CK Hutchison Holdings’ Ports and Related Services division reported higher revenue and earnings in the first half of 2026, despite a slight decline in overall container throughput following the cessation of its Panama port operations.
The ports division generated revenue of HK$24.52 billion (US$3.1 billion) during the six months ended 30 June, up 4% from HK$23.60 billion in the same period of 2025. EBITDA increased 4% to HK$9.03 billion, while EBIT rose 3% to HK$6.73 billion.
Overall throughput slipped 1% year-on-year to 43.6 million TEU from 44 million TEU. However, CK Hutchison said the decline was mainly caused by reduced volumes following the cessation of its Panama port operations in late February. Excluding Panama, throughput increased 3%.
Asian ports drive underlying growth
The strongest volume gains came from the group’s Asian operations.
HPH Trust handled 11.7 million TEU during the first half, representing a 5% year-on-year increase, while throughput across Chinese Mainland and Other Hong Kong operations rose 6% to 7.1 million TEU.
European terminals handled 8.1 million TEU, down 1%, while the Asia, Australia and Others segment recorded 16.7 million TEU, representing a 7% decline.
CK Hutchison attributed HPH Trust’s growth primarily to higher outbound laden volumes at Yantian destined for the United States and Europe.
Shanghai ports also supported the performance, with strong outbound activity across services connecting Africa, South America and intra-Asia markets.
Middle East disruption shifts volumes to Sohar
The Middle East conflict also reshaped cargo flows across the group’s regional terminal portfolio.
Quayside activities at ports in the United Arab Emirates were disrupted by the situation around the Strait of Hormuz. However, the negative impact was more than offset by additional ad-hoc transshipment volumes handled at Sohar in Oman.
Regional disruption also contributed to longer container dwell times, boosting storage income in Oman and Pakistan. Meanwhile, Rotterdam benefited from higher landside revenue and ancillary services income, while Barcelona recorded higher storage income.
Excluding Panama, underlying EBITDA and EBIT increased by 10% and 9%, respectively, in reported currency. In local currencies, the increases were 6% and 5%.
Port network expands to 300 berths
CK Hutchison’s port network reached 300 berths by the end of June, compared with 295 a year earlier.
Five additional berths began operations during the period, comprising four at Sokhna in Egypt and one at Laem Chabang in Thailand.
The group also continued the electrification of port equipment and trucks. Diesel consumption per TEU declined 9.1% year-on-year, while renewable electricity accounted for more than half of the Ports division’s total electricity consumption.
Port operations in the Netherlands and Australia reached 100% renewable electricity sourcing, joining the group’s terminals in the United Kingdom and Spain.
CK Hutchison expects full-year ports earnings growth
Looking ahead, CK Hutchison warned that developments in the Middle East remain highly unpredictable, while trade tensions and US tariffs are expected to continue influencing global trade.
The company also noted that front-loaded cargo ahead of expected tariff increases could make sustained volume growth more difficult.
Nevertheless, CK Hutchison said its geographically diversified portfolio, combination of gateway and transshipment terminals and continued focus on productivity and cost efficiency should allow its Ports division to deliver earnings growth for the full year.
