Shipping Rates Rise Again as Carriers Prepare for Strong Second Half

The shipping industry is anticipating a robust second half of the year, building on a successful second quarter that saw significant improvements in financial performance for major carriers. Companies are preparing for continued growth after a period of recovery.

Maersk reported a substantial 20% year-over-year increase in revenue for the second quarter, reaching $15.8 billion, with EBITDA climbing to $3 billion. This growth was fueled by a 23% rise in ocean revenue, supported by a 4.1% increase in cargo volume and a 22% jump in average freight rates. Hapag-Lloyd also saw its second-quarter revenues increase by 11% to $5.84 billion, with cargo volume up 3.5%. While Hapag-Lloyd's profit for the quarter was $83 million, a decrease from the previous year, it marked an improvement from a first-quarter loss of $173 million.

South Korea's largest container carrier, HMM, also posted an operating profit of 354 billion KRW in the second quarter, helping to offset earlier losses. However, the Shanghai Containerized Freight Index (SCFI) averaged 1507 points in the quarter, a 14% year-over-year decrease. Transpacific routes were particularly affected, with rates to the U.S. West and East coasts dropping by 38% and 37%, respectively.

Despite some fluctuations, the overall market trend is upward. Official data from China indicates a 13.4% year-over-year increase in exports during the first half of 2026, with the U.S. and Europe remaining key destinations. Freight rates, which had been below previous year levels at the start of 2026, began to rise in March due to increased oil prices and transport costs stemming from Middle East conflict. The SCFI saw a dramatic increase in June. While spot rates on the Asia-Europe trade lane saw a slight decrease in week 34, the Drewry World Container Index (WCI) rose by 4%, reaching $4526 per 40-foot container, driven by higher transpacific rates. Drewry predicts stable freight rates for the upcoming week.