HAPAG-Lloyd is sticking by its forecast earnings for the year, but has warned that “considerable uncertainty” due to volatile developments in freight rates and the geopolitical environment could yet affect the outcome.

“We got 2025 off to a good start in the first quarter, but the market environment is currently characterised by many uncertainties,” said chief executive Rolf Habben Jansen. “We therefore continue to expect lower results for 2025 as a whole.”

For the 2025 financial year, the company continues to expect the earnings before interest, tax, depreciation and amortisation to be in the range of $2.5bn-$4bn and the ebit of $0-$1.5bn.

But it warned that both the ongoing situation in the Red Sea and the global trade conflict could have a significant impact on supply and demand in container shipping and on Hapag-Lloyd’s earnings performance.

Unaudited preliminary figures for the first quarter showed an improvement over the corresponding period last year.  Ebitda was up 17% to $1.1bn and ebit rose to $500m, up 24%.

“The main drivers of this positive development were a transport volume of 3.3m teu and an average freight rate of $1,480 per teu, both of which were 9% higher than in the same quarter of 2024 due to strong demand,” Hapag-Lloyd said.

In the face of potential hurdles ahead, Habben Jansen said the company would keep its focus on quality and costs.

“We will rigorously implement our Strategy 2030, set a new standard of quality in the market for our customers with our Gemini Cooperation, and further expand Hanseatic Global Terminals,” he said.

“At the same time, we will make our fleet even more efficient and continue to decarbonise it. In addition, we will keep a close eye on our costs and work intensively on becoming even more digital and efficient.”