.jpg)
Wallenius Wilhelmsen reported adjusted EBITDA of USD 389 million in the first quarter of 2026, slightly below the previous quarter. “Shipping demand remains very strong with solid volumes and high utilization, especially ex-Asia. At the same time, the conflict in the Middle East and an increasingly tight charter market is putting pressure on net bunker and capacity costs,” says Lasse Kristoffersen, President and CEO of Wallenius Wilhelmsen.
Total revenues in Q1 were USD 1,253m, and was down 1% QoQ with seasonally lower revenues for Shipping services partly offset by increased revenues for Logistics services. Net profit for Q1 was USD 177m compared to USD 175m in Q4.
“2026 will be affected by the current cost surge, and the situations underpins the value of our financial commercial and operational strength," says Kristoffersen.
Wallenius Wilhelmsen expects 2026 to be another solid year. However, due to increased net bunker and capacity cost for Shipping services and a soft start to the year for Government services, the outlook has been adjusted. Adjusted EBITDA for 2026 is now expected to end about USD 1.6bn, down from USD 1.65-1.75bn.
Continued geopolitical volatility
Geopolitics continue to impact our operations as the conflict in the Middle East leaves us with one vessel inside the Strait of Hormuz and a landbased operation in Dubai with limited operations.
"We are relieved that the ground and vessels staff affected by the Middle East conflict are safe " Said Lasse Kristoffersen President and CEO of Wallenius Wilhelmsen
Beyond that, the main impact on operations is linked to increased fuel cost and the company expects that to impact our results in the coming quarter. Over time, a full cost recovery under the BAF clauses is expected.
Q1 highlights
- Adjusted EBITDA for Q1 2026 ended at USD 389m, down 3% QoQ, reflecting seasonally softer results for Shipping partly offset by improved results in Logistics
- 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.
- Direct commercial impact from the Middle East conflict is 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 BAF clauses in subsequent quarters
- Adjusted EBITDA for 2026 is expected to be about USD 1.6bn, down compared to the previous outlook, primarily reflecting higher net bunker and capacity cost for Shipping
Robban Assafina is now on WhatsApp channel. Click Here
.jpg&w=256&q=75)
