T.S. Lines (HKG:2510) expects to record a profit attributable to shareholders of at least $270 million for the 10 months ended Oct. 31, marking a 3,700% increase from $7.1 million a year ago.

The container shipping company attributed the upbeat forecast to higher freight rates and larger shipping volumes driven by increased capacity, according to a Thursday disclosure.

As a result, TS Lines is anticipating a "significant increase" in its 2024 attributable profit. It recorded a profit of $20.7 million in 2023.

The stock was up nearly 5% in Friday's afternoon trade.