Over $2.2 billion in losses! The ship companies with the worst losses appeared

Similarly, the company's adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 89 percent year-on-year to $211 million, while EBITDA for the third quarter of 2022 reached $2.3 billion, compared with an operating profit of $1.5 billion in the same period last year.

In addition, Estar reported third-quarter revenue of $1.273 billion, down 61% year over year. In addition, the company's adjusted EBIT loss reached $213 million in the third quarter, compared with an adjusted EBIT of $1.5 billion in the third quarter of 2022. On the other hand, the company's case volume grew slightly, handling 867,000 TEUs in the third quarter of 2023. However, the average freight rate per TEU during the period was $1,139, down 66% year-on-year.

Eli Glickman, Estar's President and Chief Executive Officer, said: "Estar's third quarter results reflect the current operating environment, with demand remaining weak and rates continuing to deteriorate. In light of the negative outlook on near-term freight rates, Estar recorded a non-cash impairment loss of approximately $2.1 billion that negatively impacted ZIM's net income and revised our full-year guidance. Forecast 2023 adjusted EBITDA of $900 million to $1.1 billion and adjusted EBIT loss of $600 million to $400 million."

"We are currently in a transition period that is expected to last until 2024, during which time we should gradually see the benefits of the decisive actions we have taken to enhance ZIM's commercial and operational resilience," Glickman said. He went on to add, "We initiated a fleet renewal program that includes 46 new-build container ships, 28 of which are 'green' LNG vessels, which is expected to improve ZIM's cost structure and drive long-term profitable growth as these new vessels are delivered and older and less efficient vessels are phased out. Our cost per TEU is declining and we expect further cost reductions as we add new vessels to the fleet in 2023-2024, including a total of 28 dual-fuel LNG container ships."

Total revenue for the first nine months of 2023 was $3.957 billion, compared to $10.373 billion for the first nine months of 2022, primarily due to lower freight rates.

ZIM shipped 2.496 million TEUs in the first nine months of 2023, while it shipped 2.557 million TEUs in the first nine months of 2022. The average freight rate per TEU for the first nine months of 2023 was $1,235, compared to $3,600 for the first nine months of 2022.

Operating loss (EBIT) for the first nine months of 2023 was $2.457 billion, compared to operating income of $5.551 billion for the first nine months of 2022. The operating loss for the period includes a non-cash impairment loss of $2.063 billion recorded in the third quarter of 2023. The decrease in operating income for the first nine months of 2023 was primarily due to the impairment loss in the third quarter of 2023 and the decrease in income described above.

The net loss for the first nine months of 2023 was $2.541 billion, compared with a net profit of $4.212 billion for the first nine months of 2022.

Adjusted EBITDA for the first nine months of 2023 was $859 million, compared to $6,568 million for the first nine months of 2022. The adjusted EBIT loss for the first nine months of 2023 was $373 million, while the adjusted EBIT loss for the first nine months of 2022 was $5.561 billion. Adjusted EBIT and Adjusted EBIT for the first nine months of 2023 were 22% and -9%, respectively. That compares with 63% and 54% in the first nine months of 2022.

Net cash generated from operating activities for the first nine months of 2023 was $858 million, compared to $5,041 million for the first nine months of 2022.