Wallenius Wilhelmsen reported an adjusted EBITDA of $389 million for the first quarter of 2026, marking a slight decline from the previous three-month period.
President and Chief Executive Officer Lasse Kristoffersen noted that shipping demand remains “robust” with high utilisation levels, particularly from Asia.
While volumes were strong, the company highlighted that conflict in the Middle East and a tightening charter market have increased pressure on net bunker and capacity costs. Total revenues for the period reached $1.253 billion, representing a one per cent decrease compared to the prior quarter.
This marginal decline was attributed to seasonally lower shipping service earnings, which were partially offset by growth in logistics activities. Net profit for the first quarter improved slightly to $177 million, rising from the $175 million recorded in the fourth quarter of 2025.
Kristoffersen remarked that, “2026 will be affected by the current cost surge, and the situations underpins the value of our financial commercial and operational strength.”
Wallenius Wilhelmsen stated it now expects adjusted profit for the full year to reach approximately $1.6 billion. This updated forecast is a reduction from the previous estimate of $1.65 billion to $1.75 billion, the company reported.
The adjustment reflects higher bunker and capacity expenses for shipping services alongside a weaker performance in government services during the start of the year. Geopolitical volatility remains a factor as the conflict in the Middle East has left one vessel stationed within the Strait of Hormuz.
Operations in Dubai also face limitations, though the company confirmed that staff members and crews affected by the regional instability are safe.
While direct commercial impacts are limited to roughly two to three per cent of total revenue, the indirect consequences of higher fuel costs are expected to be substantial, according to Wallenius Wilhelmsen.
The company noted that these increased fuel expenses are likely to affect results in the upcoming quarter. Over time, the company said it expects a full cost recovery under bunker adjustment factor clauses.
