Hapag-Lloyd reported net profit of US$999 million for the third quarter of 2026 despite broadly unchanged transport volumes, and raised its full-year earnings outlook again. Alongside that recovery, the German carrier is advancing investments that could shape its next phase of growth: a stake in a key Rotterdam terminal operated by Maersk’s APM Terminals, control of an Indian container terminal business, a new terminal in Brazil, and the proposed US$4.2 billion acquisition of ZIM. Higher freight rates are supporting current earnings, while terminal capacity, network changes and acquisitions are intended to strengthen the resources available for future expansion.

Higher rates drive the earnings recovery. Results released on November 12 showed third-quarter group revenue of $6.883 billion, up approximately 26% year on year. EBITDA reached $1.726 billion, almost double the corresponding quarter of 2025, while EBIT rose approximately 376% to $1.085 billion. Transport volumes edged down around 0.5% to 3.383 million TEU, but the average freight rate increased approximately 28%, from $1,413 to $1,808 per TEU. The earnings improvement therefore came largely from generating more revenue from a broadly stable volume base, supported by higher rates and strong vessel utilization.

The nine-month figures reveal how concentrated that recovery has been. Third-quarter EBIT accounted for approximately 98% of the $1.104 billion recorded over the first nine months. Yet nine-month net profit of $827 million remained below the $946 million reported a year earlier, reflecting weaker financial results and changes in income tax expenses. Operating profitability has recovered sharply, while the improvement in cumulative net earnings still depends on performance in the remaining quarter.

Stronger trading into the fourth quarter has reinforced management’s confidence. On November 11, Hapag-Lloyd increased its full-year EBITDA guidance to $4.6 billion–$5.0 billion and its EBIT guidance to $2.0 billion–$2.4 billion, citing sustained strength in spot freight rates and fourth-quarter business developing better than previously expected. Chief Executive Officer Rolf Habben Jansen nevertheless emphasized continuing unit cost pressure from geopolitical tensions and operational disruptions, alongside the need to invest in growth, improve service quality and maintain strict cost discipline.

That pressure is visible in the liner business. Third-quarter unit costs, including depreciation and amortization, increased from $1,373 to $1,522 per TEU, a rise of approximately 11%. Higher freight rates and efficiency improvements more than covered the additional expense, allowing margins to recover. Port congestion, developments in the Middle East and fuel-related costs continue to influence the returns earned on each container carried.

Gemini’s commercial value depends on dependable delivery. In an interview with Xinde Marine News during the Xinde Marine Forum Hamburg 2026, Hapag-Lloyd’s Managing Director Network Operations, Rajiv Ghose, explained the operating logic behind the Gemini Cooperation with Maersk. Fewer mainline port calls, carefully organized hubs and shuttle services, and contingency plans prepared in advance are intended to contain local delays and limit their transmission into the next geographical region. Vessel punctuality is one part of that process; delivery to the customer also depends on terminal operations, transshipment connections and inland transport.

Figures included in the third-quarter presentation showed overall Gemini schedule reliability, including backhaul services, at approximately 80%, compared with an industry level of approximately 58%. Reliability on Asia–Europe and westbound transatlantic services stood at approximately 92% and 94%, respectively. Those figures show strong performance on major headhaul routes, while also reflecting the continuing exposure of the wider network to weather and operational disruption.

For manufacturers and retailers, predictable arrival times can support production planning and inventory management, reducing the buffers required to accommodate delays. How much of that value translates into customer retention, improved contract terms or additional cargo remains a question for subsequent reporting periods. Hapag-Lloyd’s third-quarter volumes were broadly unchanged, and the financial report did not separately quantify Gemini’s contribution to earnings.

The Rotterdam investment secures capacity at a critical Gemini hub. Hapag-Lloyd disclosed that it completed the acquisition of a 25% stake in APM Terminals Maasvlakte II on October 30. The transaction falls after the third-quarter reporting date and represents an important subsequent event included in the financial report. Maasvlakte II is a key European hub for Gemini, with APM Terminals retaining operational control following the investment.

An ongoing expansion will add approximately 1,000 meters of deep-sea quay, bringing the total to around 2,000 meters, alongside additional yard capacity, rail infrastructure and automated equipment. Annual handling capacity is expected to increase towards 5.4 million TEU. The transaction price was not disclosed. Dheeraj Bhatia, Hapag-Lloyd’s Chief Terminal and Infrastructure Officer and Chief Executive Officer of its terminal platform, Hanseatic Global Terminals (HGT), said the investment was intended to improve network efficiency and reliability while strengthening the terminal portfolio in core markets.

Following the Rotterdam transaction, HGT’s portfolio comprises interests in 27 marine terminals across 14 countries, including projects under construction, with a target of approximately 30 terminals by 2030. In a network organized around mainline services and regional connections, access to berth windows, yard capacity and reliable transfers can influence both vessel turnaround and the ability of cargo to make its next connection. The Maasvlakte II stake gives Hapag-Lloyd a long-term investment in infrastructure central to its service commitments, extending its cooperation with Maersk into a shared terminal asset.

India and Brazil illustrate different approaches to ownership and control. In February, Hapag-Lloyd acquired a 51% interest and control in J M Baxi Container Holdings (JMBCH), which has been fully consolidated since the first quarter. The business was formed through the separation of container handling, terminal and related activities from J M Baxi Ports & Logistics. Hapag-Lloyd’s remaining interests in the original business continue to be accounted for using the equity method. The restructuring gives the carrier a more direct role in the management of core container terminal activities in India.

The Aracruz development in Brazil has a different ownership structure. HGT and the Imetame Group completed their joint venture arrangements in June, with HGT holding 50%. The terminal is designed for annual throughput of approximately 1.2 million TEU and is scheduled to begin operations in mid-2028. Although the partners hold equal equity interests, the financial report states that HGT controls the business through rights that include appointing a majority of the board and key executives, and therefore fully consolidates it. Reported consideration of €95.8 million, approximately $106.2 million, includes cash already paid and further capital contributions linked to construction progress.

Other projects reinforce the geographical breadth of the terminal strategy. The new Damietta terminal in Egypt, in which Hapag-Lloyd holds an indirect 39% stake, began operations in February, with planned annual capacity of up to 3.3 million TEU and a focus on transshipment. HGT also plans to acquire 20% of Eurogate Container Terminal Hamburg and increase its interest in Tangier’s TC3 terminal from 10% to 20%. Those two proposed investments remain subject to definitive agreements and the relevant approvals.

Across these projects, the objectives and investment horizons differ. Some stakes provide long-term access to handling capacity, others establish greater operating control, and greenfield developments add capacity that will become available over several years. The financial contribution is already increasing: third-quarter Terminal & Infrastructure revenue reached $197 million, up approximately 51%, while EBIT rose to $34 million from $9 million a year earlier. Part of the revenue increase reflects the first full consolidation of the Indian business, alongside improvements in terminal performance. Future progress will depend on both the operation of existing assets and the delivery of projects still under construction.

ZIM will influence the scale and timing of the next expansion. Under the agreement signed in February, Hapag-Lloyd proposes to acquire all ZIM shares for $35 per share in cash, representing total consideration of approximately $4.2 billion. Financing is intended to come from cash reserves and up to $2.5 billion of external funding. The structure also provides for a separate Israeli business controlled by FIMI to assume obligations associated with ZIM’s special state rights, commonly referred to as the “Golden Share.” Hapag-Lloyd initially expected completion by the end of 2026.

The latest earnings presentation updates the anticipated closing window to the first quarter of 2027. Hapag-Lloyd reported that all antitrust filings had been submitted and initial approvals received, while a revised New ZIM structure was to be submitted to Israel’s Government Companies Authority. Completion remains dependent on outstanding approvals. The presentation identifies expected annual synergies of $300 million–$500 million, which represent a target following completion of the transaction.

Hapag-Lloyd’s original merger announcement described opportunities to strengthen its transpacific, intra-Asia, transatlantic, Latin American and East Mediterranean networks, supported by access to modern vessels, experienced personnel and customer relationships. The proposed acquisition therefore brings questions of network coverage and resource allocation alongside fleet expansion. Capturing the targeted benefits would require Hapag-Lloyd to integrate services, customers and operational resources across the enlarged business.

A return to Suez creates new deployment choices. On the earnings call, Habben Jansen said Hapag-Lloyd expected approximately 5% more available capacity in 2027 through owned vessel deliveries and charter arrangements. Subject to security conditions, a full return to Suez Canal routing could also release slightly more than 10 ships for deployment elsewhere. He expected 2027 contract freight rates to be above 2026 levels, with the potential for an increase even after excluding the bunker component. These are management expectations for future operating and market conditions.

Changes to the network are already being announced. Hapag-Lloyd plans to launch the new Gemini SE5 Asia–Western Mediterranean service from Shanghai on November 22, connecting Shanghai and Xiamen with Algeciras and Tangier via Suez, and offering onward connections to West Africa through Tangier. Together with changes to existing port rotations, the service shows how the carrier is coordinating shorter routing, hub infrastructure and regional market access.

For the wider market, a return to Suez can shorten voyages and release effective capacity. For an individual carrier, the vessels released may also support additional services and broader coverage. Both effects can occur simultaneously, with the outcome depending on demand, port efficiency and deployment decisions. Habben Jansen remained cautiously optimistic about 2027, while acknowledging that concentrated vessel deliveries in 2028 and 2029 could create more pronounced supply pressure.

Liquidity supports investment, while costs remain a constraint. Hapag-Lloyd generated approximately $2.56 billion in operating cash flow over the first nine months, slightly below the corresponding period of 2025. Free cash flow reached approximately $2.46 billion, helped by a substantial reduction in net investing cash outflows. At the end of September, liquidity reserves stood at approximately $7.16 billion, while net debt had increased to approximately $1.74 billion from $1.21 billion at the end of 2025. That financial position supports strategic investment, alongside the need to preserve funding for acquisitions, fleet commitments and leasing arrangements.

Management appointments also reflect the importance of network operations and terminals. Anders Boenaes became Chief Operating Officer on October 1, while Bhatia’s contract was extended to the end of 2029. In announcing the changes, Supervisory Board Chairman Karl Gernandt highlighted Boenaes’ contribution to establishing and implementing Gemini, together with the work of Bhatia’s team in developing the global terminal platform.

Fourth-quarter results will provide the next test of freight rate resilience, while the 2027 contract season will indicate the prices customers are prepared to accept for capacity and service. Progress on ZIM’s approvals and closing will shape the expansion timetable. Hapag-Lloyd’s operational task is to make additional vessels, terminal capacity and acquired resources work effectively within the same network, while maintaining returns as costs and vessel supply change.

Currency note: All dollar amounts are in US dollars. The euro consideration is converted using the European Central Bank reference rate of €1 = US$1.1081 on November 12, 2026. ecb.europa.eu