Hapag-Lloyd Sticks to Completing ZIM Deal, With Approvals Potentially Moving to First Quarter of 2027
Key Facts
Hapag-Lloyd Chief Executive Rolf Habben Jansen said on the company’s earnings call on November 12, 2026, that he remained confident the ZIM deal would be completed, even if some approvals moved into the first quarter of 2027. Jansen described completing the deal as the company’s “Plan A,” explaining that it would turn to the alternative plan only if the deal did not go through. His remarks make the first quarter of 2027 a possibility tied to the timing of some approvals, not an announcement that the company is abandoning its closing target. Jansen said: “I’m still confident that we will complete the deal, even if some approvals move into the first quarter.” He added that “Plan A” remained in place and that the company would return to “Plan B” only if the deal did not go through.
According to Hapag-Lloyd’s statement, completing the deal requires approval from ZIM’s general meeting and additional regulatory approvals, particularly those related to antitrust and investment laws. The conditions also include approval from the State of Israel concerning the special rights it holds in ZIM, according to the deal materials. These approvals tie completion to decisions by multiple authorities, as well as approval by ZIM shareholders. The possibility that some approvals could move into the first quarter of 2027 is therefore linked to the approval process required to complete the deal. The company said the acquisition’s completion “is subject, among other things, to approval by ZIM’s general meeting and to obtaining additional regulatory approvals.”
The deal is intended to generate annual savings of between $300 million and $500 million after completion, most of them from the network and procurement, according to an investor presentation Hapag-Lloyd published in February. The estimate sets out the types of benefits the company expects from combining the two companies’ transport and purchasing operations, but remains contingent on completing the deal. The announced structure includes transferring 12 ships and the assets needed to operate 3 trade lanes to a new company controlled by FIMI fund. The arrangement was part of the process related to Israel’s special rights in ZIM, according to Hapag-Lloyd’s statement. Under the company’s announced plan, the step is part of the deal’s structure and terms, alongside the required approvals.
Hapag-Lloyd said the proposed combination with ZIM would establish a business with more than 400 ships, capacity exceeding 3 million twenty-foot equivalent units, and annual transport volume of more than 18 million units of the same type. These figures describe the operating scale the company expects for the combined entity, from its fleet and capacity to annual shipping volume. In its third-quarter results, Jansen attributed strong demand to robust demand, while port congestion in Asia constrained available capacity. He also cited significant additional costs related to the conflict in the Middle East and higher fuel prices. The company faced “very strong demand,” along with “restricted capacity, mainly due to congestion in Asia,” he said.
In the market, Hapag-Lloyd shares, trading under the ticker HPGLY, closed at $73.58 on November 10, 2026, according to EL7 data. The following day, the company raised its 2026 financial outlook for the third time, citing continued strength in spot freight rates and their support for fourth-quarter performance. It raised its EBITDA range to $4.6–5.0 billion, from a previous forecast of $3.9–4.4 billion. It also raised its EBIT range to $2.0–2.4 billion from $1.25–1.75 billion. The company warned that freight-rate volatility and ongoing geopolitical challenges made the outlook highly uncertain.
Hapag-Lloyd published its financial report for the first nine months of 2026 on November 12 and held an investor and analyst call the same day. The call gave Jansen an opportunity to present management’s position on the ZIM deal in the context of the company’s results and outlook for the year. Approval by ZIM’s general meeting and regulatory approvals, including those related to antitrust and investment, remain conditions for completing the deal. Israel’s approval concerning its special rights in ZIM also remains part of the approval process. Jansen said the alternative plan he referred to was an option the company would pursue only if the deal did not go through.