ZIM has posted a record net income for the first nine months of 2022, but TEU volumes decreased in the same period.

The company reported a net income of US$4.2 billion for the first nine months of 2022. The figure is up 43% year-on-year from US$2.9 billion in the same period of 2021.

However, net income for the third quarter of this year was down 20% from Q3 2021 to US$1.17 billion in Q3 2022.

Zim said it carried 2.5 million TEU in the first nine months of 2022, a 2.5% decrease from 2.6 million TEU in the same period last year.

And, it reported carrying 842,000 TEU in the third quarter of 2022, down from 884,000 TEU in the third quarter of 2021.

Operating income (EBIT) for the third quarter was US$1.54 billion, a year-on-year decrease of 17%.

Zim president and CEO Eli Glickman said the company generated strong results in the third quarter of 2022 despite volatile market conditions.

“Driven by macroeconomic and geopolitical uncertainties, the near-term outlook for container shipping has shifted and the normalisation in freight rates has begun,” he said.

“Based on our current market expectations, we now forecast 2022 adjusted EBITDA of between US$7.4 billion to US$7.7 billion and adjusted EBIT of between US$6 billion to US$6.3 billion and note that both will once again represent full-year records.”

Mr Glickman said Zim opened several new services over the past two years to improve port coverage.

“We have identified growth engines complementary to our container shipping activities, such as our car carrier activities and digital freight forwarding subsidiary,” he said.

“We have also secured competitive and cost effective newbuild capacity to support our commercial strategy and advance our and our customers’ ESG agenda.”