German shipping group Hapag-Lloyd closed the second quarter of 2026 with Ebitda of $829m (712 million euros), slightly higher than the prior-year quarter.
Group Ebit fell to $176m (150 million euros), while Group profit decreased to $83m (71 million euros).
Following an unsatisfactory start to 2026, according to the company, with earnings impacted by operational disruptions, volumes and spot rates picked up significantly in the second quarter.
Hapag-Lloyd said this positive development was mainly driven by strong exports out of Asia and improved US demand, which helped offset the significant cost headwinds of around $600m in the second quarter arising from the conflict in the Middle East.
In the Liner Shipping segment, revenues climbed to $5.7bn (4.9 billion euros) in the second quarter of 2026, supported by higher transport volumes of 3.5 million TEU (Q2 2025: 3.4 million TEU).
The average freight rate increased by 9% year-over-year to $1,475 per TEU (Q2 2025: $1,354 per TEU). Ebitda for the segment declined to $773m (664 million euros), while Ebit fell to $153m (131 million euros), primarily because the blockage of the Strait of Hormuz resulted in additional costs for bunker, insurance, storage, service rerouting, and inland transportation.
Rolf Habben Jansen, chief executive officer of Hapag-Lloyd, said: “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.”
On the back of the Q2 performance and the improved market, Hapag-Lloyd raised its full-year 2026 earnings outlook.
Group Ebitda is now expected to be in the range of $2.7bn to $3.7bn (2.3 billion euros to 3.2 billion euros) and Group Ebit to be in the range of $0.1bn to $1.1bn (0.1 billion euros to 1.0 billion euros).
As explained, this outlook remains subject to considerable uncertainty due to the highly volatile development of freight rates and the conflict in the Middle East.
