Hapag-Lloyd Posts Q1 Loss as Hormuz Blockade, Bad Weather Bite Global Shipping

By Emetena Ikuku | Waterways News Correspondent | May 14, 2026

Global container shipping giant Hapag-Lloyd has recorded a bruising first quarter loss for 2026, as the blockade of the Strait of Hormuz and severe weather across major trade corridors hammered freight rates and disrupted supply chains worldwide — developments that carry direct implications for Nigerian importers and the flow of cargo through West African ports.

The Hamburg-based carrier, one of the world’s largest liner shipping companies with a fleet of 302 container vessels and a total capacity of 2.5 million TEU, posted a Group profit of negative USD 256 million (approximately EUR 219 million) for the January-to-March 2026 period. This marks a dramatic reversal from the USD 446 million profit recorded in the same quarter last year.

Group revenues fell by nearly 17 percent to EUR 4.2 billion, while Group EBIT — earnings before interest and taxes — slumped to negative USD 157 million, compared to a positive USD 463 million in Q1 2025.

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Hormuz Blockade at the Heart of the Crisis

Central to the shipping line’s poor performance is the ongoing blockade of the Strait of Hormuz, a critical maritime chokepoint connecting the Persian Gulf to global sea lanes. The strait has been virtually closed to commercial traffic since the United States and Israel began military operations against Iran in February 2026. Hundreds of commercial vessels and an estimated 20,000 seafarers have been unable to transit the waterway, forcing carriers to reroute ships on lengthy and costly detours.

Compounding the Hormuz crisis, the Red Sea remains a no-go zone for many carriers due to continued Houthi rebel attacks — a situation that has lingered since late 2023 and pushed shipping lines onto longer Cape of Good Hope routes, adding days and significant operating costs to voyages between Asia and Europe.

For Nigeria and the broader West African sub-region, these disruptions translate to longer transit times, tighter container availability, and sustained pressure on the cost of imported goods — from manufactured products to raw materials and food commodities.

Freight Rates Under Pressure

Average freight rates in the Liner Shipping segment fell to USD 1,330 per TEU in Q1 2026, down from USD 1,471 per TEU in the same period of 2025. Despite this, transport volumes held relatively steady at 3.2 million TEU — indicating that demand remains present, but shippers are unwilling or unable to absorb higher rates in an already squeezed environment.

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Liner Shipping segment revenues declined to USD 4.8 billion (EUR 4.1 billion) as a result.

Terminal Segment Offers a Bright Spot

Not all the news was gloomy. The Terminal and Infrastructure segment posted modest growth, with revenues rising to USD 168 million (EUR 144 million) from USD 104 million a year earlier. The improvement was driven by the full consolidation of J M Baxi’s container business and volume growth in Latin America and India. Segment EBITDA rose to USD 47 million, and EBIT reached USD 18 million — a rare area of resilience within an otherwise difficult quarter.

CEO Vows to Stay the Course

Chief Executive Rolf Habben Jansen described the quarter as deeply unsatisfactory but signalled confidence in the company’s long-term strategy.

“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. At the same time, our Gemini network has proven its resilience even under difficult conditions, helping us maintain a reliable service offering for our customers,” Habben Jansen said.

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He added that the company remains committed to its Strategy 2030 roadmap and is pressing ahead with a planned merger agreement with Israeli carrier ZIM, which is seen as a key move to strengthen Hapag-Lloyd’s competitive position in an increasingly consolidating global market.

Full-Year Outlook Retained, But Uncertainty Looms

Despite the difficult start to the year, Hapag-Lloyd maintained its full-year 2026 earnings guidance. The company expects Group EBITDA to land between USD 1.1 billion and USD 3.1 billion, and Group EBIT to range between a loss of USD 1.5 billion and a profit of USD 0.5 billion.

However, the company was candid that the forecast carries substantial uncertainty, citing freight rate volatility and the unresolved conflict in the Middle East as the primary risks. The possibility of a full-year operating loss has not been ruled out.

Fellow carrier Maersk — Hapag-Lloyd’s partner under the Gemini Cooperation — similarly reported a collapse in Q1 profits, underlining that the challenges are industry-wide and not isolated to any single player.

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Nigeria Watch: What This Means for Nigerian Shippers

For cargo owners, freight forwarders, and port operators in Nigeria, the Q1 results from a bellwether like Hapag-Lloyd serve as a barometer for what lies ahead. Volatile freight rates and rerouted vessels mean unpredictable schedules and elevated logistics costs — challenges that port stakeholders at Apapa, Tin Can Island, and Onne are likely to feel through the second quarter of the year.

With global container lines under pressure and capacity management tightening, Nigerian importers are advised to engage freight partners early, lock in forward bookings where possible, and factor extended transit times into supply chain planning for the months ahead.

Waterways News tracks developments in global and domestic maritime trade. For port updates, shipping intelligence, and maritime policy news, visit waterwaysnews.ng.

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Nigerian Ports Authority Records Landmark Q1 Growth as Cargo Throughput Surges to 32.38 Million Tonnes, Vessel Tonnage Jumps 19.5%

By Okeoghene Onoriobe | Waterways News Reporter | Lagos | May 13, 2026

Nigeria’s maritime sector has opened 2026 on a commanding note, with the Nigerian Ports Authority (NPA) posting some of its strongest first-quarter operational numbers in recent memory — a performance that port industry observers say reflects the cumulative effect of years of infrastructure investment, institutional reforms, and Nigeria’s deepening integration into continental trade networks.

According to the NPA’s Q1 2026 Operational Performance Review, total cargo throughput across the country’s commercial ports — excluding crude oil terminals — climbed by 11.6 per cent year-on-year to 32.38 million metric tonnes, up from 29.02 million metric tonnes recorded during the corresponding period in 2025. The figure represents one of the most robust quarterly cargo volumes the authority has reported, and signals that Nigerian ports are handling significantly more goods in less time than in previous years.

Equally significant was the 19.5 per cent leap in Gross Registered Tonnage (GRT) of ocean-going vessels, which hit 46.75 million in the first quarter — a development analysts say reflects growing confidence among global shipping lines in the country’s port infrastructure. GRT is a widely used maritime metric that measures the total internal volume of a vessel and is a reliable indicator of the size and cargo capacity of ships calling at a port. The rise suggests that larger, more modern vessels are increasingly choosing Nigerian ports as preferred destinations — a significant vote of confidence from the global shipping industry.

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Export Surge Anchors Growth Story

Among the most telling statistics in the NPA’s Q1 report is the dramatic growth in outward cargo traffic. Exports from Nigerian ports surged by 23.7 per cent in the first quarter, reaching 14.13 million metric tonnes — a volume that signals a meaningful shift in Nigeria’s role within global supply chains from a predominantly import-dependent economy to one with growing export muscle.

Containerised export traffic recorded even sharper growth. Outward laden container traffic jumped by 67.6 per cent from 61,332 Twenty-foot Equivalent Units (TEUs) in Q1 2025 to 102,803 TEUs in Q1 2026 — a near-doubling of export container volumes in just one year. Industry stakeholders say this exceptional leap reflects improved export logistics, better terminal productivity, and the increasing competitiveness of Nigerian-made goods in regional and global markets.

The NPA attributed the overall cargo growth to a combination of factors: rising trade volumes, stronger import and export activities, improved port productivity, and sustained demand for terminal services across the country’s commercial ports.

Vehicle Traffic Doubles, Transshipment Activity Booms

The strong performance was not limited to general cargo. Vehicle throughput at Nigerian ports recorded remarkable growth, with total vehicle units handled rising by 67 per cent to 58,870 units in Q1 2026, compared to 35,262 units handled in the same period of 2025. This sharp increase reflects rising demand for automobiles and commercial vehicles in Nigeria, as well as improvements in Ro-Ro (Roll-on Roll-off) terminal operations at key ports.

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Transshipment container activity was another standout performer, rising by 83.1 per cent during the quarter. Transshipment refers to the movement of cargo through one port before it is transferred onto smaller feeder vessels for onward delivery to other destinations. The dramatic growth in this category is particularly significant for Nigeria’s strategic maritime ambitions, as it suggests that Nigerian ports — particularly the Lekki Deep Sea Port — are increasingly being used as regional cargo redistribution hubs, capturing cargo that would previously have been transshipped through ports in neighbouring countries such as Togo and Côte d’Ivoire.

Lekki Deep Sea Port Effect

A recurring theme in the NPA’s Q1 report is the role of the Lekki Deep Sea Port in driving the shift towards larger vessels. The port, which became operational in 2023 and has progressively ramped up its handling capacity, is designed to accommodate ultra-large container vessels that previously bypassed Nigeria due to draft limitations at older terminals.

The NPA noted that the increase in vessel GRT reflects a strategic shift toward larger and more efficient vessels, driven partly by the operational impact of the Lekki facility and expanding trade demand. As Lekki continues to mature and attract more mainline shipping services, analysts expect vessel tonnage figures to climb further in subsequent quarters.

NPA Boss Pushes for Competitiveness Under AfCFTA

The Q1 results come as the federal government intensifies efforts to position Nigeria as a dominant regional maritime trade hub under the African Continental Free Trade Area (AfCFTA) framework. The landmark trade agreement, which aims to create a single African market of over 1.4 billion people, is seen as a critical growth driver for port economies with the infrastructure to handle rising intra-African trade flows.

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Speaking at a recent industry forum in Lagos, NPA Managing Director, Dr. Abubakar Dantsoho, underscored the urgency of this ambition. He said Nigeria’s ports must evolve beyond traditional limitations if the country hopes to compete effectively in a rapidly integrating African market. Dr. Dantsoho has consistently pushed for greater investment in port technology, faster cargo dwell time reduction, and the modernisation of port governance to attract more international shipping traffic.

Reform Drive Underpins Growth Momentum

The buoyant Q1 numbers do not exist in isolation. They are the product of sustained policy reforms and infrastructure investments by successive administrations, accelerated under the Tinubu government, which has made port efficiency a key plank of its economic growth agenda.

Among the initiatives currently shaping port performance is the planned rehabilitation of the Lagos Port Complex and Tin Can Island Port following the signing of a Memorandum of Understanding for a $1 billion infrastructure overhaul — a project expected to significantly boost handling capacity and reduce the cost of doing business at Nigeria’s busiest port cluster.

The government has also intensified its push for digitalisation across port operations, with the NPA advancing the use of electronic cargo tracking, paperless documentation, and digital revenue collection systems that aim to reduce bottlenecks and eliminate leakages.

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Looking Ahead

With Nigeria’s trade volumes growing, larger vessels calling more frequently, and export container traffic nearly doubling in a single year, the maritime sector appears well-placed to sustain its growth momentum into the second quarter of 2026. The key challenge for the NPA and the broader industry will be ensuring that port infrastructure and service delivery keep pace with rising cargo demand — and that the efficiency gains reflected in Q1 data are not undermined by perennial issues such as port congestion, poor hinterland connectivity, and the slow clearance of goods at terminals.

For now, however, the Q1 2026 Operational Performance Review offers compelling evidence that Nigeria’s ports are moving in the right direction — and that the country’s maritime sector, long underperforming its potential, may finally be stepping into the role its geography and market size have always demanded.

Waterways News is Nigeria’s foremost publication covering maritime, inland waterways, and port industry developments. For more stories, visit www.waterwaysnews.ng

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NSC Recovers N348.8m for Port Users in Q1 2026, Resolves 19 Disputes in Three Months

By Ighoyota Onaibre | Waterways News Reporter | May 13, 2026

The Nigerian Shippers’ Council (NSC) has delivered a significant financial reprieve to maritime stakeholders, recovering and saving a combined sum of N348,813,072.06 for port users across Nigeria during the first quarter of 2026 — a development that underscores the agency’s growing role as a frontline protector of commercial interests in the nation’s port ecosystem.

The figure, drawn from the Council’s Q1 2026 complaints and dispute resolution data, reflects recoveries and avoided losses facilitated on behalf of importers, exporters, freight forwarders, shipping agents, and a broad range of port-based businesses who turned to the NSC when commercial relationships broke down or charges went unresolved.

32 Complaints Filed, 19 Resolved

According to the Council’s quarterly report, a total of 32 complaints were received between January and March 2026. Of these, 19 cases were successfully resolved, with monetary remedies or corrective actions secured for the aggrieved parties. Twelve cases remain under active investigation, while one complaint was administratively closed.

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The resolution rate — nearly 60 percent of all complaints handled in the quarter — points to the NSC’s capacity to intervene decisively in commercial disputes that would otherwise drag through informal channels or remain unresolved, leaving port users bearing unnecessary financial burdens.

For many small and medium-scale importers and exporters who lack the legal muscle to confront large shipping lines or terminal operators, the NSC’s intervention represents a crucial equaliser in an industry where power imbalances are common.

Shipping Companies Top Complaints List

The data reveals that shipping companies and their agents attracted the highest volume of complaints, accounting for 22 of the 32 cases filed in the period. This continues a pattern observed in previous quarters, where shipping lines remain the most frequently cited respondents in port-related disputes — a trend that industry watchers say reflects the dominance of these entities in determining freight rates, cargo documentation timelines, and demurrage policies.

Other respondents against whom complaints were filed included seaport terminal operators, government agencies, exporters, importers, de-consolidators, and freight forwarders and clearing agents — indicating that grievances span virtually every segment of the maritime trade chain.

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Container Deposit Refunds, Arbitrary Charges Lead Dispute Categories

A breakdown of the nature of complaints filed in Q1 2026 reveals systemic issues that continue to plague the Nigerian port environment.

Container deposit refund disputes topped the list with five cases, a recurring problem in which shipping lines or their agents delay or refuse to return deposits paid by importers upon collection of empty containers. For businesses operating on tight margins, these withheld refunds — often running into hundreds of thousands of naira per container — can significantly disrupt cash flow.

Arbitrary charges followed closely with four cases. These involve fees that stakeholders describe as undocumented, inconsistently applied, or lacking regulatory backing — charges that, critics argue, are often levied without recourse and go unchallenged due to the complex, opaque nature of shipping documentation.

Other notable categories of complaints handled by the NSC during the quarter included:

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• Unsettled demurrage — disputes over storage fees charged when containers are not cleared within the shipping line’s allotted free days, often linked to delays caused by port agencies rather than the cargo owner.
• Missing cargo — cases involving goods lost or misplaced in transit or at port terminals, with claimants seeking accountability and compensation from operators.
• Service failures — instances where shipping or terminal service providers failed to deliver agreed standards of cargo handling, documentation, or customer support.
• Damaged cargo — complaints from importers who received goods in compromised condition, seeking liability acknowledgement and redress.
• Wrong port of discharge — cases where containers were offloaded at ports other than those specified in the bill of lading, resulting in additional freight costs and logistical complications for the consignee.
• Non-release of auction cargo — grievances involving cargo that had been subjected to auction by relevant authorities but was yet to be formally released to rightful buyers or cleared parties.

The Council also handled complaints relating to delays in cargo transfer, invoice cancellation, breach of trust, export fraud, absence of telex release, delays in export documentation, waiver-related disputes, vessel demurrage, and breach of contract — a diverse portfolio that reflects the complex and often contentious commercial relationships that define Nigeria’s port trade.

Shippers Remain Most Vulnerable

The data reinforces a well-documented reality: that shippers — importers and exporters — bear the brunt of operational dysfunction in Nigeria’s ports. Alongside freight forwarders and shipping agents, they constitute the majority of complainants, underscoring the persistent commercial and operational pressures faced by the cargo-owning community.

Industry analysts note that many port users remain unaware of the NSC’s dispute resolution mandate or hesitate to file formal complaints, often settling for informal negotiations that tend to favour more powerful parties. The Council has in recent years intensified its stakeholder engagement efforts to widen awareness of its consumer protection role, but experts say much more sensitisation is needed — particularly among smaller traders and first-time importers who may not understand their rights under Nigeria’s shipping regulations.

NSC’s Mandate Under the Spotlight

The Nigerian Shippers’ Council was established to protect the commercial interests of cargo owners and to regulate economic activities in the shipping and port sector. Under the leadership of its Executive Secretary, Dr. Pius Akutah Ukeyima, the Council has sought to position itself as a more assertive regulator — one capable of compelling refunds, mediating disputes, and holding shipping lines and terminal operators accountable.

The Q1 2026 figures suggest that the agency’s dispute resolution architecture is delivering measurable results, even as the volume and complexity of port-related grievances continues to grow alongside the throughput ambitions of Nigeria’s increasingly busy seaports.

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Port industry observers, however, caution that the N348.8 million recovered in three months is likely a fraction of the total financial losses that port users incur to arbitrary charges, service failures, and contractual breaches — many of which go unreported. Strengthening the NSC’s capacity to proactively investigate and sanction violators, rather than relying solely on complaints lodged by affected parties, is seen as the next frontier for the agency.

A Signal to the Market

The publication of this quarterly data sends an important signal to stakeholders across Nigeria’s maritime value chain: that there is a regulatory body actively monitoring the conduct of shipping lines, terminal operators, and other port service providers — and that aggrieved parties have a viable channel through which to seek redress.

For Waterways News readers — whether seasoned freight forwarders, clearing agents, vessel operators, or import/export businesses navigating Nigeria’s complex port landscape — the NSC’s Q1 2026 performance data serves as a timely reminder that the Council’s complaints desk remains open, and that the billions exchanged daily across Nigeria’s wharves are not beyond the reach of regulatory oversight.

Waterways News is Nigeria’s leading maritime industry publication, covering shipping, ports, inland waterways, and maritime trade.

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