Hapag-Lloyd AG

Group revenue increased 19% quarter-on-quarter to USD 5.8 billion in Q2. Group EBITDA rose 68% quarter-on-quarter to USD 829 million, with EBITDA margin improving from 10% in Q1 to 14.2% in Q2. Group EBIT improved from a loss of USD 157 million in Q1 to a profit of USD 176 million in Q2, and group profit was USD 83 million. In Liner Shipping, revenue reached USD 5.7 billion, EBITDA was USD 773 million, and EBIT was USD 153 million. Average freight rate increased 11% quarter-on-quarter to USD 1,475 per TEU and was around 9% above the prior-year quarter; transport volumes were close to 3.5 million TEUs, up almost 9% sequentially and 3.5% year over year. First-half transport volumes increased 1.5% to 6.7 million TEUs, while average freight rate stayed flat year over year at USD 1,406 per TEU. Unit cost rose to USD 1,443 per TEU, up 2% versus Q1 and 7% versus prior year, largely because of about USD 600 million of Middle East-related additional cash costs, with about USD 400 million recognized in Q2 expenses. Terminal throughput reached 3.6 million TEU in Q2 and 7 million TEU in H1; terminal revenue rose almost 50% to USD 360 million and EBITDA was USD 102 million in H1, with EBIT of USD 39 million. Operating cash flow in H1 was USD 849 million, free cash flow was around USD 1 billion, and cash at end-June was USD 3.2 billion. The company did not give specific next-quarter or full-year numerical guidance on this call, but said it had raised its outlook in July, remains comfortable with that outlook, and sees a constructive market for the rest of 2026.

Rolf Habben Jansen described Q1 as unsatisfactory but said Q2 was clearly better, driven by stronger volumes, improving unit costs, and better rates that only started to show late in the quarter. He said market demand is robust, headhaul growth has been stronger than many expected, and supply/demand is currently fairly balanced or even tight, which supports a more optimistic second-half view. He also stressed that the company has adapted to Middle East disruption, sees Gemini performing well, and views terminals as an increasingly strategic pillar.

Mark Frese emphasized that the Q2 recovery was supported by higher freight rates and stronger transport volumes, especially on robust Asia exports and improved U.S. demand. He highlighted the financial rebound in Q2, including EBITDA of USD 829 million, EBIT of USD 176 million, free cash flow of USD 1 billion in H1, and cash of USD 3.2 billion at June-end. He also noted the Middle East conflict caused severe operational disruption and substantial extra cost, but said emergency surcharges and fuel recovery mechanisms mitigated part of the burden, while underlying unit cost improved after adjusting for bunker and disruption effects.

Analysts pressed management on port congestion, Bab-al-Mandab/Suez return timing, and whether the ZIM deal failing would force a different capacity strategy. Rolf Jansen said congestion reflects the last few years of demand growth outpacing capacity and will take time to ease because infrastructure expansion is slow; on Bab-al-Mandab and Suez, he expects a gradual return rather than a sudden switch, and said it should not create a competitive disadvantage. On ZIM, he reiterated confidence the transaction will close by year-end, but said the company is working through regulatory approvals. He also said there has been no real slowdown in bookings, while inland bottlenecks such as low water and rail issues can constrain some export volumes but should not materially affect total Q3/Q4 volumes.