Freight News

Maersk, Hapag-Lloyd Feel Margin Pressures

[ April 1, 2026   //   Gary Burrows ]

A.P. Moller-Maersk and Hapag-Lloyd, in their most recent financial results, reflected continued normalization in container shipping earnings as freight rates soften from pandemic-era highs.

Maersk, which reports on a standard quarterly basis, reported revenue of about US$50 billion for the year, with underlying EBITDA of roughly US$9.6 billion and EBIT of about US$3.8 billion, all down significantly from the prior year. Volumes remained relatively stable, but average freight rates declined.

Hapag-Lloyd, which does not publish standalone fourth-quarter results, reported preliminary full-year 2025 EBIT of about US$1.1 billion, down sharply year over year, with group EBITDA of roughly US$4.8 billion. Transport volumes rose to around 12.5 million twenty-foot equivalent units (TEUs), while average freight rates fell compared with 2024 levels.

Hapag-Lloyd’s most recent “quarter-like” update came with its nine-month 2025 results in November, which showed declining profits despite higher volumes.

The differing reporting structures can complicate direct quarter-to-quarter comparisons. Maersk provides full quarterly disclosures, while Hapag-Lloyd reports on a hybrid schedule that includes first-quarter, half-year and nine-month updates, along with full-year results.

Both companies have pointed to similar underlying trends: steady cargo demand, declining freight rates and margin pressure driven by vessel overcapacity.

“We delivered solid results in 2025 despite significantly lower freight rates compared to the previous year,” said Vincent Clerc, CEO of A.P. Moller-Maersk.

Executives at both carriers have said market conditions are expected to remain challenging into 2026, with profitability likely to depend on cost control, network efficiency and the ability to maintain pricing discipline.

Maersk vs. Hapag-Lloyd – Key Financial Metrics (FY 2025)

Metric	A.P. Moller–Maersk	Hapag-Lloyd
Revenue	~US$50 billion	~US$20–21 billion
EBITDA	~US$9.6 billion	~US$4.8 billion
EBIT	~US$3.8 billion	~US$1.1 billion
EBITDA Margin	~19%	~23%
EBIT Margin	~7–8%	~5%
Volume	~12 million FEU	~12.5 million TEU
Avg. Freight Rate	↓ YoY (approx. US$2,300–2,500/FEU)	↓ YoY (approx. US$1,500–1,600/TEU)
Unit Revenue Trend	Down high-teens % YoY	Down mid-to-high teens % YoY
Cost Trend	stable, but pressured by network + disruption costs	Tight cost control; unit costs declining modestly
Reporting Format	Full quarterly (Q1–Q4)	Hybrid (Q1, H1, 9M, FY)