Q: What is the status of the ZIM transaction?
A: "We have entered into a binding merger agreement with ZIM in February, which has been approved by the Company’s shareholders. We are currently working with the variousregulatory bodies to obtain the necessary approvals."

Q: Why does the company still believe the transaction makes strategic sense?
A: "The deal rationale is pretty clear: securing our position in the market, get access to an efficient and modern fleet, access to a great team and a broad customer base. And of course, in the end, it's also about synergies, which we expect to be between 300 and 500 million dollars."

Q: Given the geopolitical environment, is now really the best time to be taking over an Israel liner company?
A: “If you look at consolidation in an industry, sometimes there are opportunities and then you have to decide whether you want to engage or not. And we decided to engage. We think that the combination of Hapag-Lloyd and ZIM is very powerful and good for everyone.”

Q: Would Hapag-Lloyd accept a proposed 20% U.S. security fee on cargo shipped through the Strait of Hormuz, and how would you assess the impact of such a measure?
A: “It would be fundamentally wrong to charge tolls for passage through international waters. Tolls for infrastructure such as the Suez Canal or Panama Canal are different, because they reflect major infrastructure investments. That is not the case in the Strait of Hormuz.”

Q: What is the current status of Hapag-Lloyd vessels that were affected by the temporary closure of the Strait of Hormuz?
A: "All Hapag-Lloyd vessels that were affected by the temporary closure of the Strait of Hormuz and had been waiting in the Persian Gulf to depart, have since safely left the Gulf. This was only done after careful assessment of the security situation and in close coordination with the relevant authorities, security partners and our teams on board and ashore. For security reasons, we will not comment on individual vessel names, routings or exact timings."

Q: How quickly could operations return to normal if the Strait of Hormuz reopens?
A: “If the Strait of Hormuz reopened, most ships could probably leave the region fairly quickly. However, restoring normal cargo flows would take much longer. Services have been suspended and ships redeployed elsewhere, so a return to normal flows would most likely take three to four months.”

Q: What is the current impact on container transport into the Gulf region?
A: “Container trade into the Gulf has been significantly affected. Many countries in the region depend on container traffic for supplies from around the world. While cargo is still moving via alternative land bridges, overall volumes into the region are clearly down - realistically by around 60 to 80 percent.”

Q: Are alternative land routes able to replace regular maritime connections into the Gulf?
A: “The alternative routes are mainly truck-based and their capacity is limited. The infrastructure in the region was not built to replace regular maritime flows at this scale. Distances from alternative ports to final destinations are long, and land-side capacity cannot fully compensate for the loss of normal ocean connections.”

Q: What does the crisis show about Hapag-Lloyd’s network resilience?
A: “This crisis has shown that our network is resilient. The impact on the rest of our global network has been limited, and the hub-and-spoke structure we operate in Gemini together with Maersk has again proven to be robust. It underlines that such a structure can be more resilient than purely point-to-point operations.”

Q: Why did Hapag-Lloyd and Maersk decide to reroute the SE3 service through the Red Sea instead of via the Cape of Good Hope?
A: We made our joint decision between Maersk and Hapag-Lloyd after thorough assessments of the security situation in the Red Sea area to reroute the SE3 service through the Red Sea instead of transiting via the Cape of Good Hope. It is a gradual step for this specific service, not a full return of the network. The safety of crews, vessels and customers’ cargo remains the deciding factor.

Q: How do you assess the discussion around overcapacity in container shipping?
A: "Global trade continues to grow at a solid pace, by around 6.5% in 2024, with approximately 5% growth expected for 2025. Against this backdrop, the frequently cited issue of overcapacity needs to be put into perspective."

Q: What is your outlook for ship recycling in the coming years?
A: "We expect recycling to increase noticeably in the second half of the decade. Many older vessels are still tied to long-term charters that expire between 2026 and 2028. Once those contracts run out, we’ll see more ships leave the market. The industry remains cyclical, so 2028–29 could be more challenging depending on how demand develops."

Q: How do you assess current market demand despite weaker economic indicators in Europe?
A: "When we look at volumes and also if we look at demand, that still looks strong. We don't see any real softening in demand for cargo at this point, and when we talk to customers, most of them expect a pretty decent peak season."

Q: Are you concerned about structural overcapacity in 2026 and 2027?
A: "I think that risk is always there to some extent. I would say though that risk is actually lower than we probably thought one or two years ago because we've seen such strong growth on a number of these dominant legs."