Seatrade Maritime: Hapag-Lloyd dodges red ink in Q4

In a preliminary release of its annual returns, German carrier Hapag-Lloyd managed to maintain a profit in 2025 despite nosediving average global spot rates.

Fourth quarter EBIT for the carrier was down 75%, to just $200m, from the same quarter in 2024, while full year EBIT was down to $1.1bn, from $2.8bn.

Hapag’s returns were in marked contrast to its much larger Gemini Cooperation partner Maersk, who saw Q4 EBIT at its container shipping division hit negative numbers, down to -$153m. The Danish carrier’s fully year EBIT of $1.38bn did outperform Hapag-Lloyd’s $1.1bn.

Container volumes were up 200,000 teu in Q4 last year, compared to the same quarter in 2024, while full year volumes were up by 1m teu to 13.5m teu. 

Average freight rates in the last quarter of 2025 were $1,310/teu, down more than $250/teu year-on-year, while full year average spot rates were $1,376/teu, down $116/teu.

In the equivalent periods, Maersk’s average Q4 spot rates were $1,023/teu, while for the full year they were $1,118/teu.

Hapag-Lloyd reported that, “Robust growth in global trade and the new Gemini Network led to an 8% increase in the transport volume, to 13.5m teu,” adding that, “higher costs due to the ongoing rerouting of ships via the Cape of Good Hope and start-up expenses for the Gemini Network, weighed on the annual results.”

The company said that alliance related cost savings were being realised by the second half of last year and the expectation is that those savings will be evident across the whole of 2026.