Global shipping majors Maersk and Hapag-Lloyd reported rising operational costs in the second quarter of 2026 due to the Strait of Hormuz crisis. While fuel and insurance expenses surged, both companies managed to protect their earnings by passing these costs to customers through higher freight rates. Investors are now tracking whether this trend can persist amid ongoing geopolitical instability.
Shipping companies are dealing with significant financial pressure as the crisis in the Strait of Hormuz continues to disrupt global trade routes. Major carriers, including Maersk and Hapag-Lloyd, revealed in their second-quarter results for 2026 that they faced sharp increases in expenses related to bunker fuel, insurance, and the rerouting of vessels.
Hapag-Lloyd, a major German shipping line, reported that these geopolitical tensions added approximately $600 million to its costs during the second quarter. The company stated that expenses for insurance premiums, warehousing, and inland transport contributed to this spike. Meanwhile, Danish shipping giant Maersk reported a 44% year-on-year rise in average bunker fuel prices, with total fuel costs climbing 36% to $2.1 billion for the quarter.
Despite these higher operational bills, both companies delivered stronger-than-expected financial results, partly due to their ability to raise freight rates. Maersk reported an EBITDA of $3.0 billion for the quarter, which surpassed analyst forecasts. This was largely supported by a 22% increase in its average loaded freight rate to $2,746 per 40-foot container. Hapag-Lloyd also saw its average freight rate rise by 9% year-on-year to $1,475 per container. Both companies have updated their earnings guidance for the full year 2026, pointing to strong demand as a supporting factor.
However, the freight market is showing signs of high volatility. The Shanghai Containerized Freight Index, which tracks shipping costs, has seen a sharp climb from $1,656 at the end of 2025 to $3,240 by mid-2026. This increase reflects both the rising cost of fuel and transportation, as well as exporters rushing to ship goods before potential further supply chain delays occur.
For investors, the key challenge is determining whether these earnings gains are sustainable. While shipping companies have successfully passed on costs to customers so far, analysts caution that this profitability may be a short-term effect of the crisis. If geopolitical tensions in the Middle East begin to ease and shipping routes return to normal, the current pricing power could weaken.
The next steps for these companies depend heavily on the stability of global shipping lanes. Investors are likely to watch for updates on vessel capacity management, fuel price trends, and any changes in demand from key markets like the United States and China. The ability to maintain high freight rates while managing the risks of vessel delays and port congestion remains the primary area of focus for the sector.