JPM sees further upside for container shippers as bottlenecks keep supply tight

Hapag-Lloyd AG

14/08/2026 09:34

** J.P. Morgan says outlook for global container shipping and ports has become more positive, pointing to upgraded guidance from Maersk MAERSKb.CO and Hapag-Lloyd HLAG.DE and persistent port and inland bottlenecks
** The broker says the market is underestimating effective supply tightness, with congestion, trade imbalances and underinvested infrastructure limiting available capacity even as more vessels enter service
** "The sector is set for a firmer-for-longer rate regime," JPM says, adding pricing power, operational agility and cost discipline should become increasingly important into the Transpacific peak season
** It views recent moves by carriers to return some services to the Red Sea as tactical rather than evidence of a broad normalization, saying a full risk-free return is unlikely before 2027
** "Port congestion is now the main bottleneck, with Shanghai, Singapore, and key European hubs all reporting multi-day vessel queues and yard utilization above 85%," the broker says
** JPM continues to rate both Maersk and Hapag-Lloyd "underweight" despite the more constructive industry backdrop
** Maersk shares rise 5.4% to their highest since August 2022 and Hapag-Lloyd gains 1.3% and is up 10.2% YTD, while European blue-chip index STOXX 600 .STOXX falls 0.2%

 (Reporting by Jesus Calero)
 ((jesus.calero@thomsonreueters.com))