First Quarter 2024 Highlights

Net income for the first quarter was $92 million (compared to a net loss of $58 million in the first quarter of 2023), or a diluted earnings per share of $0.753 (compared to diluted loss per share of $0.50 in the first quarter of 2023).

Adjusted EBITDA1 for the first quarter was $427 million, a year-over-year increase of 14%.

Operating income (EBIT) for the first quarter was $167 million, compared to operating loss of $14 million in the first quarter of 2023. Reconciliation items between operating income and Adjusted EBIT in the first quarter of each year were negligible.

Revenues for the first quarter were $1.56 billion, a year-over-year increase of 14%.

Carried volume in the first quarter was 846 thousand TEUs, a year-over-year increase of 10%.

Average freight rate per TEU in the first quarter was $1,452, a year-over-year increase of 4%.

Net debt1 of $3.11 billion as of March 31, 2024, compared to $2.31 billion as of December 31, 2023; net leverage ratio1 of 2.8x at March 31, 2024, compared to 2.2x as of December 31, 2023