IN its third quarter 2021 results, Israeli shipping line Zim reported its highest-ever quarterly net income at US$1.46 billion.

The results prompted the company to adjust its 2021 guidance to between US$6.2 billion and US$6.4 billion of adjusted EBITDA and between US$5.4 billion to US$5.6 billion of adjusted EBIT.

Net income for the quarter came US$1.46 billion, compared with US$144 million in the third quarter of 2020, a year-over-year increase of 913%.

Adjusted EBITDA for the third quarter of 2021 was US$2.08 billion, compared with US$262 million in the third quarter of 2020, a year-over-year increase of 693%

Operating income (EBIT) for the third quarter of 2021 was US$1.86 billion, compared to US$189 million in the third quarter of 2020, a year-over-year increase of 884%.

Revenues for the third quarter of 2021 were US$3.14 billion, compared to US$1.01 billion in the third quarter of 2020, a year-over-year increase of 210%.

All these increases in income come on the back of increased freight rates. The company reported that its average freight rate per TEU in the third quarter of 2021 was US$3226, a year-over-year increase of 174%.

Zim president and CEO Eli Glickman said he was proud of the company’s accomplishments since its IPO earlier this year.

“The company’s continued outstanding performance is a direct result of our team’s strong execution and success proactively capitalising on both the highly attractive market and our differentiated approach,” Mr Glickman said.

“The exceptional results we generated in the third quarter, reflect our highest ever quarterly revenues, adjusted EBITDA, net profit and operating cash flow. Importantly, we have once again delivered industry-leading margins, outperforming the sector’s average.”

Mr Glickman noted that the company is raising its full-year 2021 guidance in a reflection of Zim’s strong outlook and “extremely” positive container liner fundamentals.

“As an innovative digital leader of seaborn transportation and logistics services, we are well positioned for the future,” he said.

“Going forward, our unrelenting focus remains on further executing our global-niche strategy to achieve superior long-term profitability, while maintaining significant fleet flexibility, promoting our ESG values as we provide a best-in-class customer experience and taking advantage of compelling growth opportunities.”