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Hapag-Lloyd Q2 Weathers Middle East Cost Hit

[ August 21, 2026   //   ]

Hapag-Lloyd reported improved volumes and freight rates in the second quarter, but an estimated US$600 million in additional costs related to the Middle East conflict weighed heavily on earnings.

The Hamburg-based container carrier reported Q2 group revenue of US$5.84 billion, up nearly 11 percent from US$5.27 billion a year earlier. EBITDA edged higher to US$829 million from US$820 million, while EBIT declined to US$176 million from US$189 million.

Group profit fell sharply to US$83 million from US$306 million in Q2 2025.

Hapag-Lloyd said its performance improved substantially from a weak first quarter as exports from Asia strengthened and U.S. demand improved. The recovery in volumes and spot rates helped offset about US$600 million in additional Q2 costs stemming from the Middle East conflict.

The blockage of the Strait of Hormuz generated additional bunker, insurance, storage, service rerouting and inland transportation costs, according to the carrier.

Liner shipping volume increased to 3.48 million TEU from 3.36 million TEU a year earlier. The average freight rate climbed 9 percent to US$1,475 per TEU from US$1,354.

Liner shipping revenue increased to US$5.68 billion from US$5.17 billion, while segment EBITDA was virtually flat at US$773 million compared with US$777 million a year earlier. Liner EBIT declined to US$153 million from US$167 million.

“The second quarter was better than the first, driven by significantly higher spot rates and robust demand,” Hapag-Lloyd CEO Rolf Habben Jansen said. He said the Gemini network continued to outperform the market on schedule reliability despite operational challenges, while the company’s terminal business continued to grow.

Hapag-Lloyd’s Terminal & Infrastructure segment reported revenue of US$191 million, up from US$135 million a year earlier. EBITDA increased to US$55 million from US$44 million. The company attributed the growth to the first full consolidation of J M Baxi’s container business and strong volume growth in Latin America.

The carrier raised its full-year earnings outlook July 13 following the stronger Q2 performance and improved market conditions. Hapag-Lloyd now expects 2026 group EBITDA of US$2.7 billion to US$3.7 billion and EBIT of US$100 million to US$1.1 billion.

The company cautioned that the outlook remains subject to considerable uncertainty because of volatile freight rates and the Middle East conflict.

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