ZIM Integrated Shipping (ZIM) announced that it would expand its fleet of liquefied natural gas (LNG) dual-fuel container vessels "to address an unmet need in profitable routes."

The global container liner shipping company made the announcement as it disclosed a quarterly net income of US$590 million - reversing a loss of US11.9 million during the same period in 2020. It also registered an adjusted EBITDA of US$821 million for the first quarter which was 744% from the year-ago level.

"This is truly a momentous time in ZIM's 75-year history. Following our successful IPO to become the first global container liner to list in the U.S., we are proud of our demonstrated accomplishments based on seamless execution aligned with our stated objectives," said Eli Glickman, ZIM President & CEO, as he noted that the quarter's net profit, EBITDA and cash flow were the "highest ever."

He also cited noted how the liner "significantly strengthened" its position in key routes to meet growing demand.

"We significantly strengthened our position in the growing and strategic Pacific and Intra Asia trades, with our long-term chartering agreement for large LNG dual-fuel container vessels and the launch of new services to address an unmet need in profitable routes to generate superior growth," Glickman added. 

ZIM said in its financial disclosure that in February 2021, it entered a strategic agreement for the long-term charter of ten 15,000 TEU LNG dual-fuel container vessels to serve ZIM's Asia - US East Coast trade.

ZIM carried 818 thousand TEUs in the first quarter of 2021, a year-over-year increase of 28%.

It said the average freight rate per TEU in the first quarter of 2021 was $1,925, a year-over-year increase of 76%