CK Hutchison Holdings' Ports and Related Services division has reported revenues of HKD 24.520 billion (USD 3.120 billion) during the first half of 2026, up 4% compared to the same period last year. In local currencies, revenues have remained stable.
The half-year results have been conditioned by the cessation of the company's operations in Panama, which were forcibly terminated at the end of February 2026. The loss of this activity has affected both the managed volumes and the economic contribution of the division.
The total traffic of the port network has stood at 43.6 million TEUs between January and June, compared to 44 million during the same period in 2025, representing a year-on-year decrease of 1%. CK Hutchison attributes this reduction mainly to the lower volume derived from the cessation of its operations in the ports of Panama.
Excluding Panama, traffic has increased by 3% year-on-year. The company points to the evolution of HPH Trust as a main factor, with a 5% growth associated with the increase in export loads from Yantian to the United States and the European Union, and a 6% increase recorded in the segment of mainland China and other ports in Hong Kong, especially in Shanghai.
The segment of Asia, Australia, and other markets has also recorded a traffic growth of 2%, related to increased activity at the ports of Thailand and Jakarta due to the addition of new services. In European ports, the volume has been slightly below that recorded in the first half of the previous fiscal year.
Of the total 43.6 million TEUs managed in the first six months of the year, 68% was local traffic and 32% was transshipment. In the same period of 2025, these percentages were 65% and 35%, respectively.
The revenues from storage have increased by 8%, mainly due to activity in Oman and Pakistan. The results report attributes this evolution to the longer dwell times of goods related to geopolitical disruptions in the region. There has also been an increase in land revenue and auxiliary services in Rotterdam.
The EBITDA of the port division has reached HKD 9.032 billion (USD 1.150 billion), a 4% increase in reported currency. EBIT has stood at HKD 6.730 billion (USD 858 million), with a 3% increase.
Excluding Panama, the underlying EBITDA has grown by 10% and EBIT by 9% in reported currency. In local currencies, the increases have been 6% and 5%, respectively. CK Hutchison relates this evolution mainly to the results from Yantian and Shanghai and to the activity in Mexico, where higher revenues from auxiliary services have been recorded. These factors have been partially offset by a lower contribution from an associated shipping company.
Disruptions in the Strait of Hormuz have had a slightly favorable net effect on the Middle East segment. The halt of activities at the UAE ports has been more than compensated by additional and incidental transshipment volumes received in Sohar, a deep-water port in Oman.
Looking to the second half, CK Hutchison believes that the situation in the Middle East will remain unpredictable and that trade tensions, including the reintroduction of tariffs by the U.S. Administration, will continue to affect global trade.
The company also anticipates that advanced shipments due to potential tariff increases will add pressure on the continuity of volume growth. Despite these conditions, the port division expects to close 2026 with an increase in results, supported by the geographical distribution of its portfolio, the combination of gateway and transshipment ports, and its productivity and cost-efficiency measures.
Overall, CK Hutchison Holdings has reported an underlying net profit of HKD 12.592 billion (USD 1.600 billion) in the first half, a 6% year-on-year increase in reported currency. The group's underlying EBITDA has increased by 6% and EBIT by 5%, mainly due to the performance of the Ports and Retail divisions and a greater contribution from Cenovus Energy.
