Hapag-Lloyd closed the first half of 2025 with solid operational results, driven by an 11% rise in transport volumes despite geopolitical uncertainty, volatile freight rates, and operational challenges.
While revenues increased, earnings declined slightly due to inflationary pressures, port congestion, and start-up costs for the new Gemini network. The company has refined its earnings forecast for the full year, maintaining a cautious outlook given ongoing market unpredictability.
Revenue Growth Driven by Higher Transport Volumes
In the first six months of 2025, Group revenues rose to USD 10.59 billion (EUR 9.69 billion), up from USD 9.52 billion in H1 2024. This was primarily supported by an 11% increase in transport volumes, reaching 6.7 million TEU, led by strong growth in East-West trades. The average freight rate remained steady at USD 1,400 per TEU.
Earnings Impacted by Operational and Cost Pressures
Group EBITDA reached USD 1.92 billion (EUR 1.76 billion), slightly below last year’s USD 1.97 billion. EBIT fell to USD 677 million (EUR 619 million), impacted by inflation, congestion, and the initial investment in the Gemini network. The Terminal & Infrastructure segment saw earnings growth, with EBITDA up to USD 79 million (EUR 72 million) and EBIT rising to USD 37 million (EUR 34 million).
Expansion of Terminal Operations
Hapag-Lloyd expanded its terminal portfolio by acquiring a majority stake in CNMP LH in Le Havre, France. This acquisition aligns with the company’s long-term strategy to strengthen its Terminal & Infrastructure segment, which now includes 21 terminals worldwide and employs around 3,000 people.
Refined Financial Outlook for 2025
Based on H1 performance, Hapag-Lloyd has adjusted its earnings guidance for the full year. Group EBITDA is now forecast between USD 2.8 and 3.8 billion (EUR 2.5–3.4 billion), with EBIT expected to range from USD 0.25 to 1.25 billion (EUR 0.2–1.1 billion). The company emphasized that market conditions remain uncertain due to fluctuating freight rates, trade policy changes, and geopolitical tensions.
Despite headwinds from global trade volatility and operational challenges, Hapag-Lloyd delivered higher volumes and maintained stable freight rates in the first half of 2025. With ongoing network improvements, expanded terminal operations, and a focus on cost optimization, the company is positioning itself for resilience in a still-uncertain market environment.
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Source: Hapag-Lloyd
