Hapag-Lloyd Suffers $600 Million Loss as Middle East Crisis Disrupts Shipping
Financial Impact and Company Response
Significant Losses Due to Middle East Conflict
BERLIN, Aug 13 (Reuters) - Hapag-Lloyd, one of the world's top container shipping companies, said on Thursday that the conflict in the Middle East, with the closure of the Strait of Hormuz, cost the group $600 million in the second quarter, weighing on its earnings.
Decline in Net Profit
Net profit came in at $83 million, down from $306 million a year earlier, as strong exports from Asia and improved demand in the United States only partly offset problems in the Middle East, the Hamburg-based company said.
CEO Statement on Market Conditions
• "The second quarter was better than the first, driven by significantly higher spot rates and robust demand," CEO Rolf Habben Jansen said.
Performance of Liner Shipping Segment
• In its Liner Shipping segment, EBIT fell to $153 million from $167 million, on additional costs for bunker, insurance, storage, rerouting and inland transportation after the closure of the Strait of Hormuz.
Strategic Focus for the Future
• "In the second half of 2026, we will remain focused on growing both our liner shipping and terminal businesses while maintaining strict cost discipline to further improve our financial performance," Habben Jansen said.
Outlook and Uncertainties
• Hapag-Lloyd said its outlook, which the company raised in July, remains subject to considerable uncertainty due to the highly volatile freight rates.
(Reporting by Elke Ahlswede and Thomas SeythalEditing by Ludwig Burger)
