Orient Overseas (International) Ltd (OOIL), OOCL’s parent company and a member of Cosco Shipping, says the container shipping market remained uncertain in the first half of 2026, rather than returning to normal conditions as many had expected.
The Hong Kong-listed company reported a first-half 2026 EBIT of $728 million, down from $954.2 million in the same period a year ago.
OOIL said it had higher revenue and container volumes, although earnings fell. Revenue increased to $5.17 billion in H1 2026 versus $4.88 billion in the first half of 2025.
The total container liftings grew to 4.13 million TEU from 3.93 million TEU in H1 2025. Excluding the period of the pandemic, liner revenue and liftings were record, the company said.
Higher fuel and carbon costs add to the strain
Operating costs remained a major challenge in the period. OOIL said average bunker fuel prices increased 8% to $582 per ton in the first half of 2026 from $541 per ton a year earlier.
Sharp movements in oil prices, rising inflation expectations and increased EU carbon emission costs all contributed to rising cost pressure for container shipping lines, the company said. These factors also cast a shadow over the outlook for the world economy.
Geopolitical uncertainty helped underpin the container shipping market more than initially expected.
“The global container market did not normalize in the first half of 2026 as many had anticipated at the end of last year,” OOIL said, “and the market continued to operate against the backdrop of uncertainty.
The anticipated return of container ships to the Red Sea was delayed again by the intensification of conflict in the Middle East and multiple developments in the situation.
Freight rates may feel pressure from new tonnage
Looking ahead, OOIL warned that continued volatility might become a new characteristic of the container shipping market.
The delivery of numerous newbuildings to the world fleet could place more pressure on freight rates, especially as the present peak season is coming to an end.
“Freight rates could be under pressure as new vessels continue to be delivered and the peak season nears its end.”
The end of the peak season and the extra vessel capacity will thus remain a key factor for the container market in the coming months.
