Nasdaq-listed Zim posted an adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the third quarter was US$2.08 billion, compared with $262 million in 2020, on the back of $3.14 billion in revenue, following $1.01 billion last year.

It carried 884,000 TEU during the period, at an average rate per TEU of $3,226, a year-on-year increase of 174 per cent on last year's $1,176 per TEU.

"We are trying to solve a complex equation, as we are entering new trades and will require new vessels and, at the same time, the charter market is in a very tense situation," said Zim CFO Xavier Destriau.

"That is one of the reasons why we started to buy second-hand tonnage because the tension on the supply side remains there and we needed to ensure we had access to tonnage. But we also had other tonnage come up for renewal over the past quarters, and we completed that successfully," said Mr Destriau.

"Next year we have 25 vessels coming off charter, about two a month. This is perfectly manageable, and it also worth noting that most of the vessels coming off charter are smaller sizes," said Mr Destriau.

"What we then need to do is secure new tonnage that will act as a bridge until we start taking delivery of the ten 15,000-TEU vessels and fifteen 7,000-TEU vessels that are on long-term charter," said Mr Destriau.

"But it is hard to secure charters for less than 12 months, even though the market is beginning to stabilise and, in any case, we are happy to commit to charters lasting two-and-a-half to five years. In 2023, there will be another batch of [on-hire] vessels coming up for renewal." said Mr Destriau.