Matson Inc (MATX) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Matson second-quarter 2024 financial results conference call. (Operators instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加美森 2024 年第二季財務業績電話會議。（操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Justin Schoenberg, please go ahead.

現在我想把會議交給今天的第一位發言者賈斯汀·勳伯格，請繼續。

Thank you, Karin. Joining me on the call today are Matt Cox, Chairman and Chief Executive Officer; and Joel Wine, Executive Vice President and Chief Financial Officer. Slides from this presentation are available for download at our website, www.maston.com under the Investors tab.

謝謝你，卡琳。今天與我一起參加電話會議的還有董事長兼執行長 Matt Cox；執行副總裁兼財務長 Joel Wine。本簡報的投影片可在我們的網站 www.maston.com 的「投資者」標籤下下載。

Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements in the meanings of the federal securities laws regarding expectations, predictions, projections, future events. We believe that our expectation and assumptions are reasonable. We caution you to consider the risk factors that could cause actual results to differ materially from those in the forward-looking statements in the press release, the presentation slides, and this call.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將根據聯邦證券法的含義就預期、預測、預期、未來事件做出前瞻性陳述。我們相信我們的期望和假設是合理的。我們提醒您考慮可能導致實際結果與新聞稿、簡報投影片和本次電話會議中的前瞻性陳述有重大差異的風險因素。

These risk factors are described in our press release and presentation are more fully detailed under the caption Risk Factors pages 13 and 25 of our Form 10-K filed on February 23, 2024, and in our subsequent filings with the SEC. Please also note that the date of this conference call is August 1, 2024. Any forward-looking statements that we make today are based on assumptions as of this date. We undertake no obligation to update these forward looking statements.

這些風險因素在我們於 2024 年 2 月 23 日提交的 10-K 表格第 13 和 25 頁的風險因素標題以及我們隨後向 SEC 提交的文件中的新聞稿和簡報中進行了更詳細的描述。另請注意，本次電話會議的日期為 2024 年 8 月 1 日。我們今天所做的任何前瞻性陳述均基於截至目前的假設。我們不承擔更新這些前瞻性陳述的義務。

I will now turn the call over to Matt.

我現在將把電話轉給馬特。

Okay, Justin, thanks. Thanks to those on the call.

好的，賈斯汀，謝謝。感謝那些來電的人。

Starting on Slide 3. Matson's Ocean Transportation and Logistics business segment performed well, higher year-over-year operating income in the second quarter. In Ocean Transportation, operating income increased year-over-year. Our China service saw significantly higher year-over-year fee rates and was the primary driver of consolidated operating income.

從投影片 3 開始。美森的遠洋運輸和物流業務部門表現良好，第二季營業收入較去年同期成長。遠洋運輸業務營業收入較去年同期成長。我們的中國服務費率較去年同期顯著提高，是綜合營業收入的主要驅動力。

We had higher year-over-year volumes in Alaska, primarily due to two additional sailings. Hawaii and Guam saw lower year-over-year volume. In Logistics, operating income [peaked]year-over-year on the strength of supply chain management. As a result of our performance in the second quarter and the expected strength of our China service in the back half of the year, we're raising our outlook in '24. Joel will go into more detail on our updated outlook later in the presentation.

我們在阿拉斯加的貨運量比去年同期有所增加，這主要是由於增加了兩次航行。夏威夷和關島的銷量較去年同期下降。在物流領域，憑藉供應鏈管理的力量，營業收入較去年同期達到高峰。鑑於我們第二季的業績以及下半年中國服務的預期實力，我們上調了 24 年的展望。喬爾將在稍後的演示中更詳細地介紹我們更新的前景。

I'll now go through the second quarter performance of our trade lanes, SSAT, and logistics. So please turn to the next slide. Container volume in our Hawaii service decreased 3.6% in the second quarter year-over-year. The decrease was primarily due to lower general demand. Tourist arrivals in the second quarter were lower primarily due to significantly lower (inaudible) traffic to Maui as the result of the wildfires last year.

現在我將介紹我們的貿易航線、SSAT 和物流的第二季表現。請翻到下一張投影片。第二季夏威夷航線的貨櫃吞吐量年減 3.6%。下降的主要原因是整體需求下降。第二季的遊客人數減少主要是因為去年的野火導致毛伊島的交通量大幅減少（聽不清楚）。

I will go through our full year outlook on the next slide. So please turn to slide 5. According to UHERO's second quarter 2024 economic report, the Hawaii economy is projected to grow modestly in 2024, supported by low unemployment rate and increasing construction activity. While we're encouraged by UHERO's longer-term forecast of some of the positive factors supporting that growth, our recent performance is reflective of a softer market. We expect volume in 2024 to be modestly lower than the level achieved last year, primarily due to continued challenges in population growth and lower discretionary income as a result of higher inflation and interest rates.

我將在下一張投影片上介紹我們的全年展望。請翻到投影片 5。根據 UHERO 2024 年第二季經濟報告，在低失業率和建築活動增加的支持下，夏威夷經濟預計將在 2024 年溫和成長。雖然 UHERO 對支持成長的一些積極因素的長期預測令我們感到鼓舞，但我們最近的表現反映了市場疲軟。我們預計 2024 年的交易量將略低於去年的水平，這主要是由於人口成長持續面臨挑戰以及通貨膨脹和利率上升導致可支配收入下降。

Moving on to our China service on slide 6. Matson's volume in the second quarter of 2024 was 3% higher year-over-year as we continue to see a high level of demand from the e-commerce and garments customers. We achieved average freight rates that were significantly higher year-over-year.

繼續幻燈片 6 上我們的中國服務。由於我們持續看到電子商務和服裝客戶的高需求，Matson 2024 年第二季的銷售量較去年同期成長 3%。我們的平均運費較去年同期顯著提高。

Please turn to slide 7. Supportive economic and consumer demand environment in the US, coupled with tighter supply chain led to elevated freight rates during the quarter. The supply and demand dynamics we experienced in the second quarter were not consistent normalized operating environment, we outperform from a freight rating perspective. We expect our China service to continue to see elevated freight rates during the traditional peak season in the third and early fourth quarters.

請翻到幻燈片 7。美國有利的經濟和消費者需求環境，加上供應鏈收緊，導致本季運費上漲。我們在第二季經歷的供需動態與正常化的營運環境不一致，從貨運評級的角度來看，我們表現優於大盤。我們預計，在第三季和第四季初的傳統旺季期間，我們的中國航線運價將繼續上漲。

While we feel good about rate levels during the traditional peak season rate, trajectory after the peak season is uncertain given several factors, including the strength US economy and interest rates, transpacific supply, the Red Sea situation and its related supply chain effects, the East Coast labor union negotiation, and the US elections. Nonetheless, we expect freight rates to remain elevated as long as the underlying economic supply chain and geopolitical conditions persist.

雖然我們對傳統旺季期間的費率水準感到滿意，但考慮到美國經濟和利率的強勁、跨太平洋供應、紅海局勢及其相關供應鏈影響、東部地區等因素，旺季後的走勢尚不確定。工會談判和美國大選。儘管如此，我們預計只要潛在的經濟供應鏈和地緣政治條件持續存在，運費就會維持在高位。

At some point, we expect rates to normalize, timing of which will likely depend on the duration and the degree to which these factors influence supply and demand dynamics in trade lane. Regardless of the environment, we expect the ongoing shift from air freight to expedited ocean and the continued growth of e-commerce goods to drive long-term demand for our China service. I'm confident in our positioning with the two fastest and most reliable expedited ocean services in the transpacific trade lane and our unmatched destination services.

在某個時候，我們預期利率會正常化，其時間可能取決於這些因素影響貿易通道供需動態的持續時間和程度。無論環境如何，我們預計從空運到加急海運的持續轉變以及電子商務商品的持續成長將推動對我們中國服務的長期需求。我對我們在跨太平洋貿易航線上兩條最快、最可靠的加急海運服務以及無與倫比的目的地服務的定位充滿信心。

Please turn to the next slide. In Guam, Matson container volume in the second quarter of 2024 decreased 6.1% year-over-year due to one less sailing compared to last year. In the near term, we expect continued improvement in the (inaudible) economy underpinned by low unemployment rate. For 2024, we expect container volume approach to the level achieved last year.

請翻到下一張投影片。在關島，由於班次比去年減少一趟，美森 2024 年第二季貨櫃吞吐量年減 6.1%。短期內，我們預期在低失業率的支撐下，（聽不清楚）經濟將持續改善。到 2024 年，我們預計貨櫃吞吐量將接近去年的水平。

Please turn to the next slide. In Alaska, Matson's container volume for the second quarter of 2024 increased 4.9% year-over-year due to two additional northbound sailings compared to last year. In the near term, we expect [continued] economic growth in Alaska, supported by a low unemployment rate, job growth, and lower levels of inflation. For 2024, we expect Alaska volume to approximate the level achieved last year.

請翻到下一張投影片。在阿拉斯加，由於與去年相比增加了兩趟北行航線，美森 2024 年第二季的貨櫃吞吐量年增 4.9%。短期內，我們預期在低失業率、就業成長和較低通膨水準的支持下，阿拉斯加的經濟將持續成長。2024 年，我們預計阿拉斯加的產量將接近去年的水平。

Please turn to slide 10. Our terminal joint venture, SSAT, $2.6 million year-over-year to $1.2 million. The higher contribution was primarily due to higher lift volumes. Although container volumes on the US West Coast systems have been particularly strong in the first half of the year, volume across SSAT terminals has not been as strong. In 2024, we expect the contribution from SSAT to be modestly higher than 2023 due to an expected increase in lift volumes.

請翻到投影片 10。我們的碼頭合資企業 SSAT，年增 260 萬美元至 120 萬美元。較高的貢獻主要是由於較高的升力量。儘管今年上半年美國西岸系統的貨櫃吞吐量特別強勁，但 SSAT 碼頭的貨櫃吞吐量卻沒有那麼強勁。由於電梯量預計會增加，我們預計 2024 年 SSAT 的貢獻將略高於 2023 年。

Turning now to Logistics on slide 11. Operating income in the second quarter came in at $15.6 million or approximately $1.3 million higher than the result in the year ago period. The increase was primarily due to a higher contribution from supply chain management. Our supply chain management service includes purchase order management, origin operation, and destination services and allows us to provide a comprehensive solution from factory floor to destinations across the (inaudible). For the third and fourth quarters of 2024, we expect operating income to approximate the level achieved last year.

現在轉向幻燈片 11 上的物流。第二季營業收入為 1,560 萬美元，比去年同期增加約 130 萬美元。這一增長主要是由於供應鏈管理的貢獻增加。我們的供應鏈管理服務包括採購訂單管理、起始地營運和目的地服務，使我們能夠提供從工廠車間到目的地的全面解決方案（聽不清楚）。對於2024年第三和第四季度，我們預計營業收入將接近去年的水平。

And with that, I will now turn the call over to Joel for a review of our financial performance.

現在，我將把電話轉給喬爾，要求他審查我們的財務表現。

Okay. Thanks, Matt. Please turn to slide 12 for a review of our second quarter results. For the second quarter, our consolidated operating income increased $27.9 million year-over-year to $124.6 million, higher contributions from Ocean Transportation and Logistics, $26.6 million and $1.3 million respectively. The increase in Ocean Transportation Operating income in the second quarter was primarily due to significantly higher freight rates in China, partially offset by higher vessel operating costs, including fuel related expenses and higher SG&A costs.

好的。謝謝，馬特。請翻至投影片 12，回顧我們第二季的業績。第二季度，我們的綜合營業收入年增 2,790 萬美元，達到 1.246 億美元，其中海運和物流的貢獻增加，分別為 2,660 萬美元和 130 萬美元。第二季遠洋運輸營業收入的成長主要是由於中國運費大幅上漲，但部分被船舶營運成本上升所抵消，包括燃油相關費用和銷售管理費用上升。

The increase in Logistics operating income was primarily due to higher contribution from supply chain management. In the quarter, we had interest income of $18.8 million, which includes $10.2 million of interest income earned on our 2021 federal income tax refund.

物流營業收入的增加主要是因為供應鏈管理的貢獻增加。本季度，我們的利息收入為 1,880 萬美元，其中包括 2021 年聯邦所得稅退稅賺取的 1,020 萬美元利息收入。

The Interest expense in the quarter decreased $0.8 million year-over-year due to the decline in outstanding debt in the past year. Income increased 40.1% year-over-year. Diluted earnings per share increased 46.5% year-over-year. The difference between the two due to a $4.2 million percent decrease in the diluted weighted average shares outstanding.

由於去年未償債務減少，本季利息支出較去年同期減少 80 萬美元。營收年增40.1%。稀釋每股收益較去年同期成長46.5%。兩者之間的差異是由於稀釋後加權平均流通股減少了 420 萬美元。

Please turn to slide 13. This slide shows how we allocated our trailing 12 months of cash flow generation. For the LTM period, generated cash flow from operations of approximately $608.5 million from which we used $41.7 million to retire debt, $206.9 million on maintenance and other CapEx, $40.3 million on new vessel CapEx, including capitalized interest and owners' items, $24.6 million in cash deposits and interest income in the CTF net of withdrawals for milestone payments, $12.8 million on other cashbook outflows while returning approximately $237.5 million to shareholders via dividends and share repurchase.

請翻到投影片 13。這張投影片展示了我們如何分配過去 12 個月的現金流產生。在LTM 期間，營運產生的現金流約為6.085 億美元，其中4,170 萬美元用於償還債務，2.069 億美元用於維護和其他資本支出，4,030 萬美元用於新船資本支出，包括資本化利息和所有者項目，2,460 萬美元用於資本支出。億美元。

Please turn to slide 14 for a summary of our share repurchase program and balance sheet. During the second quarter, we repurchased approximately $0.6 million shares for a total cost of $72.2 million, including taxes. Year-to-date, we repurchased approximately $1 million shares for a total cost of $121.1 million, including taxes.

請參閱投影片 14，以了解我們的股票回購計畫和資產負債表的摘要。第二季度，我們回購了約 60 萬美元的股票，總成本為 7,220 萬美元（含稅）。今年迄今為止，我們回購了約 100 萬美元的股票，總成本為 1.211 億美元（含稅）。

Since we initiated our share repurchase program in August of 2021 through June of this year, we have repurchased approximately $10.6 million shares or 24.4% of our stock for a total cost of approximately $877 million. As we have said before, we are committed to returning excess capital to shareholders and plan to continue to do so in the absence of any large organic or inorganic growth investment opportunity.

自 2021 年 8 月啟動股票回購計畫以來，截至今年 6 月，我們已回購了約 1,060 萬美元的股票，即 24.4% 的股票，總成本約為 8.77 億美元。正如我們之前所說，我們致力於將多餘資本返還給股東，並計劃在沒有任何大型有機或無機成長投資機會的情況下繼續這樣做。

Turning to our debt levels, our total debt at the end of the second quarter was $420.7 million reduction of $9.8 million from the end of the first quarter. Two other items to note, on April 19, 2024, Matson's received a federal tax refund related to the company's 2021 federal tax return of $118.6 million, as well as $10.2 million in interest income earned on the tax refund. During the quarter, we also paid $35.8 million into the CCF related to a milestone payment on our new vessel program.

談到我們的債務水平，第二季末我們的總債務為 4.207 億美元，比第一季末減少 980 萬美元。另外兩個值得注意的事項是，2024 年 4 月 19 日，Matson's 收到了與該公司 2021 年聯邦納稅申報表相關的 1.186 億美元聯邦退稅，以及退稅中賺取的 1020 萬美元利息收入。本季度，我們也向 CCF 支付了 3,580 萬美元，與我們新船專案的里程碑付款有關。

With that, let me now turn to slide 15 and walk through our outlook for the third and fourth quarters of 2024 on the left-hand side of this page. We expect Ocean Transportation operating income in the third quarter 2024 to be meaningfully higher than the $118.2 million achieved last year. And the fourth quarter of 2024, we expect operating income to be moderately higher from the $66.4 million achieved in the fourth quarter of 2023.

現在，讓我轉到第 15 張投影片，並在本頁左側介紹我們對 2024 年第三季和第四季的展望。我們預計 2024 年第三季的海洋運輸營業收入將顯著高於去年實現的 1.182 億美元。我們預計 2024 年第四季的營業收入將較 2023 年第四季的 6,640 萬美元略有提高。

We expect our China service to continue to see elevated rates during the traditional peak season in the third and early fourth quarters. For our domestic trade lanes, we expect volumes to approach the levels in 2023, absent a significant change in the trajectory of the US economy. For Logistics, we expect operating income in both the third and fourth quarters of 2024 to approximate the levels achieved last year.

我們預計，在第三季和第四季初的傳統旺季期間，我們的中國服務價格將繼續上漲。對於我們的國內貿易航線，如果美國經濟軌跡沒有發生重大變化，我們預計交易量將接近 2023 年的水準。對於物流，我們預計 2024 年第三季和第四季的營業收入將接近去年的水平。

On the right hand, side of this slide, we expect the following outlook items for the full year. Depreciation and amortization to approximate $180 million, inclusive of $27 million for dry dock amortization. Interest income to be approximately $45 million, interest expense to be approximately $8 million. Other income to be approximately $7 million, an effective tax rate of approximately 22.0% and dry docking payments at approximately $35 million.

在這張投影片的右側，我們預計全年的前景如下。折舊和攤提約 1.8 億美元，其中包括 2,700 萬美元的乾船塢攤提。利息收入約 4,500 萬美元，利息支出約 800 萬美元。其他收入約為 700 萬美元，有效稅率約為 22.0%，幹塢付款約為 3,500 萬美元。

Moving to slide 16. The table on this slide shows the CapEx projection for 2024. Compared to what we previously provided our first quarter call in April, we increased our capital expenditure outlook for LNG installations and reengineering projects by $15 million to $85 million to $95 million because of higher parts and labor associated with LNG installation of Manukai. All other line items remain unchanged. Milestone payments for new vessel construction are expected to be paid from the capital construction fund, which already covers approximately 71% of the remaining obligations.

轉到投影片 16。本投影片上的表格顯示了 2024 年的資本支出預測。與我們先前在4 月提供的第一季電話會議報告相比，我們將液化天然氣安裝和再設計項目的資本支出預期上調了1500 萬美元至8500 萬美元至9500 萬美元，因為與Manukai 液化天然氣安裝相關的零件和勞動力增加。所有其他行項目保持不變。新船建造的里程碑付款預計將從基本建設基金中支付，該基金已覆蓋剩餘債務的約 71%。

I will now turn the call back over to Matt.

我現在將把電話轉回給馬特。

Okay. Thanks, Joel. In closing, Matson performed well in the first half of the year. For the remainder of the year, we expect higher year-over-year financial performance, driven largely by elevated freight rates and the China service. At some point, we expect supply and demand activity in transpacific trade lane to trend towards normalized [operations].

好的。謝謝，喬爾。總而言之，馬特森上半年表現出色。在今年剩餘時間裡，我們預計財務表現將年增，這主要是由於運費上漲和中國服務的推動。在某個時候，我們預計跨太平洋貿易航線的供需活動將趨於正常化[營運].

And while we acknowledge a number of factors in the China surface outlook remains uncertain, we remain confident in our ability to respond to changing market conditions to serve our customers at an extremely high level.

儘管我們承認中國表面前景的許多因素仍然不確定，但我們仍然對我們應對不斷變化的市場條件、為客戶提供極高水準服務的能力充滿信心。

And with that, I will turn the call back to the operator and ask for your questions.

然後，我會將電話轉回接線生並詢問您的問題。

Thank you. (Operators instructions)

謝謝。（操作人員須知）

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Thanks. Good quarter, guys. I've got a couple. Can I do three? Is that allowed?

謝謝。夥計們，好季度。我有一對。我可以做三個嗎？這是允許的嗎？

Sure, Ben.

當然，本。

Okay. I appreciate it. So first of all, it was breaking up a little bit, but Matt, did you say that SSAT, while there was a lot of volume moving through the West Coast SSAT did not have as much as some of the other ports, is that what you had said?

好的。我很感激。首先，它有點分裂，但是馬特，你是否說過 SSAT，雖然有大量的貨物通過西海岸 SSAT 運輸，但沒有像其他一些港口那麼多，這就是什麼嗎？

Yes, Ben, (multiple speakers)

是的，本，（多個發言者）

Can you maybe explain that a little bit?

你能解釋一下嗎？

Yes, sure. So we operate a portfolio of eight terminals along the US West Coast that is the SSAT joint venture does. And two of those are in LA Long Beach, two are in Oakland with the balance being in the Pacific Northwest, both our Tacoma operation and three terminals in Seattle area.

是的，當然。因此，我們與 SSAT 合資企業一樣，在美國西海岸運營著由 8 個碼頭組成的投資組合。其中兩個位於洛杉磯長灘，兩個位於奧克蘭，其餘位於太平洋西北地區，包括我們的塔科馬營運中心和西雅圖地區的三個碼頭。

And what we saw as the volumes increase generally in the transpacific, that cargo historically and in this case, the same generally fill up in Southern California first and then migrate North to Oakland and lastly go to the Pacific Northwest, and it's really in the Pacific Northwest is where most of that volume really did not appear and has not yet appeared. And so that was the explanation for why we didn't see the averages move up given the portfolio and the geographic location of those terminals.

我們看到，跨太平洋地區的貨運量普遍增加，從歷史上看，在這種情況下，貨物通常首先在南加州裝滿，然後向北遷移到奧克蘭，最後到達太平洋西北地區，而且實際上是在太平洋地區西北地區是該卷的大部分實際上沒有出現並且尚未出現的地方。這就是為什麼考慮到投資組合和這些終端的地理位置，我們沒有看到平均值上升的原因。

Okay. That's very helpful. Appreciate it. And then sort of on the same, in the same vein. It's been interesting to see what's happening on the freight side. And I thought you guys would probably be really well positioned to talk to. But we've seen a lot of freight coming into the ports, but the trucking market has not been great, the domestic logistics market has not been great.

好的。這非常有幫助。欣賞它。然後以同樣的方式，以同樣的方式。看看貨運方面發生的事情很有趣。我認為你們可能非常適合交談。但我們看到大量貨物進入港口，但貨運市場不大，國內物流市場也不是很大。

There's, I've talked to a lot of people who just don't know what's happening to all of this freight. It doesn't seem like it's building up in inventories. Can you maybe talk through what you're seeing, what the type of freight that's moving is? Where is it going? Anything that can maybe help demystify this a little bit?

我和很多人交談過，他們只是不知道所有這些貨物發生了什麼。庫存似乎並沒有增加。您能否談談您所看到的情況以及正在運送的貨物類型？它要去哪裡？有什麼可以幫助揭開這一點的神秘面紗嗎？

Yes. I'll try. It's a complicated question, Ben. But I think what we're seeing, let me first comment on the market more generally before we go to Matson specific customer sets and dynamics, which we think are a little bit different. But I agree with you that it's interesting to see how the international freight markets are performing much better than the US domestic markets and trade.

是的。我會盡力。這是一個複雜的問題，本。但我認為我們所看到的，在我們討論美森特定的客戶群和動態之前，讓我先對市場進行更廣泛的評論，我們認為這有點不同。但我同意你的觀點，看到國際貨運市場的表現比美國國內市場和貿易好得多是很有趣的。

What we're hearing from customers have probably been some of the same things you're hearing, and you mentioned it in your question, which is, there don't appear to be surplus inventories and our customers are continuing to take very close or pay very close attention to their inventory levels. And so we're not seeing other than seasonal getting ready for peak season changes in inventory levels. So that remains pretty steady.

我們從客戶那裡聽到的情況可能與您所聽到的情況相同，您在問題中也提到了這一點，即似乎沒有多餘的庫存，我們的客戶正在繼續非常接近或密切關注他們的庫存水平。因此，除了季節性因素之外，我們沒有看到庫存水準為旺季變化做好準備。所以這仍然相當穩定。

I think the parts, if you look at the consumer, as we know, the consumer is hanging in there and consumer spend has held its own. And so broadly, we're seeing a pretty good level of demand that supports the increase in imports. What has been interesting is really the changes around excess of supply, the trucking side, and other things that are holding down some of the pricing mechanisms in the domestic trades. We're seeing it in our (inaudible) brokerage as well. So we're seeing the same thing, and there has been a lot of downward pressure on rates because of that surplus capacity.

我認為，如果你看看消費者，我們知道，消費者會堅持下去，消費者支出也會保持穩定。總的來說，我們看到相當好的需求水準支持了進口的成長。有趣的是供應過剩、卡車運輸以及其他抑制國內貿易定價機制的因素的變化。我們在我們的（聽不清楚）經紀業務中也看到了這一點。因此，我們看到了同樣的情況，由於產能過剩，利率面臨很大的下行壓力。

But beyond that, I can't give you much more insight generally into the trade. But I could say the Matson's story is a little bit different. And as it has been, we have been in, we seek to and have been consistently the fastest and most reliable on the service for the e-commerce for last-minute orders for late production for all of the reasons why someone would be willing to pay a premium to get their particular cargo to market, the congestion and air freight. All of those things are pointing to very strong demand in the expedited market and in particular, very strong demand for the Matson's services. So that's only half an answer. Ben, but it's probably the best I can give you.

但除此之外，我無法向您提供更多有關該行業的整體見解。但我可以說，馬特森的故事有點不同。一如既往，我們一直在尋求並一直是電子商務中最快、最可靠的最後一刻訂單延遲生產服務，出於所有原因，有人願意支付溢價才能將他們的特定貨物推向市場、擁擠和空運。所有這些都表明加急市場的需求非常強勁，特別是對美森服務的需求非常強勁。所以這只是答案的一半。本，但這可能是我能給你的最好的了。

I'll take it. I appreciate it. All right. And then last, and I appreciate you hanging in with me for this. So this is the first time that I remember you guys calling out your supply chain management business. I could be not remembering, but is that, would you say as you're thinking about your logistics business, an area of increased focus? If so, are you looking to expand on that, either organically or inorganically? Or can you maybe just talk me through how that fits as part of the puzzle and where you think it's headed?

我要買它。我很感激。好的。最後，我感謝您一直陪伴在我身邊。所以這是我第一次記得你們提到你們的供應鏈管理業務。我可能不記得了，但是當您考慮您的物流業務時，您會說這是一個更關注的領域嗎？如果是這樣，您是否希望有機或無機地擴展這一點？或者你能告訴我這如何作為謎題的一部分以及你認為它的發展方向嗎？

Sure. Yes. Happy to. And you're right. I believe it's the first time we've called it out. And I would also just note for qualification that the changes in profit for logistics are very small. So it tends to amplify things that typically are not part of our core story. But it does highlight the synergies between Matson Logistics and Matson's Ocean Businesses with regard to our China service. Matson Logistics operates in multiple locations inside of China.

當然。是的。很高興。你是對的。我相信這是我們第一次大聲疾呼。我還要指出的是，物流利潤的變動非常小。因此，它往往會放大通常不屬於我們核心故事的內容。但這確實凸顯了美森物流和美森海運業務在中國服務上的綜效。美森物流在中國境內多個地點開展業務。

It also, as you know, moves the intermodal cargo once it arrives in our Long Beach terminals to the final destinations in Chicago and Memphis and Dallas and other locations. So, but the supply chain services we called out are those services that we provide to customers in China that are less than container load that would be consolidated, moved into, onto a Matson container and on to Matson's expedited service offering.

如您所知，一旦多式聯運貨物到達我們的長灘碼頭，它還會將其運送到芝加哥、孟菲斯、達拉斯和其他地點的最終目的地。因此，我們所說的供應鏈服務是我們向中國客戶提供的小於貨櫃裝載量的服務，這些服務將被合併、轉移到美森貨櫃上，然後再提供給美森的加急服務。

And that has been sort of a very slow and steady organic growth build over the last, well, I mean, it's been really accelerated since the pandemic and is now approaching the radar, again with the acknowledgment that the numbers are relatively small in the Logistics business in terms of its relative change in profitability. So that's the story there, Ben.

過去，這是一種非常緩慢而穩定的有機增長，嗯，我的意思是，自大流行以來，這種增長確實加速了，現在正在接近雷達，再次承認物流領域的數字相對較小。盈利能力的相對變化。這就是故事，本。

Okay. And just to round that out, how do you think about sort of the trajectory in it?

好的。為了解決這個問題，您如何看待其中的軌跡？

I see it like many of our other businesses continuing to grow organically. We have an unbelievable brand in China. And for customers that have 3.5 container loads of cargo, they want to have that last half of the container loaded into an LTL box consolidated by Matson and delivered. And we're going to continue to see growth in that segment as our China businesses continue to perform well.

我認為它就像我們的許多其他業務一樣持續有機成長。我們在中國擁有一個令人難以置信的品牌。對於擁有 3.5 個貨櫃貨物的客戶，他們希望將最後一半貨櫃裝入由美森整合的 LTL 箱中並交付。隨著我們的中國業務繼續表現良好，我們將繼續看到該領域的成長。

Alright Perfect. I appreciate it. Thanks for putting up with me.

好吧完美。我很感激。謝謝你忍受我。

Okay. No problem. Ben, thanks.

好的。沒問題。本，謝謝。

Jake Lacks, Wolfe.

傑克拉克斯、沃爾夫。

Hey, guys. Thanks for your time,

嘿，夥計們。感謝您抽出時間，

Sure, Jake.

當然，傑克。

So a couple on the guide. I just wanted to see if you could give a little more perspective on the degree of outperformance in Ocean that you're thinking when you say meaningfully. I know it's a little more specific than you typically get, but we've seen a pretty big spike in rates. So any thoughts there would be helpful as we just think about recalibrating our models?

所以指南上有一對。我只是想看看您是否可以對您在有意義地說時所想到的 Ocean 表現出色的程度給出更多的看法。我知道這比您通常得到的要具體一些，但我們已經看到費率出現了相當大的飆升。那麼，當我們只是考慮重新校準我們的模型時，有什麼想法會有幫助嗎？

Yes, Jake, I mean, you've got to take meaningfully. We're just saying meaningfully higher. So I can't really elaborate on that. Just use your best estimate based upon that. I would say though that this quarter we just had is meaningfully higher than last year's second quarter, but we're just going to leave it with the language you chosen meaningfully higher.

是的，傑克，我的意思是，你必須有意義地接受。我們只是說有意義的比較高。所以我無法詳細說明這一點。在此基礎上使用您的最佳估計值即可。我想說的是，儘管我們剛剛度過的這個季度明顯高於去年第二季度，但我們將繼續使用您選擇的語言來保持更高的水平。

Okay. And then in 4Q, are you assuming a pretty full rate normalization there?

好的。然後在第四季度，您是否假設利率完全正常化？

Yes. I think at this point, Jake, we're expecting a more traditional peak period, meaning after the first week or so of October, we will get into our traditional start to see that normal market adjustment factors of excess in surcharge to subside.

是的。我認為，傑克，在這一點上，我們預計會出現一個更傳統的高峰期，這意味著在十月的第一周左右之後，我們將進入傳統的開始，看到附加費過高的正常市場調整因素會消退。

And as we get second half of the fourth quarter return to a more post-peak season environment. So it's really more of a traditional return, seasonal turn to a seasonal pattern, subject to all the qualifications about other external events that may impact that (inaudible) positive and negative.

隨著第四季後半段的到來，我們將回到更接近旺季後的環境。因此，這實際上更像是傳統的回歸，季節性轉向季節性模式，受到可能影響（聽不清楚）積極和消極影響的其他外部事件的所有限制。

Yes. Thanks. And then one more for me. You guys spoke about long-term demand growth and conversion from for your expedited Ocean service, how close or how far are we from demand being there for, to reintroduce sort of a third expedited service?

是的。謝謝。然後再給我一張。你們談到了加急海運服務的長期需求成長和轉變，我們離重新推出第三種加急服務的需求有多近或多遠？

A third, (multiple speakers)

第三個，（多個發言者）

Yes. Okay. Got it. Thanks Jake. Okay. I got it. Thanks, Jake. Yes, it's a good question. We certainly, it's on our long-term planning radar. I would say it's unlikely that we would see the demand in this time horizon if the market opportunity presents itself, we certainly, we have a track record of being able to respond to those changes to be able to take advantage of it.

是的。好的。知道了。謝謝傑克。好的。我得到了它。謝謝，傑克。是的，這是一個好問題。當然，它在我們的長期規劃雷達上。我想說，如果市場機會出現，我們不太可能在這段時間內看到需求，當然，我們有能夠應對這些變化並利用它的記錄。

Vessel charter, there aren't a ton of vessels on charter available to put together a service that would need six vessels or something like that, but in the transpacific trade lane. But our view is that it remains an option to us under different market conditions, but not likely expected to be under the current conditions and the way we're thinking about it.

船舶租賃，沒有大量的租賃船舶可以用來提供需要六艘船舶或類似船舶的服務，但在跨太平洋貿易航線上。但我們的觀點是，在不同的市場條件下，它仍然是我們的一個選擇，但在當前的條件和我們的思考方式下不太可能出現。

Great. Thanks for the time.

偉大的。謝謝你的時間。

Okay. Thank you.

好的。謝謝。

Thanks, Jake.

謝謝，傑克。

Daniel Imbro, Stephens, Inc.

丹尼爾·因布羅，史蒂芬斯公司

Yes, thanks. Good evening, guys. Joel, I want to follow-up maybe on the guidance. I think you guys talked about expecting pricing to stay strong through peak season. But how are you thinking about volume through the prime peak season? Maybe with some of the strength in 2Q, a pull forward? Do you still think we'll see a normal kind of growth sequentially? Just curious how you're feeling about the volume growth side as you talk to your customers for the back half?

是的，謝謝。晚上好，夥計們。喬爾，我想跟進指導。我想你們談到了期望價格在旺季保持強勁。但您如何看待黃金旺季的銷量？也許憑藉第二季的一些實力，向前拉？您仍然認為我們會連續看到正常的成長嗎？只是好奇當您與客戶交談後半段時，您對銷售成長有何感受？

Yes. Thanks, Daniel. We expect to be full. I mean as you know, pretty much year round CLX and MAX were full other than off periods around holidays, (inaudible) , New Year, et cetera. So we expect to be full here in the third quarter and also into the early, the end of the peak season, as we said, early fourth quarter.

是的。謝謝，丹尼爾。我們預計會滿員。我的意思是，如您所知，除了假日、（聽不清楚）、新年等的休息時間外，幾乎全年 CLX 和 MAX 都滿員。因此，我們預計第三季以及旺季初期、第四季初都會客滿。

Helpful. And then on the balance sheet, I think you took up CapEx guide a little bit here for this year. I guess is that just a pull forward on some of the investments from next year. And then as you think about the windfall of cash with stronger pricing, how do you think about deploying that cash between growth, buyback, any other investments you're looking at?

有幫助。然後在資產負債表上，我認為您今年在這裡討論了一些資本支出指南。我想這只是明年一些投資的提前。然後，當您考慮透過更強勁的定價獲得意外現金時，您如何考慮在成長、回購和您正在考慮的任何其他投資之間部署這些現金？

Really no change in all of that, Daniel, to be honest. So the only thing we changed was because of actual costs that are coming through on our Manukai project, our LNG reengineering project, we bumped up that line item by $15 million just due to that one specific project.

丹尼爾，說實話，這一切都沒有改變。因此，我們唯一改變的是我們的 Manukai 項目、我們的液化天然氣再造項目的實際成本，僅僅因為這個特定項目，我們就將該項目增加了 1500 萬美元。

So really, it's not a pull forward of CapEx from one period to another or things like that. And last quarter, we gave numbers for 2025 and 2026, and we've made no change to that either. So overall, the CapEx picture, I would describe is unchanged other than just some higher costs on one specific project.

所以實際上，這並不是將資本支出從一個時期提前到另一個時期或類似的事情。上個季度，我們給出了 2025 年和 2026 年的數字，我們也沒有對此進行任何更改。因此，整體而言，我所描述的資本支出狀況並沒有變化，只是某個特定項目的成本較高。

Helpful. Let me add a third one for me just to come back near term. I know hard to give too much color on 3Q, but did I hear you right? You described the 2Q growth as meaningful that's a decent bogey when you guys think about meaningful?

有幫助。讓我添加第三個，以便我近期回來。我知道很難對 3Q 給太多的色彩，但我沒聽錯嗎？您將第二季的成長描述為有意義的，當您考慮有意義時，這是一個不錯的禁忌嗎？

Yes. If you compare last year's, we talk about operating income performance for each of the segments in consolidated. And yes, clearly, this year's second quarter for Ocean and then, therefore, consolidated as well were meaningfully higher than last year's second quarter. So I'm not saying it's going to be, that's not, don't read that as (inaudible) the exact amount, but it qualifies as meaningfully higher.

是的。如果您比較去年，我們會討論合併中每個部門的營業收入表現。是的，顯然，今年第二季的海洋業務以及隨後的合併數據顯著高於去年第二季。所以我並不是說它會是，那不是，不要將其理解為（聽不清楚）確切的數量，但它確實是有意義的更高。

Great. And then one more follow-up. When you think about adding the new string of ships, whether it's South China or North Vietnam, I guess, would you be looking to add company owned ships? Could you lease ships like you do with the MAX line, would that make it easier to do financially? Just think about what are the considerations? Or how long would you need to see this growing demand to decide it is worth setting up a new string of six ships?

偉大的。然後還有一個後續行動。當您考慮添加新的船舶系列時，無論是中國南方還是北越，我想您會考慮添加公司擁有的船舶嗎？你能像租賃 MAX 航線那樣租賃船舶嗎？試想一下，有哪些考慮因素？或者您需要多長時間才能看到這種不斷增長的需求才能決定是否值得建造新的六艘船？

Yes, Daniel, this is Matt. I'll answer that one. I think our view is, and as I said, it's not right on our radar at the moment, but if we were to add it to the third string, they would very likely be chartered vessels, foreign build chartered vessels, like we have with our MAX service.

是的，丹尼爾，這是馬特。我來回答一下這個問題。我認為我們的觀點是，正如我所說，目前我們的雷達並不正確，但如果我們將其添加到第三串中，它們很可能是包租船舶，外國建造的包租船舶，就像我們所做的那樣我們的最大服務。

Those are comprised of chartered vessels that we would do it that way. And some of the factors that, of course, would go into it on the, as I mentioned a moment ago, the availability of chartered ships and you need to charter six of them to be able to have a weekly service.

這些由我們會這樣做的包租船隻組成。當然，正如我剛才提到的，包租船舶的可用性會影響到其中的一些因素，您需要租用其中六艘才能獲得每週的服務。

But the other factors are in each of these markets, especially the growing markets like Vietnam, and in other places, the question is not so much whether there's a demand for Matson's product, but is there enough demand that would be willing to pay a premium price that would allow us to operate that service at a level of profits that would make sense for us to do. And so it's not that there isn't cargo there. But in some of these smaller markets, there's a smaller segment.

但其他因素存在於每個市場，尤其是越南等不斷增長的市場，而在其他地方，問題不在於是否有對美森產品的需求，而在於是否有足夠的需求願意支付溢價價格將使我們能夠以對我們來說有意義的利潤水準來運作該服務。所以並不是說那裡沒有貨物。但在其中一些較小的市場中，存在較小的細分市場。

So for example, in Vietnam, we have a regular service at a [Haiphong] which connects with one of our trusted peer partners that move a couple of hundred loads a week out of Vietnam, Haiphong in particular, that meets up with our line haul ships on the CLX and MAX and so we need to be confident that those markets will be able to accommodate a much greater percentage of the capacity to make those voyages profitable.

例如，在越南，我們在[海防]提供定期服務，該服務與我們值得信賴的同行合作夥伴之一連接，每週將數百件貨物運出越南，特別是海防，與我們的線路運輸相接CLX 和MAX 上的船舶，因此我們需要相信這些市場將能夠容納更大比例的運力，從而使這些航程獲利。

Great. Thanks for all the color.

偉大的。感謝所有的顏色。

Okay. Thank you, Daniel.

好的。謝謝你，丹尼爾。

Thank you, Daniel.

謝謝你，丹尼爾。

Thank you. This concludes the question and answer session. I would now like to turn it back to Matt Cox, CEO for closing remarks.

謝謝。問答環節到此結束。現在我想請執行長馬特考克斯 (Matt Cox) 發表結束語。

Okay. Well, thanks for being on the call today. We look forward to catching up with you on the third quarter call. Thanks, Aloha.

好的。好的，感謝您今天接聽電話。我們期待在第三季的電話會議上與您聯繫。謝謝，阿羅哈。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。