The global port and shipping industry experienced a period of remarkable performance in the first half of 2026, buoyed by a confluence of positive factors. Both the shipping and port sectors exhibited robust and prosperous conditions. In recent days, several Shanghai-listed shipping companies, including China Merchants Energy Shipping Co., Ltd. (hereinafter referred to as "China Merchants Shipping") and Fujian Haitong Development Co., Ltd. (hereinafter referred to as "Haitong Development"), have issued strong profit forecast announcements, with growth rates significantly exceeding market expectations. Concurrently, the operational data from leading Shanghai-listed port companies has been equally solid, with Shanghai Port setting new records for daily container throughput and single-shift container handling volume. During this period, geopolitical conflicts combined with constraints on the industry's supply side have reinforced the positive trajectory for shipping, marked by a "great era for tanker shipping" overlapping with a "new cycle for dry bulk shipping." Meanwhile, ports have benefited from robust growth in cargo throughput, allowing leading port operators to achieve steady and strong business metrics. These impressive results underscore the operational resilience and synergistic capabilities demonstrated by the leading enterprises in Shanghai's port and shipping sector amidst a complex and volatile environment.

Dual Drivers Propel Shipping Industry's Strong First-Half Performance

On July 8, China Merchants Shipping released its first-half performance forecast, projecting a net profit attributable to shareholders of 6.6 to 7.3 billion yuan for the period from January to June, representing a year-on-year increase of 214% to 248%. This indicates that the company's profit for the first half alone has already surpassed the 6.0 billion yuan achieved for the entirety of 2025, with nearly all of it derived from recurring operations. Haitong Development and Xingtong Marine Shipping Co., Ltd. (hereinafter referred to as "Xingtong Shares"), which disclosed their performance forecasts around the same time, also projected first-half profit growth of 475% to 532% and 55% to 65%, respectively. Haitong Development, primarily engaged in international ocean-going and domestic coastal dry bulk shipping, benefited from the recovery of the global dry bulk shipping market and an upward shift in freight rates, which significantly boosted its operating income. As a leading domestic coastal chemical shipping company, Xingtong Shares capitalized on structural opportunities within the chemical shipping sector, contributing to its earnings growth. The collective positive performance of Shanghai-listed shipping companies confirms the high industry vitality during the first half. China Merchants Shipping stated that this round of strong earnings growth is primarily driven by the simultaneous surge in its two core businesses—tanker and dry bulk shipping—coupled with a rebound in container and roll-on/roll-off operations, creating a diversified revenue growth pattern. The company also demonstrated precise market timing and achieved high operational synergy in its decision-making. On one hand, the international tanker shipping market entered a super-cycle, with spot freight rates on certain routes reaching historic highs during the reporting period. The company's globally leading fleet of VLCCs, characterized by a young average vessel age, provides a distinct cost advantage. Proactively managing periodic disruptions in key shipping lanes in the second quarter and flexibly adjusting route networks led to a quarterly profit contribution increase of approximately 50% compared to Q1. The growth rate of the dry bulk segment also accelerated significantly in Q2, reaching a multi-year high for the period. Analysis indicates this "major boom" in shipping is driven by multiple converging factors. Frequent geopolitical conflicts in the first half reduced effective market capacity, while the global fleet faces supply-side bottlenecks characterized by "slow additions, accelerated scrapping, and lower efficiency," continuously reinforcing a tight supply-demand balance that supports freight rates. On the demand side, strong foreign trade data persisted. Companies' efforts to avoid high peak-season freight rates or concerns over supply disruptions intensified demand for stockpiling and inventory replenishment. This dual-driven demand has remained robust, collectively elevating industry sentiment. For instance, in the international dry bulk market, the BDI index steadily recovered due to ongoing supply-demand improvements. The tanker shipping market entered a super-cycle, with spot rates on some routes hitting record highs. This trend instills strong confidence for the industry's development in the second half of the year. "The company anticipates a high probability that the global tanker super-cycle will continue to improve and that dry bulk market conditions will keep strengthening. Barring unforeseen circumstances, performance is expected to reach new peaks," stated China Merchants Shipping, adding that it will strive to fully capitalize on this industry upswing and continuously unlock growth potential.

Port Sector: Robust Throughput Growth and Steady Operations

Simultaneously, port hubs have demonstrated strong growth resilience. In the first five months of 2026, China's total goods trade import and export value increased by 15.3% year-on-year, with exports rising 11.8% and imports surging 20.5%. This robust import and export order flow has continuously supplied cargo to coastal hub ports, positively impacting the operations of several Shanghai-listed port companies. Shanghai International Port (Group) Co., Ltd. (hereinafter referred to as "SIPG") released its June operational data on July 7. For the first half of 2026, the company is expected to have handled a cumulative container throughput of 28.737 million TEUs at its home port, a year-on-year increase of 6.2%, and a cumulative cargo throughput of 304.780 million tons, up 2.7% year-on-year. As the world's largest container port, SIPG set multiple operational records in the first half of this year. On June 9, Shanghai Port's daily container throughput reached 187,312 TEUs, breaking the previous record of 174,338 TEUs set on October 30, 2025. Its single-shift container handling volume reached 68,088 TEUs, surpassing the previous record of 64,423 TEUs set on November 4, 2023. By setting new historical highs in container throughput across multiple dimensions and levels, SIPG continues to lead the development of global container ports with its first-class operational capabilities. Ningbo Zhoushan Port Co., Ltd. (hereinafter referred to as "Ningbo Port") and Guangzhou Port Co., Ltd. (hereinafter referred to as "Guangzhou Port") have also achieved steady growth in their core business metrics. The latest operational data from Ningbo Port shows an expected cumulative container throughput of 27.691 million TEUs for the first half, an 8.7% year-on-year increase. Guangzhou Port is expected to have handled a container throughput of 13.891 million TEUs from January to June 2026, up 3.6% year-on-year.

Underlying Data Reflects Ports' Vital Role

The underlying detailed data also highlights the port industry's sensitivity to foreign trade fluctuations and its crucial role in supporting cargo flow. Guangzhou Port noted that in the first half, for bulk and general cargo, it achieved strong marketing results for foreign trade grain, with cumulative discharge volume increasing by 2.479 million tons year-on-year, a 34.5% rise. The company also seized opportunities in the new energy vehicle export market, with cumulative commercial vehicle exports exceeding 400,000 units in the first half. Ningbo Port continued to expand its service network in the first half, increasing its international container routes to 260, a net addition of 3 since the start of the year. Its total route count reached 311, connecting over 700 ports in more than 200 countries and regions worldwide, providing crucial support for the efficient flow of goods from the Yangtze River Delta manufacturing cluster and along the Yangtze River.

Strategic Focus on Green and Smart Ports

More critically, leading companies are heavily investing in green and intelligent port initiatives to secure a competitive edge for the future. In the first half of 2026, Ningbo Port accelerated the construction of its smart green port, achieving full coverage of its self-developed Terminal Operating System (TOS) across its container terminals, ensuring complete operational autonomy and control. Guangzhou Port stated that on May 15, 2026, the national major project—Phase V of the Nansha Port Area of Guangzhou Port—officially commenced full-scale construction. The project is designed with an annual container handling capacity of 6.7 million TEUs. Upon completion, the Nansha Port Area's total container throughput capacity will reach 35 million TEUs, ranking among the top single-port areas globally. This will further enhance the international shipping hub capacity of the Greater Bay Area and support the development of a world-class port cluster in the region.

Outlook and Summary

In summary, the port and shipping industry in the first half of 2026 not only achieved a concentrated surge in performance catalyzed by external factors but also persistently strengthened its "internal capabilities"—enhancing operational efficiency and innovation—amidst complex conditions. Looking ahead to the second half of the year, with the dual support of supply constraints and intelligent transformation, the overall sentiment in the port and shipping industry is expected to remain elevated. The sector's value, characterized by both defensive qualities and growth potential, is becoming increasingly prominent.