LOWER results for Wallenius Wilhelmsen’s shipping activities were partially offset by improved conditions in logistics in the first quarter of 2026. Adjusted EBITDA of USD 389 million was slightly below the previous quarter.
The company said shipping demand, especially from Asia, continues to grow with an increasingly tight charter-in market putting pressure on capacity cost. Logistics delivered a strong quarter, supported by cost measures and higher auto volumes, while Government had a soft start to the year partly explained by a seasonally lower activity level.
Wallenius Wilhelmsen said direct commercial impact from the Middle East conflict was limited with only 2-3% of revenues linked to the region. However, the indirect effect of higher fuel cost in Q2 will be substantial before costs are recovered through bunker adjustment factor clauses in subsequent quarters.
Adjusted EBITDA for 2026 is expected to be about USD 1.6 billion, down compared to the previous outlook, primarily reflecting higher net bunker and capacity cost for shipping, the company reported.
In a more detailed breakdown, Wallenius Wilhelmsen noted that the Middle East represents about 10% of the global deep-sea trade, driven by Asian volumes. The conflict has trapped 14 PCTCs/ro-ros in the Strait of Hormuz, and some cargo is redirected to Jeddah around Cape of Good Hope.
Wallenius Wilhelmsen has only one vessel trapped, EUKOR’s Morning Concert.
Continued strong growth ex-Asia (China) fuelling underlying demand for tonnage — forecasts may still be too cautious, Wallenius Wilhelmsen suggested. Chinese vehicle exports are up 47% YoY with growth driven by Europe and South America.
High & Heavy markets are mixed with strong mining markets, but muted for construction while agricultural remains weak
Wallenius Wilhelmsen reported an increasingly tight charter-in market despite peak vessel delivery in 2025 and another 16 vessels delivered in Q1 2026.
Looking ahead Wallenius Wilhelmsen said strong demand, in particular for shipping, has continued into 2026 “and we expect solid volumes and high utilization to continue. The time charter market for vessels have tightened through 2026 and can potentially put pressure on capacity cost.
“Furthermore, the significant increase in fuel cost following the Middle East conflict results in higher bunker costs. The latter will fully materialize in Q2 in the form of increased net bunker costs due to a quarterly lag in the bunker adjustments clauses. These cost will be recovered in the succeeding quarters.
“Despite the current situation, we expect 2026 to be a new solid year for Wallenius Wilhelmsen. However, reflecting expectations of significantly higher net bunker costs, and increased capacity costs, the adjusted EBITDA for 2026 is expected to be about USD 1.6bn.
“However, this is very dependent on the length and the effects of the current situation in the Middle East, and other potential material adverse effects,” Wallenius Wilhelmsen said.