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Posted by Dale Crisp
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12 Aug, 2026
LEADING Scandinavian PCTC/ro-ro operators Wallenius Wilhelmsen and Höegh Autoliners are basking in unprecedented vehicle trade demand, according to their latest financial postings.
Chinese manufacturers, especially of all types of EVs, are driving the urgent push for more capacity, which is also pushing charter rates, both short- and long-term, to record levels. This week Ningbo Ocean Shipping of Zhejiang Province is reported to have entered the China-Europe trade with dual-fuel LNG, 7,000 CEU newbuilding Clean Star, for which owner Atlas Maritime is earning USD 80,000/day for two years, generating around USD 56 million in revenue.
Meanwhile, Wallenius Wilhelmsen reported an adjusted EBITDA of USD 361m in the second quarter and is maintaining its 2026 outlook, with a dividend of USD 258m for H1 2026, representing 82% of net profit.
WW president and CEO Lasse Kristoffersen said the company was happy to deliver a solid quarter in line with expectations, despite higher bunker costs. Shipping continues to experience full utilization out of Asia and Logistics is starting to see good effects of the improvement program.
Total revenues for Q2 were USD 1,305m, up 4% QoQ due to increased revenues for Shipping services. The adjusted EBITDA of USD 361m is down 7% QoQ, due to higher bunker prices following the conflict in the Middle East. But the higher bunker prices will be recovered over time through the company’s BAF clauses, WW said. Net profit for Q2 totalled USD 138m, down 22% QoQ.
Continued strong demand from Asia resulted in full fleet utilisation during the quarter, and ro-ro demand remains well above available capacity.
“We are effectively sold out and need to make tough customer prioritisations out of Asia,” Mr Kristoffersen said.
“The market remains very tight, in particular in shipping, and we secured improved rates for both new Shipping and Logistics business in the quarter.”
Also in Oslo yesterday this week, Höegh Autoliners reported that in July it had transported 1.4 million cbm of cargo on prorated basis. Transported volume in the last three months (May – July) was 4.1 million cbm.
The prorated gross freight rate in July 2026 was USD 99.3 per cbm (+2.8% vs. the average prorated gross freight rate last three months at USD 96.6 per cbm) while the prorated net freight rate in July 2026 was USD 80.6 per cbm (+1.2% vs. the
average prorated net freight rate last three months at USD 79.6 per cbm).
High & HeavyH/Breakbulk share of prorated volume carried in July was 24%. Last three months the prorated HH/BB share was 24%.
Chief executive Andreas Enger said July was another strong month with fully utilized capacity supporting a healthy trend in volumes. Increasing fuel surcharges are starting to reflect into gross rates, with full impact from quarter end.
“Working capital remains elevated in the short term, mainly due to rising energy prices which will be recharged to customers and reverse as fuel prices recede, and higher receivables from one-off cargo rerouting following the
MEG conflict,” Mr Enger said.
The COSCO Car Carriers’ 2024-built, 7,500 CEU LNG dual-fuel PCTC Min Jiang Kou was safely abandoned by 22 crew on 6 August after fire broke out in the engine room when the ship was about 630 miles south of Costa Rica during a voyage from Shanghai to Manta, Ecuador. Resolve has been appointed to salvage the vessel.
