German container shipping giant Hapag-Lloyd saw its bunker consumption decline by 3.7% year-on-year in the first quarter of 2026, reaching 1.2 million metric tons, according to Ship & Bunker. The figures emerged from the company’s quarterly earnings report released on Wednesday.
Bunker and Emissions Costs Fall Year-on-Year
Hapag-Lloyd’s combined bunker and emissions expenses totalled €549.6 million in Q1 2026, a notable decrease from the €693 million recorded in the same period a year earlier, as reported by Ship & Bunker. The primary driver behind this decline was lower bunker expenditure, supported by a drop in average bunker prices.
The company’s average bunker price for the quarter came in at $485 per metric ton, down from $553 per metric ton in Q1 2025, according to the same report.
EU Emissions Allowance Costs on the Rise
Despite the overall reduction in fuel-related expenses, not all cost lines moved favorably. Ship & Bunker notes that Hapag-Lloyd’s costs related to EU emissions allowances increased to €50.8 million in Q1 2026, up from €35.3 million in the corresponding quarter of the previous year — a trend worth monitoring as European carbon regulation continues to tighten.
For context, Ship & Bunker also reports that competitor AP Moller-Maersk recorded a steeper year-on-year bunker consumption drop of 5.3% over the same period.
A Difficult Quarter for the Carrier
The bunker savings were not enough to offset broader financial headwinds. Hapag-Lloyd posted an overall loss of $256 million in Q1 2026, according to Ship & Bunker.
CEO Rolf Habben Jansen acknowledged the challenging environment, stating in the earnings report: “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.”
Habben Jansen also pointed to a degree of operational resilience, adding: “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.”
Industry Implications
The results highlight how external pressures — including volatile freight rates, adverse weather events, and escalating emissions compliance costs — continue to shape financial performance across the container shipping sector. While lower bunker prices offered some relief in Q1 2026, the rise in EU allowance costs serves as a reminder that regulatory expenses are becoming an increasingly significant line item for major carriers.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
