Hapag-Lloyd concluded the first half of 2025 with a Group EBITDA of USD 1.9 billion (EUR 1.8 billion). The Group EBIT decreased to USD 0.7 billion (EUR 0.6 billion) and the Group profit to USD 0.8 billion (EUR 0.7 billion).
The frequent changes in trade policies of the US, in particular, led to volatile demand and freight rates. In addition, congested seaports and the tense security situation in the Red Sea impacted operations.
In the Liner Shipping segment, revenues increased to USD 10.4 billion (EUR 9.5 billion) in the first half of 2025. This was mainly due to an 11% increase in transport volumes, to 6.7 million TEU (H1 2024: 6.1 million TEU), primarily driven by growth in the East-West trades. At 1,400 USD/TEU (H1 2024: 1,391 USD/TEU), the average freight rate was similar to the prior-year level. The EBITDA decreased to USD 1.8 billion (EUR 1.7 billion) and the EBIT to USD 0.6 billion (EUR 0.6 billion) – in part due to start-up costs for the new Gemini network but also related to congestion and general inflation.
The Terminal & Infrastructure segment achieved an increase in sales and earnings in the first half of 2025. The EBITDA rose to USD 79 million (EUR 72 million) and the EBIT to USD 37 million (EUR 34 million). In addition, the terminal portfolio was further expanded in March 2025 with the acquisition of a majority stake in CNMP LH in Le Havre, France.
“In a volatile market, we significantly increased our transport volume and ended the first half of the year on a solid note overall. We have gotten our Gemini network off to a very successful start and are setting new standards in our industry in terms of schedule reliability. In addition, we have made good progress in the further expansion of Hanseatic Global Terminals. In the second half of the year, we will keep our focus on quality and growth as well as operational and commercial performance while continuing to optimize our cost structure. At the same time, we will do everything in our power to help our customers navigate this volatile market environment, and we hope that more new trade agreements will make their supply chains more predictable,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.
In view of the solid business performance in the first half of 2025, which was in line with expectations, the Executive Board has refined its earnings forecast for the 2025 financial year. The Group EBITDA is now expected to be in the range of USD 2.8 to 3.8 billion (EUR 2.5 to 3.4 billion) and the Group EBIT to be in the range of USD 0.25 to 1.25 billion (EUR 0.2 to 1.1 billion). Given the wide range of geopolitical challenges and volatile freight rates, the forecast remains subject to considerable uncertainty.
The financial report for the first half of 2025 is available here.
