Hapag-Lloyd reports Q2 2026 recovery with US$829M EBITDA

GERMANY – Hapag-Lloyd has concluded the second quarter of 2026 with a slightly higher Group EBITDA of US$829 million than in the prior-year quarter, as surging demand and higher freight rates drove a financial recovery despite massive operational costs linked to geopolitical conflicts in the Middle East.

Group EBIT declined to US$176 million, while Group profit fell to US$83 million.

Following an unsatisfactory start to 2026, with earnings affected by operational disruptions, volumes and spot rates picked up significantly in Q2.

This positive development was mainly driven by strong exports from Asia and improved US demand.

Liner Shipping Segment Performance

In the Liner Shipping segment, revenues reached US$5.7 billion in Q2 2026, supported by higher transport volumes of 3.5 million TEU. The average freight rate rose 9% year on year to US$1,475 per TEU.

EBITDA declined to US$773 million, while EBIT fell to US$153 million, primarily due to the closure of the Strait of Hormuz.

Terminal & Infrastructure Growth

In the Terminal & Infrastructure segment, revenues rose to US$191 million in Q2 2026, driven by the first-time full consolidation of J M Baxi’s container business and strong volume growth in Latin America.

EBITDA rose to US$55 million, while EBIT was US$21 million.

CEO Statement and Future Outlook

Rolf Habben Jansen, CEO of Hapag-Lloyd AG, 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,” he added.

Moreover, Group EBITDA is expected to be in the range of US$2.7 billion to US$3.7 billion, and Group EBIT to be in the range of US$0.1 billion to US$1.1 billion.

However, this outlook remains highly uncertain due to volatile freight rates and the conflict in the Middle East.

Finally, this report highlights a shift towards financial stabilisation through strict cost management and a focus on terminal expansion.

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