Hapag-Lloyd posted a stronger second quarter in 2026, with higher freight rates and robust demand helping the German container shipping major offset significant cost pressures arising from the conflict in the Middle East.
The company reported Group EBITDA of USD 829 million (EUR 712 million) for Q2 2026, slightly higher than the corresponding period last year. However, Group EBIT declined to USD 176 million (EUR 150 million), while Group profit fell to USD 83 million (EUR 71 million).
Following a weak start to the year, operational performance improved considerably during the second quarter. Strong exports from Asia and improving demand in the US supported a recovery in both volumes and spot freight rates. These gains helped offset approximately USD 600 million in additional costs during the quarter linked to the Middle East conflict.
Liner Shipping Segment
The Liner Shipping segment generated USD 5.7 billion (EUR 4.9 billion) in revenue during Q2, compared with higher transport volumes of 3.5 million TEU, up from 3.4 million TEU in Q2 2025.
The average freight rate increased by 9% year-on-year to USD 1,475 per TEU, compared with USD 1,354 per TEU a year earlier.
Despite the improvement in rates and volumes, segment EBITDA declined to USD 773 million, while EBIT fell to USD 153 million. Hapag-Lloyd attributed the decline primarily to the blockage of the Strait of Hormuz, which resulted in substantially higher bunker, insurance, storage, service rerouting and inland transportation costs.
Terminal & Infrastructure Business Expands
Hapag-Lloyd’s Terminal & Infrastructure segment continued to strengthen, with revenues rising to USD 191 million (EUR 165 million).
The increase was supported by the first-time full consolidation of J M Baxi’s container business, along with strong volume growth in Latin America.
Segment EBITDA increased to USD 55 million, while EBIT stood at USD 21 million.
Gemini Network Maintains Reliability
Hapag-Lloyd CEO Rolf Habben Jansen said the second quarter was better than the first, supported by significantly higher spot rates and robust demand.
He highlighted the resilience of the Gemini network, which continued to deliver strong schedule reliability, while noting that the terminal business is becoming increasingly strategically important as throughput expands and investments in new assets continue.
The company said it will remain focused during the second half of 2026 on growing both its liner shipping and terminal businesses, while maintaining strict cost discipline.
2026 Earnings Outlook Raised
Following the improved Q2 performance and stronger market conditions, Hapag-Lloyd raised its full-year 2026 earnings outlook on July 13.
The company now expects:
Group EBITDA: USD 2.7 billion–USD 3.7 billion
Group EBIT: USD 0.1 billion–USD 1.1 billion
However, Hapag-Lloyd cautioned that the outlook remains subject to considerable uncertainty because of the highly volatile freight-rate environment and continuing developments in the Middle East conflict.
The Q2 results underline a gradual recovery in container shipping earnings, with stronger Asia exports, improved US demand and firmer freight rates providing a counterbalance to rising geopolitical and operational costs.
