German shipping line Hapag-Lloyd posted weaker earnings in the first quarter of 2026, citing lower freight rates, severe weather disruptions, and the ongoing blockade of the Strait of Hormuz, reports St Petersburg's SeaNews.

The company recorded EBITDA of US$494 million, EBIT of $157 million, and profit of $256 million. Chief Executive Rolf Habben Jansen described the performance as unsatisfactory, noting that supply chain disruptions and pressure on freight rates had weighed on results. He stated that the Gemini network had proven resilient and emphasized that the group would remain focused on Strategy 2030 and its merger with ZIM.

Revenues in the liner shipping segment fell to $4.8 billion, with the average freight rate dropping to $1,330 per TEU from $1,471 per TEU a year earlier. Transport volume was 3.2 million TEU, nearly unchanged from the prior-year quarter, despite adverse weather conditions in Europe and North America and the Hormuz blockade. EBITDA in the segment decreased to $447 million, while EBIT fell to $-174 million.

In the terminal and infrastructure segment, revenue rose to $168 million, supported by the full consolidation of J M Baxi's container business and strong growth in Latin America and India. EBITDA increased to $47 million, while EBIT reached $18 million.