RCL profit jumps 64.7% as rates climb and 12-ship order lands

Regional Container Lines (RCL) posted a 64.7% jump in third-quarter net profit to THB 3.26 billion (US$~100 million), as average freight rates climbed 13% to US$624 per TEU even while liftings fell 4.1%.

The Thailand-based carrier's quarterly result, for the three months ended 30 September 2026, compares with THB 1.98 billion in the second quarter. Freight income rose THB 1.05 billion, or 10.4%, quarter on quarter. Costs moved the other way: freight and operating expenses fell 2.4%, widening the margin gap.

The rate story matters more than the volume story here. RCL's average freight rate rose from US$552 per TEU in Q2 to US$624 per TEU in Q3. The carrier attributed the strength to congestion at major ports and the ongoing conflict in the Middle East — the same frictions that cut its box counts.

Why did volumes fall while profits rose?

Congestion at ports in Asia and Europe extended vessel waiting times and voyage durations. Ships completed fewer round voyages, so total containers transported dropped. RCL also flagged Middle East conflict disruption and container shortages across global shipping networks.

Management responded by rerouting vessels away from conflict areas and shifting capacity toward trade lanes with stronger demand to hold fleet utilisation steady. That discipline, plus rising rates, more than covered the volume shortfall.

For the first nine months of 2026, RCL reported net profit of THB 6.91 billion, up 8.6% from THB 6.36 billion a year earlier. Freight income gained 7.5%, with average rates up from US$420 to US$520 per TEU. Liftings, though, slid 232,000 TEU, or 11.7%, against the first nine months of 2025.

What is RCL buying with 12 new vessels?

Alongside the results, RCL confirmed orders for 12 containerships placed during Q3 2026:

• four vessels of 1,900 TEU each
• six vessels of 3,100 TEU
• two ships of 9,200 TEU

Together they add 44,600 TEU of nominal capacity. Deliveries start in 2028, aimed at network expansion and stronger service capability. RCL did not disclose the shipyards involved or the total order value in its financial statement.

The fleet build continues in parallel. RCL is still taking delivery of vessels from its existing 4,488 TEU newbuilding programme. In September it held a naming ceremony in Guangzhou for Anitta Bhum, Benyapar Bhum and Chantisa Bhum. Anitta Bhum, delivered in September, has been assigned to RCL's East Asia–Latin America network.

Shareholders get a cut too: RCL declared an interim dividend of THB 0.50 per share, payable 4 December 2026.

The quarter reads as a classic capacity-squeeze playbook — port congestion and conflict risk lifting rates faster than they cut volumes. With 44,600 TEU of tonnage arriving from 2028 and congestion showing little sign of clearing, RCL is betting that today's elevated rates fund tomorrow's network.