Marine Monthly – May 2026: Orderbooks continue to increase

Research evidence excerpt

Marine Monthly – May 2026: Orderbooks continue to increase

Equity Research

19 May 2026

Marine Monthly – May 2026

Orderbooks continue to increase

Container spot rates slightly eased in April but recovering

in mid-May on delayed seasonal demand. Tanker rates down

c18% in April MoM on v high base. Orderbooks continue to European Transportation NEUTRAL

grow across products, container orderbook at 37% on strong European Capital Goods

April new bookings (36% last month) and tanker orderbook at NEUTRAL

22%. European Transportation

Marco Limite

+39 (0)2 6372 2582

RS reopening unlikely; low end of guidance remains conservative for shipping lines. marco.limite@barclays.com

Flagging Panama congestion increase post SoH closure. Middle East developments continue BBI, Milan

to dominate the near-term narrative, with high uncertainty around timing of a ceasefire and Helene Iselin

therefore timing for a possible gradual reopening of the Suez Canal. While Maersk has indicated +44 (0)20 7773 7391

that normalisation could be only "weeks away" (see Feedback from CFO breakfast post 1Q26), helene.iselin@barclays.com

Hapag-Lloyd management's message post 1Q26 was more more cautious , signalling low Barclays, UK

conviction on any near-term reopening. Our view aligns with the latter: ongoing Middle East Emilie Fung

tensions suggest disruption will persist in the near term, keeping routing and network set-ups +44 (0)20 3555 2335

largely unchanged, while supporting earnings outlooks for FY26 towards the upper end of emilie.fung@barclays.com

guidance ranges. Taking a broader look at the Strait of Hormuz disruption, we see transits Barclays, UK

remain limited at 9 vessels/day in May vs. 125 pre-conflict, according

European Capital Goods