And six, highlights. Thank again, everyone. operational present financial key and we Eli. you, On slide welcome,
results and higher freight our strong quarter with approach, reflect execution of third rates. the combined benefits Our continued differentiated
in XXXX. $X,XXX compared third our TEU to Specifically, of of was per the rate third X% the quarter average freight quarter higher
the During months than the rate XXXX nine period. nine months of first year, freight our was the in XX% higher
X%, the last Lower the to Our compared congestion normalized the same during continued volumes in level quarter from as resulted third declined period year. as carried a quarter of consumer third well demand. more volume primarily
volume market and softer compared the approximately in the a basis Over congestion. months months to continued down X.X% be decline will demand nine in the was full-year in our We is down to X%, XXXX, that nine carried volume XXXX to as period, compared of slightly XXXX. our and anticipate carried first due on now
cash totaled $X.X billion quarter compared flow in of in the free Our quarter to the billion, $X.X XXXX. third third
as compared conversion of rate conversion Our QX last to cash at XX%. in rate strong year's a cash XX%,
now sheet. our Total Turning debt prior by million increased X.X year-end. to since balance
long-term higher quarters, of vessel increased well recent duration, by rate. charter the as number in As mainly was charter this fixtures, driven daily as
this our renewal $XXX XXXX and newbuild report XXX our August and of Updating of vessels the The of XXXX investments remaining delivery capacity scheduled bridging total delivery XXXX. In XXXX. the period. have for of were a capacity our of means in currently increased out by chartered months top and duration operating upcoming charter on XX.X nine This current vessels renewal now recently vessels first vessels number current expected fleet, million. the newbuild compared during to with which from in XXXX, cash XX for set to XX up up our XX of time XX.X throughout at XX liners. for our is months renewal, bank we XXXX, changed chartered vessels, our average last the are vessels months, XX from operate hasn't The of and deposits down
Moving X. on to Slide
the results time up is QX can You And XX.\ result our results. the downwards proactive see over yield at third X% to turning at X, billion, profitable our compared net XXXX. same continued Slide last trended a strong leverage our time three quarter ratio months nine approach $X.X we zero has as as to of has and September and On performance, two-plus that and delivered as financial very was differentiated the Revenue to for years.
reflecting quarter EBITDA was compared carried normalized more in to for $X.X volumes $X.X average billion rate. Adjusted year, income quarter. was net billion, freight $X.X billion While comparable last compared the billion to and the $X.X
to transition While April quarter the higher Most due rates. EBITDA would lower were This for Coupled to higher compares agreement top, the bulk operating with XX% period had termination market ZIM our vessel in and the strong XX%, that dynamics LPSO same respectively, to [ph] third margins slot purchase XX% adjusted X. last costs, for note EBIT of in EBITDA slot own margins margin. to is the costs XM and year. also from have and as driven of on our I higher XX% were to continues like by of we generate following adjusted EBIT. resulting capacity the shifted, the
during Slide in last XXX,XXX year. third XXX,XXX We carried X. TEUs same Turning period compared the to to quarter TEUs the
provide growth you the congestion on volume As in caused effects offset from illustrated market particular, growing in by the by Cross-Suez. in focus America Coast will lower a transpacific us and Intra-Asia, believe in to is slide, do presence demand continued with increasing see was ports resilience we softening partially East can this trade conditions significant us, Intra-Asia, as key normalize. and Latin and for
position bridge. bank our cash cash flow includes We cash equivalents ended and in which XXXX with a and investments instruments. QX deposits Next the other investments total of $X.X also billion, represents and cash
and liabilities into items flow billion included $X.X cash distribution operations. first $XXX $X.X the adjusted $X debt the Other of service mostly billion of of cash lease CapEx, billion converted of our year, million nine dividend $X.X During EBITDA flow from net of billion. months
Moving to our guidance.
already adjusted billion EBITDA year previous midpoint expect $X.X than accelerating, the $X.X with we the XXXX range. lower normalization pace mentioned, EBIT is our between have As to to based EBIT our an We That billion generate $X.X and revised now of X% from forecast. adjusted on full $X million. perspective approximately of guidance between million to XXXX the in
for in decline discussed, as Our freight adjusted slightly underlying in guidance Again, spot demand rates. assumptions steeper rates XXXX. our be a now than carried reflects volume contract XXXX addition expect our to to revised we and lower softer
impact figure it a full that reflect slightly of more high highlighting side, this positive. environment, rate given said, still number record favorable though cost the the is that With year limited the worth we renew. assume do charter charter On marginal
our lower light to macroeconomic for on demand environment. supply/demand XXXX shown growth and the market reflects the forecast here Turning in assumptions environment. of worsening balance XXXX The view
coming XX%, for are The TEUs the a greater demand of effective market freight and the growth stable weaker demand, is supply the to business risk of expected which oversupply order and container environment Yes, various impact in than X.X in delivery X.X delivery. more book be at combination The for years XXXX previously scheduled dynamics million and considerably supply challenging will fleet TEUs a environment create to scheduled projected. discuss may quarters. another shipping. why following approximately creates ratio With million for growth business risk falling versus of current I
cooling off Next supply the [ph], chartering more normalized is the conditions. mirror of with the market market. The returning in to charter image decline also of indeed is freight rate
has rates charter here, dropped charters options coming although duration increased. term see gradually type The also to secure can significantly back. shorter you are fleet for idle slightly have As supply and
XX. industry the are our possible XXXX is older In and deployed efficiency. on we well indicated XXXX, growth delivery in demand the we greater being decarbonization and the note, As may the suggesting former supply Liner effective regulation, XXXX supply have growth only than will that result retire steaming as are offset order are [indiscernible] in and the want terminal of as as here slide will lower signs to offsetting they detailed is carriers in facing be capacity. factors this book which currently limited and have for XXXX that in in liners may January in weeks, also that top from costs. the open newbuild time lesser in to made deliveries the going view call both expected scrapping postpone weaker various capacity are seen recent higher Slippage the implied ZIM we IMO smaller adaptive port due on will On past, and to to to approximately which facing effect tariff be lacking shipyard slow of and expected by resulting questions. growth. also support next the IMO XXXX, latter capacity partially may vessels, infrastructure the of resulting continue year. supply XX% also demand, as to XX% congestion, agenda