Hapag-Lloyd, the world's fifth-largest container shipping line by fleet capacity, concluded the second quarter of 2026 with a slightly higher Group EBITDA of USD 829 million (EUR 712 million) compared to the prior-year quarter. Group EBIT declined to USD 176 million (EUR 150 million), while Group profit decreased to USD 83 million (EUR 71 million).

After an unsatisfactory start to 2026 marked by operational disruptions, both volumes and spot rates improved significantly during the second quarter. The recovery was primarily driven by strong export demand from Asia and improved U.S. consumption, which helped offset approximately USD 600 million in additional costs incurred in Q2 due to the conflict in the Middle East.

In the Liner Shipping segment, revenues reached USD 5.7 billion (EUR 4.9 billion) for the second quarter of 2026, supported by higher transport volumes of 3.5 million TEU, up from 3.4 million TEU in Q2 2025. The average freight rate rose 9% year over year to USD 1,475 per TEU, compared to USD 1,354 per TEU in the same period last year. Segment EBITDA declined to USD 773 million (EUR 664 million), and EBIT fell to USD 153 million (EUR 131 million). The decrease was largely attributable to the blockage of the Strait of Hormuz, one of the world's most critical maritime chokepoints for global energy and container trade, which generated additional costs across bunker fuel, insurance, storage, service rerouting, and inland transportation.

The Terminal & Infrastructure segment reported revenues of USD 191 million (EUR 165 million) in Q2 2026, boosted by the first-time full consolidation of J M Baxi's container business, part of Hapag-Lloyd's ongoing push to diversify revenue beyond cyclical freight rates, and strong volume growth in Latin America. Segment EBITDA rose to USD 55 million (EUR 47 million), with EBIT reaching USD 21 million (EUR 18 million).

Rolf Habben Jansen, CEO of Hapag-Lloyd AG, stated: "The second quarter was better than the first, driven by significantly higher spot rates and robust demand. Our Gemini network remained resilient and continued to outperform the market, setting the industry benchmark for schedule reliability. Additionally, the terminal business continues to grow and is becoming increasingly strategically relevant, supported by strong throughput and investment in new assets. In the second half of 2026, we will remain focused on growing both our liner shipping and terminal businesses while maintaining strict cost discipline to further improve our financial performance."

The Gemini Cooperation referenced by the CEO is the vessel-sharing alliance Hapag-Lloyd formed with Maersk, operational since February 2025, built around a hub-and-spoke network designed to maximize schedule reliability. Following the improved Q2 results and favorable market conditions, Hapag-Lloyd raised its full-year 2026 earnings outlook on July 13. Group EBITDA is now projected to range between USD 2.7 billion and USD 3.7 billion (EUR 2.3 billion to EUR 3.2 billion), with Group EBIT expected between USD 0.1 billion and USD 1.1 billion (EUR 0.1 billion to EUR 1.0 billion). The company noted that this outlook remains subject to considerable uncertainty due to highly volatile freight rate developments and the ongoing conflict in the Middle East.

Source: Hapag-Lloyd