After a loss-making Q1, Hapag-Lloyd needed Q2 to turn the story around.
And it did.
Profit returned.
Cargo increased.
Freight rates moved higher.
The market was clearly stronger.
But compared with Q2-25, group profit still fell 73%.
So something was holding the recovery back.
Where did the money go?
Here are 5️⃣ signals behind Hapag-Lloyd’s Q2:
1️⃣ Q2 reversed the Q1 slump
First, the recovery was real.