Hapag-Lloyd reported a recovery in second-quarter 2026 earnings as stronger container volumes and spot rates helped counter roughly $600 million in additional costs stemming from the Middle East conflict.
The German container shipping group posted Q2 EBITDA of $829 million, slightly above $820 million a year earlier, while EBIT slipped to $176 million from $189 million. Group profit fell sharply to $83 million from $306 million. Revenue increased to $5.84 billion from $5.27 billion.
The improvement from a weak first quarter was driven by strong Asian exports and improved U.S. demand. Liner shipping volumes increased to 3.48 million TEU from 3.36 million TEU, while the average freight rate rose 9% year-over-year to $1,475/TEU. Liner revenue reached $5.68 billion.
Middle East disruption remains a major challenge. The blockage of the Strait of Hormuz increased bunker, insurance, storage, rerouting and inland transportation costs, while freight-rate volatility continues to cloud the outlook. Hapag-Lloyd nevertheless raised its 2026 guidance in July to EBITDA of $2.7-$3.7 billion and EBIT of $100 million-$1.1 billion.
Fleet renewal remains central to Hapag-Lloyd's strategy. The carrier currently operates 300 containerships totaling approximately 2.5 million TEU, alongside container capacity of 3.6 million TEU.
CEO Rolf Habben Jansen said the Gemini network continued to outperform the market on schedule reliability, while Hapag-Lloyd plans to maintain “strict cost discipline” as it grows its liner and terminal businesses during the second half.