on smaller ship classes, particularly 1,800 teu, 3,000 teu and 4,500 teu vessels. Many of the company’s ships are now approaching 25 years of age, prompting the need for replacements. Jansen confirmed that negotiations are in their final stages, with agreements expected within the next month.
The newbuilds will be a mix of owned ships and long-term chartered vessels, helping the company reduce its exposure to the volatile and costly time-charter market. This marks the company’s first significant ordering activity in a year. Previously, in November 2024, Hapag-Lloyd ordered 24 LNG dual-fuel container ships ranging from 9,200 to 16,800 teu, with deliveries scheduled from 2027 to 2029. In early 2025, it also took delivery of the final ship in its 12-vessel megamax LNG dual-fuel series, the Wilhelmshaven Express.
Despite a global orderbook reaching 32% of existing fleet capacity, Jansen believes supply growth will remain manageable due to long lead times and the retirement of older tonnage.
Financial Performance Impacted by Higher Costs and Lower Rates
Hapag-Lloyd reported $5.4 billion in revenue for Q3 2025, down 11% year-on-year, while quarterly EBITDA dropped sharply to $853 million from $1.7 billion. For the first nine months of 2025, revenue showed a slight increase to $16.6 billion, but EBITDA fell to $2.9 billion, compared to $3.8 billion in 2024.
The company attributed declining earnings to higher operating expenses, currency pressures, and weaker freight rates. However, its rate decline of 13.7% was far smaller than competitors such as Maersk (-30.7%) and ONE (-24.8%).
Operationally, Hapag-Lloyd performed strongly, with container volumes rising 6.1% in Q3. Transpacific volumes surged 19.2%, while Africa and intra-regional trades grew by 4.4%. Only transatlantic volumes saw a slight decline of 0.9%.
Xeneta’s chief analyst Peter Sand noted that Hapag-Lloyd’s margin of 15.5%, though below Maersk’s 19.5%, reflects more resilient pricing performance compared to peers.
With plans to order up to 22 new fuel-efficient vessels, Hapag-Lloyd is positioning itself for long-term fleet renewal and reduced reliance on costly charter markets. Despite facing financial pressure from rising costs and softer freight rates, the company continues to see strong volume growth and maintains stable performance relative to competitors. As global demand is expected to require 20% more capacity by 2030, Hapag-Lloyd’s strategic investment in modern tonnage will play a critical role in maintaining competitiveness and supporting future trade growth.
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Source: Lloyd’s List
