Hapag-Lloyd concluded the second quarter of 2026 with a slightly higher gross operating profit of US$829 million compared to the prior-year quarter.
Group operating income declined to US$176 million while profit decreased to US$83 million.
Following an unsatisfactory start to 2026, 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 US$600 million in Q2 arising from the conflict in the Middle East.
In the liner shipping segment, revenues reached US$5.7 billion in Q2 2026, supported by higher transport volumes of 3.5 million TEUs (Q2 2025: 3.4 million TEUs). The average freight rate increased by nine per cent year over year to US$1,475 per TEU (Q2 2025: US$1,354 per TEU).
Gross operating profit declined to US$773 million, while operating income fell to US$153 million, primarily because the blockage of the Strait of Hormuz resulted in additional costs for bunker, insurance, storage, service rerouting, and inland transportation.
In the terminal and infrastructure segment, revenues increased 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. Gross operating profit rose to US$55 million, while operating income amounted to US$21 million.
"The second quarter was better than the first, driven by significantly higher spot rates and robust demand," said Rolf Habben Jansen, CEO of Hapag-Lloyd. "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, the full-year 2026 earnings outlook was raised on July 13. Group gross operating profit is expected to be in the range of US$2.7 billion to US$3.7 billion and group operating income to be in the range of US$0.1 billion to US$1.1 billion. This outlook remains subject to considerable uncertainty due to the highly volatile development of freight rates and the conflict in the Middle East.
