Hong Kong-based CK Hutchison Holdings increased first-half earnings from its ports business despite the loss of its Panama operations, while disruption in the Strait of Hormuz diverted cargo to Sohar in Oman, according to CK Hutchison Holdings’ 2026 interim results.
Ports and Related Services revenue rose 4% to HK$24.52bn ($3.13bn), while pre-IFRS 16 EBITDA increased 4% to HK$9.03bn ($1.15bn) and EBIT climbed 3% to HK$6.73bn ($858m). Container throughput fell 1% to 43.6m TEU from 44m TEU after Panama operations ceased in late February.
Excluding Panama, throughput grew 3%, led by Yantian, Shanghai and other Asian terminals. Hutchison Port Holdings Trust volumes rose 5% on higher outbound laden cargoes from Yantian to the US and European Union, while Chinese Mainland and Other Hong Kong volumes increased 6%.
The Middle East disruption had a slightly favourable net impact on the ports division. Quayside operations at its UAE ports were halted, but additional ad-hoc transshipment volumes at Sohar more than offset the loss. Storage income rose 8%, mainly in Oman and Pakistan, as cargo dwell times lengthened.
Excluding Panama, underlying EBITDA and EBIT rose 10% and 9% in reported currency and 6% and 5% in local currencies. The division had 300 berths at end-June, five more than a year earlier, after four opened at Sokhna in Egypt and one at Laem Chabang in Thailand.
Capital expenditure increased to HK$1.86bn ($237m) from HK$1.12bn ($143m). Panama took administrative and operational control of the Balboa and Cristobal terminals on 23 February, forcing CK Hutchison subsidiary Panama Ports Company to cease operations. PPC had begun arbitration on 3 February and is seeking more than $2bn in damages.
The dispute has complicated CK Hutchison’s proposed sale, agreed in principle in March 2025, of 43 ports with 199 berths in 23 countries to a consortium comprising BlackRock, Global Infrastructure Partners and Terminal Investment Limited. The agreed enterprise value was $22.8bn.
CK Hutchison Holdings is a Cayman Islands-incorporated holding company with ports, retail, infrastructure and telecommunications businesses and interests in 53 ports in 24 countries. Its ports division comprises an 80% interest in Hutchison Ports and a 30.07% interest in Hutchison Port Holdings Trust.