The Daily

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Lead Story · Ocean

Hapag-Lloyd third-quarter profit jumps to $999 million on higher spot rates

By Stuart Chirls

Spot rates did the heavy lifting for Hapag-Lloyd. The German carrier posted third-quarter group profit of $999 million, up from $172 million a year earlier, as its average freight rate climbed to $1,808 per TEU from $1,413. Volumes barely moved, at 3.38 million TEUs against 3.40 million in the prior-year quarter.

The results landed a day after the board raised full-year guidance on Nov. 11, citing continued strength in spot rates. Hapag-Lloyd now expects 2026 EBITDA of $4.6 billion to $5 billion, up from $3.9 billion to $4.4 billion, and EBIT of $2 billion to $2.4 billion, up from $1.25 billion to $1.75 billion. Third-quarter EBITDA nearly doubled to $1.73 billion on revenue of $6.88 billion.

"We delivered a strong third quarter, driven by significantly higher spot rates, robust demand and high capacity utilization," CEO Rolf Habben Jansen said. He added that geopolitical tensions and operational disruptions kept pressure on unit costs, and the company pointed to the Middle East conflict and weather as drags. Nine-month profit still trails last year at $827 million versus $946 million. Hapag-Lloyd, Maersk’s Gemini partner, expects regulatory approval for its Zim purchase in the first quarter of 2027.

For shippers, the quarter’s lesson is where the money came from. Price, not volume, drove the jump, and the guidance raise says Hapag-Lloyd expects that to hold into year-end. Anyone heading into 2027 ocean contract talks is negotiating with carriers whose earnings now ride on rate.

Trans-Pacific rates hold near peak as midterm results cloud trade outlook

Freightos says the Democratic sweep of Congress leaves the administration facing competing pressures: affordability concerns could encourage tariff restraint, while a tougher legislative path could push the president toward executive action on trade. Rates slipped last week as general rate increases failed to stick but held at $8,200 per FEU to the West Coast and $9,700 to the East Coast. The NRF projects November imports at 2.05 million TEUs, about 14% below September.

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Sponsored · Quantix

Genesee & Wyoming to split into three rail holding companies

Pending regulatory approval, G&W will separate on Jan. 1, 2027, into Atlantic & Great Lakes Transportation (New England, New York, Ohio and Pennsylvania), Canyon & Cascade Transportation (the West Coast and Southwest) and a Jacksonville-based G&W that keeps about 65% of the business. Owners Brookfield and GIC, which paid $8.4 billion for G&W in 2019, will hold all three. Brookfield’s CEO has said splitting large holdings makes them easier to sell.

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Attorney warns AI dash cam misses can expose fleets in court

At ATA’s Management Conference & Exhibition, defense attorney Doug Marcello said plaintiff lawyers use risky driving that a camera recorded but its AI never flagged as evidence of systemic safety failure. "It’s not going to be an excuse," he said. Sean Ritchie of Solera, which sells human video review, said the company found up to 30% of AI-triggered videos held other unflagged risk, most often drowsy driving, though it hasn’t published how it got that figure.

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