Logistics firms see diverging Q2 earnings

According to MB Securities (MBS), Vietnam’s logistics sector is benefiting from the ongoing relocation of global supply chains to Asia, as well as front-loaded import demand ahead of new US tariff measures.

As a result, container throughput at Vietnam’s seaport system is expected to continue growing strongly in the second half of 2026.

Deepwater ports enjoy a significant competitive advantage thanks to their ability to accommodate mother vessels, modern infrastructure and competitive service charges, helping them to gain market share.

Vietnam’s port system is entering a new investment cycle focused on upgrading deepwater port clusters and improving operational efficiency at inland ports.

In the maritime shipping segment, MBS said the continued imbalance between global vessel supply and demand is creating better conditions for operators of small container ships serving intra-Asia and domestic routes.

This market segment enjoys relatively stable transport demand, enabling companies to maintain healthy profit margins even as international freight rates fluctuate.

One of the companies reporting solid business performance was Vicem Logistics JS. In the second quarter of 2026, the company’s consolidated revenue reached more than $3.2 million, up 13.6 per cent on-year, while after-tax profit rose 43 per cent to nearly $0.3 million.

The growth was driven by more efficient transport operations, higher fleet utilisation and improved cash flow management.

Better returns from depositing surplus cash in bank deposits amid relatively high deposit interest rates also boosted the company’s financial income.

For the first six months of the year, Vicem Logistics generated revenue of more than $5.9 million and after-tax profit exceeding $0.5 million, representing on-year increases of 13.4 per cent and 44 per cent, respectively.

For Gemadept Corporation, MBS forecast its Q2 net profit at around $44.7 million, up 164 per cent from a year earlier, driven by three main factors: an estimated 37 per cent increase in cargo throughput at Gemalink Port, a roughly 10 per cent rise in port service charges, and approximately $28 million income from a share-swap transaction with CJ Logistics.

Over the longer term, Gemadept is expected to benefit from the commissioning of Nam Dinh Vu Port’s third-phase and the accelerated development of Gemalink’s second and third phases.

MBS forecasts the company’s revenue at around $288.6 million in 2026 and more than $324 million in 2027, while net profit is projected to increase by 15.5 per cent and 23 per cent, respectively.

At Haiphong Port JSC, the company’s Q2 profit is projected to jump about 71 per cent, supported by rapidly improving operating efficiency at Lach Huyen Terminals 3 and 4.

During the first five months of the year, throughput at the two terminals reached approximately 232,500 TEUs, nearly 14 times higher than the same period last year.

In addition, the completion of maritime channel upgrades serving river ports is expected to improve operating efficiency at Dinh Vu Port and Tan Vu Port, while higher port service charges will provide additional earnings support.

According to MBS, Haiphong Port’s revenue could reach approximately $129.6 million in 2026 before rising to $143.3 million in 2027. Net profit is forecast at $49.6 million and $60.9 million, respectively.

By contrast, Hai An Transport and Stevedoring JSC is expected to report Q2 after-tax profit of around $12.9 million, down 11 per cent on-year as higher fuel costs weighed on margins from its self-operated shipping business.

However, the company’s earnings continued to receive support from an estimated 5 per cent increase in time-charter rates for its three vessels.

MBS believes 2026 will be a transition year before Hai An Transport and Stevedoring enters a stronger growth cycle in 2027, when additional vessels are delivered and the company benefits from the ongoing shortage of small container ships

The company’s revenue is projected to edge up about 1.8 per cent on-year to $207.2 million in 2026, before accelerating to $240.1 million in 2027 as its next growth cycle begins.

Meanwhile, Vietnam Container Shipping JSC is forecast to post a 35 per cent decline in its Q2 profit as intense competition pushes up selling and brokerage expenses, while financial costs increase due to business expansion.

Even so, MBS expects Vietnam Container Shipping’s earnings to recover during 2026-2027, supported by improved port operating efficiency following maritime channel upgrades, higher port service charges, expanded cooperation with Hai An Transport and Stevedoring, and stronger contributions from joint ventures and associated companies.

As Vietnam’s import and export activities expands and the operating capacity of its port system improves, leading logistics companies are expected to maintain favourable medium- and long-term earnings growth prospects, despite divergent short-term performance across the sector.

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