Hapag-Lloyd Reports 3.5% Year-on-Year Decline in Bunker Consumption for First Half of 2026
Key Takeaways
- •Hapag-Lloyd's bunker fuel consumption fell 3.5% year-on-year to approximately 2.4 million metric tonnes in the first half of 2026.
- •Despite lower consumption, combined bunker and emissions expenses increased by €20.6 million to €1.32 billion due to higher average fuel prices reaching $592/mt.
- •Spending on EU emissions allowances rose to €96 million in 1H 2026 from €67.7 million a year earlier, reflecting expanding coverage under the EU Emissions Trading System.
- •The effective closure of the Strait of Hormuz from late February and early-year weather disruptions increased transport costs and negatively affected volume growth.
- •Hapag-Lloyd is investing €57.1 million to retrofit five container ships with methanol-fuelled engines as part of its fleet modernization and emissions reduction strategy.
German container shipping line Hapag-Lloyd, one of the world's largest container carriers by fleet capacity, consumed approximately 2.4 million metric tonnes of bunker fuels during the first half of 2026, representing a 3.5% decrease compared to the same period a year earlier. Bunker fuel is typically one of the single largest operating cost items for major shipping lines, making both consumption volumes and price movements critical to financial performance.
Despite the lower consumption volume, the company's combined bunker and emissions expenses rose to €1.32 billion in 1H 2026, an increase of €20.6 million year-on-year, according to a half-yearly financial report published today. The increase was largely driven by higher bunker costs, with the company's average bunker price reaching $592/mt in the first half of 2026, up from $542/mt during the corresponding period last year.
Spending on EU emissions allowances also climbed significantly, rising to €96 million in 1H 2026 from €67.7 million a year earlier. The EU extended its Emissions Trading System to cover maritime CO2 emissions beginning in 2024, requiring shipping companies calling at EU ports to surrender allowances for a share of their emissions—a cost burden that has grown as allowance prices and coverage phases have expanded.
"A challenging market environment and operational disruptions characterised the first half of 2026 and weighed on revenue and earnings performance," Hapag-Lloyd stated in the report.
"This development was primarily driven by weather-related disruptions at the beginning of the year and the effective closure of the Strait of Hormuz from the end of February, which led to higher transport expenses in the Liner Shipping segment and adversely affected volume growth."
The Strait of Hormuz is one of the world's most critical maritime chokepoints, handling a substantial share of global seaborne oil trade and serving as a key route for container services connecting Asia, the Middle East, and Europe.
The company also disclosed that it is investing €57.1 million to retrofit five container ships with methanol-fuelled engines, as part of its fleet modernisation and emissions reduction efforts. Methanol has emerged as one of the leading alternative marine fuels being explored by major carriers, alongside LNG and ammonia, as the shipping industry faces tightening international greenhouse gas regulations under the IMO.
Source: Ship & Bunker
