Hapag-Lloyd has closed the fiscal year 2025 with revenues of 21.1 billion dollars (18.6 billion euros), according to preliminary figures communicated by the company. The Group recorded an EBITDA of 3.6 billion dollars (3.2 billion euros) and an EBIT of 1.1 billion dollars (1 billion euros). The shipping company places the result at the upper end of its forecast range, although below the level of the previous year, in a context where the market combined demand growth with a correction in transport prices.
On the operational front, Hapag-Lloyd increased transported volume by 8%, reaching 13.5 million TEUs, supported by global trade growth and the implementation of its new network configuration under the Gemini cooperation. At the same time, the average freight rate fell by 8% year-on-year, to 1,376 dollars per TEU, a trend that has affected financial performance despite increased volumes.
The company attributes part of the pressure on the result to higher costs arising from the continued diversion of ships around the Cape of Good Hope, an alternative adopted by numerous shipping companies due to the security situation in the Red Sea. This route change typically translates into more sailing days, additional fuel consumption, and different fleet utilization, factors that impact the unit cost of transport and the planning of logistics chains. In its monitoring documents for the fiscal year, Hapag-Lloyd had already indicated that diversions and operational disruptions in ports had increased transport costs and contributed to a more demanding cost environment during 2025.
To this framework has been added the startup cost associated with the new Gemini network, which Hapag-Lloyd operates in cooperation with Maersk on major East-West traffics. The shipping company initiated this cooperation on February 1, 2025, after its departure from THE Alliance, and set up a ‘hub-and-spoke’ type scheme with intercontinental services and regional shuttles, aiming to enhance the reliability of the routes. In the corporate documentation published during the year, the company linked this design to punctuality levels around 90% and an increase in the total number of services in its network to 130 by the end of September 2025.
In the 2025 balance sheet, Hapag-Lloyd points out that the synergies from Gemini have become clearer in the second half of the year. According to the company, cost savings related to the new network began to materialize during that period and are expected to reach their full effect in 2026. This sequence, with initial implementation costs and progressive improvements as the network gains cruising speed, is common in large-scale operational reconfiguration processes, especially when they involve simultaneous changes in services, rotations, and coordination with a partner.
Additionally, Hapag-Lloyd indicates that in the fourth quarter, non-monetary one-off effects were recorded that had a positive impact on the result. Without detailing in this preliminary communication the nature of these impacts, the reference suggests accounting adjustments or revaluations that do not imply cash outflow, but do alter the final picture of the fiscal year. In any case, the shipping company's aggregated view is that, despite these contributions, the trajectory of profit has been below 2024 due to the combination of lower freight prices and a cost level conditioned by the operational environment and the startup of the new network.
Hapag-Lloyd's performance in 2025 is framed within a market where the demand for container transport has shown growth capacity, but with volatility in rates and increased operational risks. During the first nine months of the year, the company itself identified an environment marked by variations in demand and freight rates, along with the impact of geopolitical tensions on routes and the functioning of certain ports. During that period, Hapag-Lloyd was already reflecting a similar pattern to the one now communicated for the full year: more volumes, but a result lower than the previous year due to lower freight rates and higher transport costs.
With the preliminary figures already communicated, the shipping company has announced that it will publish its Annual Report 2025 with audited data and the outlook for the current fiscal year on March 26, 2026. This document should provide more detail on the quarterly evolution, the exact weight of diversions on cost, the progress of the efficiency program related to Gemini, and market hypotheses for 2026, a year in which the company expects to complete capturing the savings associated with its new network.