Middle East Turmoil Fuels Container Rates and Costs

Mixed Fortunes for Box Carriers Amid Middle East Disruption

Maersk and Hapag-Lloyd, partners in the Gemini Cooperation, both released second-quarter earnings on August 13, 2026, showing that ongoing turmoil in the Middle East has had a paradoxical effect on their businesses — pushing up costs while also lifting freight rates and demand. According to a report by The Maritime Executive, the two carriers experienced the disruption differently, even though they operate within the same alliance.

Higher Rates, Resilient Volumes

Both companies pointed to notably stronger spot rates and firm demand during the quarter. Maersk described the market as having “remained resilient,” reporting volume growth above four percent and a 22 percent jump in rates. The Danish carrier highlighted particular strength in imports into Africa, North America and Latin America, alongside continued export momentum from the Far East, especially China. It also said it had managed to divert cargo originally destined for the Persian Gulf toward alternate ports and inland routes.

Hapag-Lloyd’s $600 Million Middle East Bill

Hapag-Lloyd’s experience carried a heavier financial toll. The carrier attributed roughly $600 million in additional costs during the quarter directly to the conflict in the Middle East, on top of previously reported disruption from having six vessels stuck in the Persian Gulf. The added expenses stemmed from bunker fuel, insurance, storage, rerouted services and inland transport arrangements tied to the closure of the Strait of Hormuz. Despite the hit, Hapag-Lloyd still posted a modestly higher group EBITDA, though EBIT and group profit both slipped. The carrier also noted improvement compared with the first quarter, citing strong Asian exports and firmer U.S. demand.

Executives Weigh In

Maersk CEO Vincent Clerc characterized the quarter as further evidence of a new period of heightened volatility, crediting the company’s ability to seize opportunities in tough conditions for the strong growth in both volume and earnings that led to an upgraded full-year outlook. Maersk raised its guidance substantially, now forecasting roughly four percent market volume growth for 2026 and adding about $2 billion to both its EBITDA and EBIT projections — a marked reversal from its cautious start to the year, when it had flagged the possibility of an operating loss.

Hapag-Lloyd, while also raising its full-year guidance back in July, struck a more guarded tone, warning that the outlook remains subject to considerable uncertainty given volatile freight rates and the unresolved Middle East conflict.

Longer-Term Infrastructure Concerns

Beyond the immediate quarter, Clerc flagged a deeper structural worry: strong, uneven demand out of the Far East since 2024 has left trade flows increasingly imbalanced, straining port and inland infrastructure. He described mounting congestion and disruption spreading across multiple regions. Speaking separately to the Financial Times, Clerc called for greater investment in ports, trucking and rail capacity, arguing that around 15 years of underinvestment will take time to reverse and that congestion is likely to keep fueling volatility.

Both carriers also noted that non-shipping segments, including terminals and logistics operations, contributed positively to results, and Maersk said it expects cargo volumes to gradually return to the Red Sea, though without significantly altering overall market conditions.

What It Means for Owners and Managers

For ship owners, managers and charterers, this earnings snapshot underscores how geopolitical disruption is reshaping operational risk as much as it reshapes freight economics. Rerouting around chokepoints like the Strait of Hormuz and the Red Sea adds voyage time, fuel consumption and exposure to insurance and storage costs — all factors that make accurate bunker quantity verification, condition monitoring and cargo documentation more important, not less. As vessels are diverted through unfamiliar routes and ports under commercial pressure to capture strong rates, the margin for error in fuel accounting, hull and machinery condition, and cargo handling narrows. Independent survey and inspection services become a practical hedge against the added variability that volatility of this kind introduces into day-to-day fleet operations.

Reviewed by Ibrahim Halil Ceylan, Marine Surveyor at Apeks Marine.