Zim’s confidence in raising its forecast for record results this year is based on doubling contracted freight rates for its core transpacific services, expanding its volumes and an expectation that demand will grow as Chinese lockdowns end.

After reporting record net income of $1.7bn for the first quarter and lifting its Ebitda forecast for 2022 from $7.8bn to $8.2bn, Zim chief financial officer Xavier Destriau said the container line expects volume growth of 5% this year, despite the market contracting by 2% in the first three months.