Hapag-Lloyd Swings to Loss on Hormuz Disruptions, Weak Freight Rates

German shipping group Hapag-Lloyd on Wednesday reported a first-quarter loss, citing the impact of lower freight rates and operational disruptions stemming from severe weather conditions and the blockage of the Strait of Hormuz on the back of the Iran war.

The group posted a net loss of 219 million euros ($257.00 million) compared to a profit of 446 million euros in the first three months of 2025.

Hundreds of commercial vessels and up to 20,000 seafarers have been unable to transit the Strait of Hormuz, a vital energy-trade waterway that has been virtually closed since the U.S. and Israel began attacks on Iran in February.

"The first quarter of 2026 was unsatisfactory for us, with weather-related supply chain disruptions and pressure on freight rates leading to significantly lower results," Chief Executive Rolf Habben Jansen said in a statement.

The group confirmed its outlook for 2026 earnings before interest, tax, depreciation, and amortisation (EBITDA) between $1.1 billion and $3.1 billion and earnings before interest and tax (EBIT) between a loss of $1.5 billion and a profit of $0.5 billion, saying it would focus on "rigorous cost management" in the context of volatile markets.

($1 = 0.8522 euros)

(Reuters - Reporting by Linda Pasquini, editing by Kirsti Knolle)