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Hapag-Lloyd Raises Outlook Again in Q3

[ November 13, 2026   //   ]

Hapag-Lloyd nearly doubled quarterly operating earnings and raised its full-year outlook again as higher spot freight rates outweighed largely flat cargo volumes and increased operating costs.

The German carrier reported third-quarter revenue of US$6.88 billion, up 26 percent from US$5.46 billion a year earlier. EBITDA increased to US$1.73 billion from US$866 million, while EBIT rose to US$1.09 billion from US$228 million. Group profit reached US$999 million, compared with US$172 million in the third quarter of 2025.

The improvement was driven primarily by pricing rather than volume. Hapag-Lloyd carried 3.38 million TEUs during the quarter, little changed from 3.40 million a year earlier, while the average freight rate increased 28 percent to US$1,808 per TEU.

For the first nine months, transport volume increased less than 1 percent to 10.07 million TEUs. The average freight rate rose 8 percent to US$1,541 per TEU, lifting group revenue 10 percent to US$17.64 billion. Nine-month group profit nevertheless declined to US$827 million from US$946 million as geopolitical disruption, longer routings and higher unit costs weighed on performance.

Hapag-Lloyd raised its 2026 group EBITDA forecast to US$4.6 billion to US$5 billion from US$3.9 billion to US$4.4 billion. The EBIT range increased to US$2 billion to US$2.4 billion from US$1.25 billion to US$1.75 billion.

Chief Executive Officer Rolf Habben Jansen said robust demand, high capacity utilization and stronger rates supported the quarter, while geopolitical tensions and operational disruptions continued to pressure costs.

The carrier said fourth-quarter business was developing better than previously expected but cautioned that the forecast remained exposed to volatile freight rates and geopolitical risks. Its Terminal & Infrastructure segment also expanded, with third-quarter revenue rising to US$197 million from US$131 million as acquired terminals and Latin American operations contributed to growth.

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