New York-listed liner operator Zim expects earnings of more than $6bn this year after notching up another its highest ever quarterly profit.

The Israeli carrier has lifted adjusted Ebitda guidance for the full year to between $6.2bn and $6.4bn.

That is up from a forecast of around $5bn in August and is four times higher than the company expected at the start of the year.

The upgrade comes after Zim today reported a tenfold increase in profits to $1.46bn for the three months from July to September.

That is the highest quarterly profit in the 75-year history of the Haifa-based company.

Revenues trebled to $3.14bn in the quarter as freight rates surged.

Average freight rates rose 174% to $3,226 per teu.

That was accompanied by a more moderate increase in volumes which were 16% higher at 884,000 teu.

Zim chief executive Eli Glickman said the earnings left the company "well-positioned for the future".

Change in dividend policy

Shareholders of Zim will share in the fortunes of the liner operator which is "transitioning" to paying quarterly dividends, Glickman said.

The company expects around 30-50% of total net income to be paid out in dividends next year.

"During a time when we have posted record quarterly results, we are pleased to further allocate capital to enhance our commercial prospects and unlock shareholder value," Glickman said.

Zim distributed a $2 per share special dividend in September and is paying a $2.5 per share interim dividend for the third quarter.

That represents approximately 20% of quarterly net income.

"Based on our expectation to distribute 30-50% of 2021 net income, we are poised to return significant capital to shareholders in 2022," said Glickman.

Adjusted Ebitda for the third quarter was $2.08bn, compared to $262m in the third quarter of 2020.

Operating income (Ebit) was $1.86bn, compared to $189m in the third quarter of 2020.

Zim confirmed the purchase of eight secondhand vessels built between 2007-2010 in a number of separate transactions.

The five 4,250-teu, one 2,553-teu vessel and two 1,100-teu vessels were acquired for $355m, the company said.

"Our unrelenting focus remains on further executing our global-niche strategy to achieve superior long-term profitability while maintaining significant fleet flexibility," Glickman said.