German liner group Hapag-Lloyd has reported a significant drop in profit for 2025, even as container volumes increased and cooperation under the Gemini Network with Maersk began to deliver initial benefits.
According to preliminary figures, the company’s revenue rose to USD 21.1 billion in 2025, up from USD 20.7 billion the previous year. However, profitability declined markedly:
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EBITDA fell from USD 5.0 billion to USD 3.6 billion
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EBIT dropped from USD 2.8 billion to USD 1.1 billion
This represents a substantial contraction in operating margins, reflecting pressure from weaker freight rates and rising costs.
Container transport volumes increased by 8% year-on-year to 13.5 million TEU, supported by stronger global trade and the rollout of the Gemini Network. However, the average freight rate declined by 8%, to USD 1,376 per TEU, limiting the positive impact of higher volumes on earnings.
The company stated that results were negatively affected by increased operating expenses, particularly due to ongoing vessel rerouting via the Cape of Good Hope amid instability in the Red Sea. Initial costs associated with launching the Gemini Network also weighed on performance.
Hapag-Lloyd noted that cost savings and synergies from the Gemini project began materializing in the second half of 2025 and are expected to be fully realized in 2026.
