Matson Inc (MATX) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to the Matson fourth quarter 2024 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Justin Schoenberg, Investor Relations. Please go ahead, sir.

感謝您的支持，歡迎參加 Matson 2024 年第四季財務業績電話會議。（操作員指示）提醒一下，今天的節目正在錄製。現在我想介紹今天節目的主持人、投資者關係部賈斯汀·勳伯格 (Justin Schoenberg)。先生，請繼續。

Thank you. 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.matson.com under the investors tab.

謝謝。今天與我一起參加電話會議的還有董事長兼執行長 Matt Cox 和執行副總裁兼財務長喬爾懷恩 (Joel Wine)。本次演講的幻燈片可在我們網站 www.matson.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 within the meaning of the federal securities laws regarding expectations, predictions, projections, or future events. We believe that our expectations and assumptions are reasonable.

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，對預期、預測、預期或未來事件做出前瞻性陳述。我們相信我們的預期和假設是合理的。

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 conference call. These risk factors are described in our press release and presentation and are more fully detailed under the caption risk factors on pages 13 to 25 of our Form 10-K filed on February 23, 2024 and in our subsequent filings with the SEC.

我們提醒您考慮可能導致實際結果與新聞稿、簡報和本次電話會議中的前瞻性聲明有重大差異的風險因素。這些風險因素在我們的新聞稿和簡報中進行了描述，並在我們於 2024 年 2 月 23 日提交的 10-K 表格第 13 至 25 頁的「風險因素」標題下以及我們隨後向美國證券交易委員會提交的文件中進行了更詳細的說明。

Please also note that the date of this conference call is February 25, 2025, and 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. I will now turn the call over to Matt.

另請注意，本次電話會議的日期是 2025 年 2 月 25 日，我們今天所做的任何前瞻性陳述均基於截至該日期的假設。我們不承擔更新這些前瞻性陳述的義務。現在我將電話轉給馬特。

Thanks, Justin, and thanks to those on the call, starting on slide 3. Matson had a very strong fourth quarter that exceeded our expectations, capping off a strong year.

謝謝賈斯汀，也謝謝從投影片 3 開始參加電話會議的各位。Matson 在第四季表現非常強勁，超出了我們的預期，為強勁的一年畫上了圓滿的句號。

For the fourth quarter, our China service was the primary driver of the year-over-year increase in Ocean Transportation operating income and consolidated operating income. We saw seasonally stronger freight demand with significantly higher year-over-year freight rates for our CLX and MAX services.

第四季度，我們的中國服務是遠洋運輸營業收入和合併營業收入年增率的主要推動力。我們發現季節性貨運需求更加強勁，CLX 和 MAX 航線的貨運費率較去年同期大幅上漲。

In Logistics, operating income increased year over year primarily driven by a higher contribution from supply chain management. In the fourth quarter within Ocean Transportation, the SSAT joint venture recorded an impairment charge related to the write down of a terminal operating lease asset. Matson's share of this impairment charge was $18.4 million which resulted in a reduction in our fourth quarter diluted earnings per share of $0.42.

在物流方面，營業收入年增，主要得益於供應鏈管理貢獻的增加。在第四季度的遠洋運輸業務中，SSAT合資企業記錄了與碼頭經營租賃資產減損相關的減損費用。Matson 在該減損費用中的份額為 1,840 萬美元，導致我們第四季度每股攤薄收益減少 0.42 美元。

For the full year 2024, our consolidated operating income increased year over year primarily driven by significantly higher freight rates in our China service. The higher freight rates, which started in the middle of the second quarter and remained throughout the year, were supported by a resilient US economy, a stable consumer demand environment, and coupled with tighter supply chain conditions.

2024 年全年，我們的綜合營業收入年增，主要得益於我們中國航線運費的大幅上漲。運費上漲從第二季中期開始，並持續到全年，這得益於美國經濟的韌性、穩定的消費需求環境以及更緊張的供應鏈條件。

I'll now go through the fourth quarter and full year performance of our trade lanes, SSAT, and logistics. So please turn to the next slide. Hawaii container volume for the fourth quarter decreased 1.7% year over year due to lower general demand. For the full year 2024, container volume decreased 2.3% year over year primarily due to lower general demand. For the full year 2025, we expect volume to be comparable to the level in 2024 reflecting modest economic growth in Hawaii and stable market share.

我現在將介紹我們的貿易航線、SSAT 和物流的第四季和全年表現。請翻到下一張投影片。由於整體需求下降，夏威夷第四季貨櫃吞吐量年減 1.7%。2024 年全年貨櫃吞吐量較去年同期下降 2.3%，主要原因是整體需求下降。對於 2025 年全年而言，我們預計銷量將與 2024 年的水平相當，這反映了夏威夷經濟的溫和成長和穩定的市場份額。

Please turn to slide 5. According to UHERO's December economic report, the Hawaii economy is expected to continue to grow slowly in 2025 supported by modest gains in tourism, a low unemployment rate, and increased construction activity but partially restrained by continued challenges in population growth and lower discretionary income from higher inflation and interest rates.

請翻到投影片 5。根據 UHERO 12 月的經濟報告，預計 2025 年夏威夷經濟將繼續緩慢增長，這得益於旅遊業的溫和增長、低失業率和建築活動的增加，但部分原因是人口增長的持續挑戰以及通貨膨脹和利率上升導致的可支配收入減少。

Growth in tourism is expected to be driven from our domestic visitors while international tourist arrivals remain challenged by a strong dollar. Maui tourism remains significantly below prior levels and a full recovery in visitor traffic is expected to take years.

預計旅遊業的成長將由國內遊客推動，而國際遊客數量仍將受到強勢美元的挑戰。毛伊島的旅遊業仍遠低於先前的水平，預計遊客流量的全面恢復需要數年時間。

Moving to our China service on slide 6. Matson's volume in the fourth quarter of 2024 was 7.2% higher year over year due to seasonally stronger freight demand. We also saw significantly higher freight rates year over year for both the CLX and Max services.

轉到幻燈片 6 上的中國服務。由於季節性貨運需求強勁，Matson 2024 年第四季的貨運量年增 7.2%。我們也看到 CLX 和 Max 航線的運費比去年同期大幅上漲。

The elevated freight rates were supported by a resilient US economy and a stable consumer demand environment coupled with tighter supply chain conditions. For the full year 2024, container volume increased 2.4% year over year primarily due to seasonally stronger freight demand in the fourth quarter and one additional sailing compared to the prior year.

美國經濟的韌性、穩定的消費需求環境以及更緊張的供應鏈狀況支撐了運費的上漲。2024 年全年貨櫃吞吐量年增 2.4%，主要原因是第四季季節性貨運需求強勁，且與前一年相比增加了一次航行。

Please turn to slide 7. The stronger seasonal demand we experienced in the fourth quarter was in part due to customers advancing freight ahead of a potential ILA disruption and proposed tariff increases. We also saw some customers in late December moving freight ahead of the earlier Lunar New Year this year.

請翻到幻燈片 7。我們在第四季度經歷的更強勁的季節性需求部分是由於客戶在潛在的 ILA 中斷和擬議的關稅上調之前提前了貨運。我們也看到一些客戶在 12 月底提前運送貨物，以迎接今年農曆新年。

During the post-lunar New Year period in the first quarter of 2025, we saw a traditional low-demand environment with the factories closed for a few weeks. As such, we didn't sail the MAX service for 3 weeks and carried the combined frame package on the CLX. This is the same schedule we had in place for 2024 for this period of low demand.

2025 年第一季農曆新年後，我們經歷了傳統的低需求環境，工廠關閉了數週。因此，我們三週沒有乘坐 MAX 航線，而是在 CLX 航線上攜帶組合框架套件。這與我們針對 2024 年低需求時期所製定的計畫相同。

We expect the post-lunar New Year period to show a traditional ramp up of demand for the remainder of the first quarter but volumes may be a bit softer than normal for the first few weeks due to the advancing of cargo we saw late in the fourth quarter.

我們預計農曆新年後第一季剩餘時間的需求將出現傳統成長，但由於第四季末貨物運輸提前，前幾週的需求可能比正常情況略低。

Please turn to the next slide. Where our China freight rates ultimately settle out in 2025 will depend on a number of macro factors including geopolitical conditions, supply chain activity, and the US economy. For example, the Red Sea situation significantly reduced the supply of container vessels and impacted supply chains, both of which were major drivers in our elevated freight rates in 2024.

請翻到下一張投影片。2025 年中國運費最終將取決於許多宏觀因素，包括地緣政治條件、供應鏈活動和美國經濟。例如，紅海局勢大幅減少了貨櫃船舶的供應並影響了供應鏈，這兩者都是2024年運費上漲的主要原因。

Although phase one of the ceasefire has begun, there's considerable uncertainty as to the duration of the ceasefire. There's also uncertainty about the timing of the normalization of trade in the Red Sea and how this will affect global trade flows and supply chain activity.

儘管停火第一階段已經開始，但停火持續時間仍存在很大的不確定性。紅海貿易正常化的時間以及這將如何影響全球貿易流動和供應鏈活動也存在不確定性。

The magnitude and product range of the proposed tariffs could have an impact on our freight demand for our services as the additional costs are absorbed throughout the supply chain by manufacturers, shippers, transportation providers, retailers, and consumers.

擬議關稅的幅度和產品範圍可能會對我們服務的貨運需求產生影響，因為額外的成本將由整個供應鏈中的製造商、托運人、運輸提供者、零售商和消費者吸收。

If the incremental tariff costs are significant, it is possible that some manufactured goods may migrate from China to other Asia origins. It's also possible that manufactured goods currently shipped by air from China will become even more expensive and shippers may look to our expedited ocean services which are significantly less expensive for only a few extra days of transit time. As of today, we haven't seen an impact yet on our rates for the 10% tariff implemented three weeks ago which is on top of the 25% tariff in 2019.

如果關稅成本增量較大，一些製成品可能會從中國轉移到其他亞洲產地。目前從中國空運的製成品也有可能變得更加昂貴，托運人可能會考慮我們的加急海運服務，該服務只需多幾天的運輸時間，但成本卻要低得多。截至今天，我們尚未看到三週前實施的 10% 關稅對我們的稅率產生影響，該關稅是在 2019 年 25% 關稅的基礎上實施的。

The impact to our China freight rates may ultimately depend on the level and scope of the tariffs, how much the tariffs may be absorbed by the supply chain, and currency devaluations versus passed on to US consumers, how other countries may respond to the tariffs and the potential impact on downstream supply chains, and how much air cargo shifts from ocean to shipping as a means to lower costs.

對我們中國運費的影響可能最終取決於關稅的水平和範圍、供應鏈可能吸收多少關稅、貨幣貶值還是轉嫁給美國消費者、其他國家如何應對關稅以及對下游供應鏈的潛在影響，以及有多少空運貨物從海運轉向海運以降低成本。

And lastly, the health and trajectory of the US economy is an important pillar of support in the demand for our consumer goods. A recession or prolonged period of high interest rates and inflation could negatively impact the US consumer and the appetite for consumer goods.

最後，美國經濟的健康和發展軌跡是我們消費品需求的重要支撐支柱。經濟衰退或長期的高利率和通貨膨脹可能會對美國消費者和消費品需求產生負面影響。

Given these factors, we expect the elevated freight rates in our China service to continue into the first quarter of 2025. Beyond the first quarter, we expect freight rates will largely be driven by the timing of trade flow normalization in the Red Sea, other geopolitical factors, supply chain activity, and the trajectory of the US economy.

考慮到這些因素，我們預計中國航線運費上漲的勢頭將持續到 2025 年第一季。第一季之後，我們預期運費將主要受紅海貿易流正常化時間、其他地緣政治因素、供應鏈活動以及美國經濟趨勢的影響。

With respect to the impact of the Red Sea specifically, if trade conditions normalize by the middle of the year, we expect freight rates to moderate in the second half of the year. However, if the Red Sea remains disrupted through year end, we expect freight rates to remain elevated throughout the year.

具體到紅海的影響，如果貿易條件在年中恢復正常，我們預計下半年運費將會回落。然而，如果紅海航運在年底前依然混亂，我們預計全年運費仍將維持高位。

As I mentioned earlier, there are a number of uncertainties regarding tariffs, US macroeconomic conditions, and other factors that could ultimately impact our China freight rates. And it's too early to tell how these uncertainties may play out.

正如我之前提到的，關稅、美國宏觀經濟狀況以及其他可能最終影響我們中國運費的因素存在許多不確定因素。現在判斷這些不確定性將如何發展還為時過早。

Before moving on, I'd like to note that when comparing year over year freight rates in 2025, we began to see our freight rates rise significantly in the middle of the second quarter last year and remain elevated through the end of 2024 so we will be lapping this significant positive step up.

在繼續之前，我想指出的是，當比較 2025 年的同比運費時，我們開始看到我們的運費在去年第二季度中期大幅上漲，並且一直保持高位直到 2024 年底，因此我們將抓住這一重大的積極進步。

Please turn to the next slide. In Guam, Matson's container volume in the fourth quarter of 2024 decreased 10% year over year. The decrease was primarily due to lower demand from the retail and food and beverage segments. For the full year 2024, container volume decreased 6.5% year over year primarily due to lower general demand.

請翻到下一張投影片。在關島，美森航運2024年第四季的貨櫃量較去年同期下降了10%。下降主要是由於零售和食品飲料行業的需求下降。2024 年全年貨櫃吞吐量較去年同期下降 6.5%，主要原因是整體需求下降。

In the near term, we expect Guam's economy to grow modestly supported by low unemployment and an increase in construction activity. As such, for 2025, we expect container volume to be modestly higher than the level achieved last year.

短期內，我們預期關島經濟將在低失業率和建築活動增加的支撐下溫和成長。因此，我們預計 2025 年的貨櫃吞吐量將略高於去年的水平。

Please turn to the next slide. In Alaska, Matson's container volume for the fourth quarter of 2024 increased 1.1% year over year. The increase was due to higher northbound volume partially offset by an additional sailing in the year ago period.

請翻到下一張投影片。在阿拉斯加，美森航運2024年第四季的貨櫃吞吐量年增1.1%。成長的原因是北行客流量增加，但被去年同期的額外航班部分抵銷。

For the full year 2024, container volume increased 0.6% year over year due to higher general demand partially offset by one less northbound sailing. For the full year 2025, we expect Alaska volume to approximate the level achieved last year.

2024 年全年，貨櫃吞吐量年增 0.6%，原因是整體需求增加，但北行航行減少一次，部分抵消了這一增長。我們預計，到 2025 年全年，阿拉斯加的產量將接近去年的水平。

Please turn to slide 11. The Alaska economy continues to show good economic growth and improvement in key economic indicators despite flattish growth in population. In 2024, the state saw widespread job growth across almost every industry, bringing job count in many industries above pre-pandemic levels. For 2025, low unemployment, jobs growth, and continued oil and gas production activity are expected to support economic growth.

請翻到第 11 張投影片。儘管人口成長持平，阿拉斯加經濟仍持續呈現良好的經濟成長態勢，主要經濟指標也正在改善。2024年，該州幾乎所有行業的就業都普遍成長，許多行業的就業人數都超過了疫情前的水準。預計到 2025 年，低失業率、就業成長以及持續的石油和天然氣生產活動將支持經濟成長。

Please turn to slide 12. In the fourth quarter, our SSAT terminal joint venture incurred a loss of $9.5 million representing a year-over-year decrease of $13.6 million. The decrease was due to a $18.4 million dollar impairment charge related to the write down of a terminal operating lease asset partially offset by higher year-over-year lift volume.

請翻到第 12 張投影片。第四季度，我們的 SSAT 終端合資企業虧損 950 萬美元，年減 1,360 萬美元。下降的原因是與終端經營租賃資產減損有關的 1,840 萬美元減損費用，但部分被同比上升的運輸量所抵銷。

As you know, our SSAT JV operates eight marine terminals on the US West Coast with two terminals in Long Beach, two in Oakland, three in Seattle, and one in Tacoma. We have previously mentioned that SSAT has surplus capacity in the Pacific Northwest.

如你所知，我們的 SSAT JV 在美國西海岸經營八個海運碼頭，其中兩個在長灘，兩個在奧克蘭，三個在西雅圖，一個在塔科馬。我們之前提到過，SSAT 在太平洋西北地區擁有過剩的運能。

The impairment charge relates to the consolidation of SSAT's business onto one less terminal in Seattle. We can't elaborate further on the situation with this terminal operating lease as SSAT is in active negotiations with the Port Authority about consolidating into two terminals in Seattle.

減損費用與 SSAT 業務合併至西雅圖的一個終端機有關。由於 SSAT 正在與港務局積極談判，將西雅圖的兩個碼頭合併成一個碼頭，因此我們無法進一步詳細說明該碼頭營運租賃的情況。

The impairment charge impacted fourth quarter of 2024 net income and diluted earnings per share by $14 million and $0.42 per share, respectively. For full year 2024, our SSAT terminal joint venture incurred a loss of $1 million compared to income of $2.2 million in the prior year. The decrease was due to the same $18.4 million dollar impairment charge and again partially offset by higher lift volume.

減損費用分別影響了 2024 年第四季的淨收入和每股攤薄收益 1,400 萬美元和每股 0.42 美元。2024 年全年，我們的 SSAT 終端合資企業虧損 100 萬美元，而上一年獲利 220 萬美元。下降的原因同樣是 1,840 萬美元的減損費用，但又被更高的升降量部分抵銷。

In 2025, we expect income from our SSAT terminal joint venture to approximate the level achieved in 2024 without taking into account the fourth quarter 2024 impairment charge. The macro factors I commented on earlier on slide 8 could also have a negative impact on imports into the US West Coast and lift volume at SSAT.

到 2025 年，我們預計 SSAT 終端合資企業的收入將接近 2024 年的水平，且不考慮 2024 年第四季的減損費​​用。我之前在第 8 張投影片上評論過的宏觀因素也可能對美國西海岸的進口產生負面影響，並增加 SSAT 的進口量。

Turning now to logistics on slide 13. Operating income in the fourth quarter came in at $10.1 million or $1.2 million higher than the operating results in the year ago period. The increase was primarily due to a higher contribution from supply chain management.

現在轉到投影片 13 上的物流。第四季的營業收入為 1,010 萬美元，比去年同期的營業收入高出 120 萬美元。成長主要歸因於供應鏈管理貢獻的增加。

For the full year, 2024, operating income was $50.4 million reflecting a year-over-year increase of $2.4 million. The increase was primarily due to a higher contribution from supply chain management. For 2025, we expect operating income to be modestly lower than the level achieved in 2024 reflecting challenging business conditions for transportation brokerage and a lower contribution from supply chain management. The factors I mentioned previously could also have a negative impact on volumes in our supply chain management business.

2024 年全年營業收入為 5,040 萬美元，年增 240 萬美元。成長主要歸因於供應鏈管理貢獻的增加。對於 2025 年，我們預計營業收入將略低於 2024 年的水平，這反映了運輸經紀業務的嚴峻經營環境和供應鏈管理貢獻的下降。我之前提到的因素也可能對我們的供應鏈管理業務量產生負面影響。

I'll now turn the call over to Joel for a review of our financial performance, Joel.

我現在將電話轉給喬爾，讓他審查我們的財務業績，喬爾。

Thanks, Matt. Please turn to slide 14 for a review of our fourth quarter and full year 2024 results. For the fourth quarter, consolidated operating income increased $72.2 million year over year to $147.5 million with higher contributions from Ocean Transportation and Logistics of $71 million and $1.2 million, respectively.

謝謝，馬特。請翻到第 14 張投影片來回顧我們 2024 年第四季和全年的業績。第四季度，綜合營業收入年增 7,220 萬美元，達到 1.475 億美元，其中遠洋運輸和物流業務的貢獻分別增加 7,100 萬美元和 120 萬美元。

The increase in Ocean Transportation operating income in the fourth quarter was primarily due to significantly higher freight rates in China, the timing of fuel-related surcharge collections, and higher volume in China partially offset by a lower contribution from SSAT and higher direct cargo expense primarily in the China service and higher general administrative expenses.

第四季度遠洋運輸營業收入的成長主要歸因於中國運費大幅上漲、燃油附加費徵收時間的調整以及中國運輸量的增加，但 SSAT 貢獻的減少、主要在中國服務的直接貨運費用的增加以及一般管理費用的增加部分抵消了這一增長。

As Matt noted, the decrease in SSAT equity income was due to the $18.4 million impairment charge. The increase in Logistics' operating income was primarily due to a higher contribution from supply chain management.

正如馬特所指出的，SSAT 股權收入的減少是由於 1840 萬美元的減損費用。物流營業收入的成長主要得益於供應鏈管理貢獻的增加。

We had interest income of $10.3 million in the quarter due to higher balances of cash and cash equivalents and deposits in the CCF as compared to the prior year. Interest expense in the quarter decreased $1 million year over year due to the decline in outstanding debt in the past year.

由於現金及現金等價物餘額及 CCF 存款較上年同期增加，本季我們的利息收入為 1,030 萬美元。由於去年未償債務減少，本季利息支出較去年同期減少 100 萬美元。

The effective tax rate in the quarter was 19.1% compared to 26% in the year ago period. The effective tax rate was lower than our outlook of 22% due to discrete year-end tax items. In the fourth quarter, net income and diluted earnings per share were $128 million and $3.80, respectively. The $18.4 million impairment charge impacted our net income and diluted earnings per share by $14.0 million and $0.42 per share, respectively.

本季有效稅率為 19.1%，而去年同期為 26%。由於年末單獨的稅項，有效稅率低於我們預期的 22%。第四季淨利和每股攤薄收益分別為1.28億美元和3.80美元。1,840 萬美元的減損費用分別影響了我們的淨收入和每股稀釋收益 1,400 萬美元和每股 0.42 美元。

For the full year, consolidating operating income increased $208.5 million year over year to $551.3 million with higher contributions from Ocean Transportation and Logistics of $206.1 million and $2.4 million, respectively.

全年合併營業收入較上年同期增加 2.085 億美元，達到 5.513 億美元，其中遠洋運輸和物流業務的貢獻分別較高，分別為 2.061 億美元和 240 萬美元。

The increase in Ocean Transportation operating income for the year was primarily due to significantly higher freight rates in China, higher freight rates in the domestic trade lanes, and higher volume in China partially offset by higher operating costs and higher general and administrative expenses. The increase in logistics operating income was primarily due to a higher contribution from supply chain management.

本年度遠洋運輸營業收入的成長主要由於中國國內運費大幅上漲、國內航線運費上漲以及中國貨運量增加，但被營運成本和一般及管理費用的增加部分抵銷。物流營業收入的成長主要得益於供應鏈管理貢獻的增加。

Please turn to the next slide. This slide shows how we allocated our trailing 12 months of cash flow generation.

請翻到下一張投影片。這張投影片展示了我們如何分配過去 12 個月的現金流。

For the full year 2024, we generated cash flow from operations of approximately $767.8 million from which we used $39.7 million to retire debt, $214.5 million on maintenance and other CapEx, $95.6 million on new vessel CapEx including capitalized interest in owners' itemsl, $31.1 million in cash deposits and interest income into the CCF net of withdrawals from milestone payments, $12.5 million on other cash outflows while returning approximately $243.9 million to shareholders via dividends and share repurchase.

2024 年全年，我們的經營活動產生的現金流約為 7.678 億美元，其中，我們使用 3,970 萬美元償還債務，2.145 億美元用於維護和其他資本支出，9,560 萬美元用於新船資本支出（包括船東專案的資本化利息），3,110 萬美元的存款和利息返還CCF 2.439 億美元。

Please turn to slide 16 for a summary of our share repurchase program and balance sheet. During the fourth quarter, we repurchased approximately 0.2 million shares for a total cost of $31.8 million. For the full year 2024, we repurchased approximately 1.6 million shares for a total cost of $199.1 million.

請翻到第 16 張投影片，查看我們的股票回購計畫和資產負債表的摘要。第四季度，我們回購了約 20 萬股，總成本為 3,180 萬美元。2024 年全年，我們回購了約 160 萬股，總成本為 1.991 億美元。

Since we initiated our share repurchase program in August 2021 through the end of 2024, we repurchased 11.2 million shares, or 25.7% of our then outstanding shares for a total cost of approximately $956 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 opportunities.

自 2021 年 8 月啟動股票回購計畫以來，至 2024 年底，我們回購了 1,120 萬股，佔當時流通股的 25.7%，總成本約為 9.56 億美元。正如我們之前所說，我們致力於將多餘的資本返還給股東，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 fourth quarter was $400.9 million, a reduction of $9.7 million from the end of the third quarter. For the year, we reduced total debt by $39.7 million. Please turn to slide 17.

談到我們的債務水平，我們第四季末的總債務為 4.009 億美元，比第三季末減少了 970 萬美元。今年，我們減少了 3,970 萬美元的總債務。請翻到第 17 張投影片。

The table on this slide summarizes our $310.1 million in capital expenditures in 2024. We had capitalized vessel construction expenditures on our new Aloha-class vessels of $95.6 million which consisted of $89.6 million milestone payments and $6 million in capitalized interest and other costs.

這張投影片上的表格總結了我們 2024 年的 3.101 億美元資本支出。我們已將新型 Aloha 級船舶的建造費用資本化為 9,560 萬美元，其中包括 8,960 萬美元的里程碑付款和 600 萬美元的資本化利息和其他成本。

Maintenance and other capital expenditures were $214.5 million of which $90.5 million was for the LNG installations on the Daniel K. Inouye and Kaimana Hila and the LNG installation and re-engineing of the Manukai; $28 million was for equipment to support network requirements and growth; $14.7 million was for the early lease buyouts of equipment; and $81.3 million was for other maintenance CapEx across a variety of projects.

維護和其他資本支出為 2.145 億美元，其中 9050 萬美元用於 Daniel K. Inouye 和 Kaimana Hila 上的液化天然氣裝置以及 Manukai 上的液化天然氣裝置和重新設計； 2800 萬美元用於購買支持網絡需求和增長的設備； 1470 萬美元用於早期資本支出 8130 萬美元的其他維護項目。

Please turn to the next slide. The table the table at the top of slide 18 shows the key capital expenditures planned over the next three years. For 2025, we expect a total CapEx of $425 million to $445 million of which $305 million for new vessel construction expenditures including capitalized interest in owner items. And $120 million to $140 million is for maintenance and other CapEx to support our vessels, shoreside operations, and logistics businesses. This includes approximately $20 million in equipment lease buyouts.

請翻到下一張投影片。第 18 張投影片頂部的表格顯示了未來三年計畫的主要資本支出。到 2025 年，我們預計總資本支出為 4.25 億美元至 4.45 億美元，其中 3.05 億美元用於新船建造支出，包括船東項目的資本化利息。1.2億至1.4億美元用於維護和其他資本支出，以支援我們的船舶、岸上作業和物流業務。其中包括約 2,000 萬美元的設備租賃收購。

The timeline of our new build capital expenditures is different than what we had previously provided as we were recently notified by Hanwha Philly Philly Shipyard that our new build program is facing a delay of approximately four months. As such, we are now expecting each of our three new Aloha-class vessels to be delivered in the first quarter of 2027, the third quarter of 2027, and the second quarter of 2028.

我們的新資本支出時間表與我們之前提供的時間表不同，因為我們最近收到韓華費城造船廠的通知，我們的新建計劃將面臨大約四個月的延遲。因此，我們目前預計三艘新的 Aloha 級船舶將於 2027 年第一季、2027 年第三季和 2028 年第二季交付。

The table in the bottom right of the slide shows the expected milestone payments by quarter in 2025. In the first quarter, we expect to pay approximately $65 million in milestone payments with corporate cash. Post this use of corporate cash, we estimate approximately $103 million remaining to satisfy the milestone payments not covered by the current balance of CCF deposits and Treasury investments.

投影片右下角的表格顯示了 2025 年按季度預計的里程碑付款。在第一季度，我們預計將以公司現金支付約 6,500 萬美元的里程碑付款。在使用完公司現金後，我們估計還剩下約 1.03 億美元用於滿足當前 CCF 存款和財務投資餘額未涵蓋的里程碑付款。

Please note that this figure excludes all future interest, income, and accretion earned within the CCF which we expect to be a significant contributor over the next couple of years.

請注意，該數字不包括 CCF 內獲得的所有未來利息、收入和增值，我們預計這些將成為未來幾年的重要貢獻者。

Before we move on, I'd like to touch upon US tariffs on steel imports as it relates to our new vessel project. There is still uncertainty about how any potential tariff changes may be implemented and what the impact may be to our overall project costs. And therefore it is not possible today to estimate what impact steel tariff changes may have on the total cost of our new vessels.

在我們繼續之前，我想談談與我們的新船項目相關的美國鋼鐵進口關稅。目前仍不確定任何潛在的關稅變化將如何實施以及對我們的整體項目成本可能產生什麼影響。因此，今天無法估計鋼鐵關稅變化對我們新船總成本可能產生的影響。

That said, direct steel purchases are a relatively small percentage of the overall $1 billion project costs for the three Aloha-class vessels. Additionally, we have already completed all of the direct steel purchases for vessel number 1 and approximately 30% for vessel number 2.

儘管如此，直接採購鋼材在三艘阿羅哈級潛艦10億美元總工程成本中所佔比例相對較小。此外，我們已經完成了1號船的全部鋼材直接採購，以及2號船約30%的鋼材直接採購。

With that, let me now turn to slide 19 and walk through our outlook for the first quarter in full year 2025.For the first quarter of 2025, we expect Ocean Transportation operating income to be meaningfully higher than the $27.6 million achieved in the year ago period as we expect elevated freight rates in our China service to continue into the first quarter.

現在，請容許我翻到第 19 張投影片，介紹一下我們對 2025 年全年第一季的展望。對於 2025 年第一季度，我們預計遠洋運輸營業收入將比去年同期的 2,760 萬美元大幅增加，因為我們預計中國航線運費上漲的勢頭將持續到第一季。

We expect logistics operating income in the first quarter to be modestly lower than the $9.3 million achieved in the first quarter of 2024. As such, we expect consolidated operating income in the first quarter to be meaningfully higher than the prior year.

我們預計第一季的物流營業收入將略低於 2024 年第一季的 930 萬美元。因此，我們預計第一季的綜合營業收入將比上年大幅成長。

For the full year 2025, we expect Ocean Transportation operating income to be largely driven by the timing of trade flow normalization in the Red Sea, other geopolitical factors, supply chain activity, and the trajectory of the United States economy.

對於 2025 年全年而言，我們預期遠洋運輸營業收入將主要受紅海貿易流正常化時間、其他地緣政治因素、供應鏈活動以及美國經濟趨勢的影響。

Assuming trade conditions in the Red Sea normalized by the end of the first half of the year and there are no significant changes from today with respect to other geopolitical factors, supply chain activity, and the trajectory of the US economy, we expect full year 2025 Ocean Transportation operating income to be moderately lower than the $500.9 million achieved in 2024.

假設紅海的貿易條件在上半年末恢復正常，並且其他地緣政治因素、供應鏈活動和美國經濟走勢與今天相比沒有重大變化，我們預計 2025 年全年遠洋運輸營業收入將略低於 2024 年實現的 5.009 億美元。

However, if trade conditions in the Red Sea remain disrupted through the year and through year end and there are no significant changes from today with respect to other geopolitical factors, supply chain activity, and the trajectory of the US economy, we expect full year 2025 Ocean Transportation operating income to approach the level achieved in 2024.

然而，如果紅海的貿易條件在全年和年底繼續受到干擾，並且從今天起其他地緣政治因素、供應鏈活動和美國經濟走勢沒有發生重大變化，我們預計 2025 年全年遠洋運輸營業收入將接近 2024 年的水平。

For Logistics for the full year 2025, we expect modestly lower operating income due to challenging business conditions for transportation brokerage and a lower contribution from supply chain management. As such, we expect consolidating operating income for the full year 2025 to range from moderately lower than the $551.3 million achieved in 2024 to approaching the level achieved last year.

對於 2025 年全年的物流業務，我們預期營業收入將略有下降，原因是運輸經紀業務的經營環境充滿挑戰，且供應鏈管理的貢獻較低。因此，我們預計 2025 年全年合併營業收入將略低於 2024 年實現的 5.513 億美元，至接近去年實現的水平。

In addition to this full year operating income outlook, we expect the following for the full year: depreciation and amortization to approximate approximate $200 million, including approximately $26 million for dry dock amortization; interest income to be approximately $31 million; and interest expense to be approximately $7 million; other income to be approximately $9 million; an effective tax rate of approximately 22%; and dry docking payments of approximately $40 million.

除了全年營業收入展望外，我們還預計全年情況如下：折舊和攤銷約為 2 億美元，其中包括約 2600 萬美元的干船塢攤銷；利息收入約為 3100 萬美元；利息支出約為 700 萬美元；其他收入約為 900 萬美元；有效約為22%；以及約 4000 萬美元的干船塢付款。

Lastly, today's fourth quarter of 2024 earnings release will be the last time we report the volume of automobiles in our Hawaii trade lane as this metric is not a meaningful driver of the financial performance of our Ocean Transportation segment. I will now turn the call back over to Matt.

最後，今天的 2024 年第四季財報將是我們最後一次報告夏威夷貿易航線的汽車數量，因為該指標並不是我們遠洋運輸部門財務業績的重要驅動因素。現在我將把電話轉回給馬特。

Thanks, Joel. Please turn to slide 20 where I'll go through some closing thoughts. 2024 proved once again that our China service delivers during periods of uncertainty. Speed, reliability, and service -- our core differentiators are highly sought after by shippers when supply chain disruptions occur; while true, it's only part of our story.

謝謝，喬爾。請翻到第 20 張投影片，我將在這裡發表一些結束語。 2024年再次證明，我們的中國服務在充滿不確定性的時期依然有效。速度、可靠性和服務——當供應鏈中斷時，我們的核心差異化因素受到托運人的高度追捧；雖然這是事實，但這只是我們故事的一部分。

Today our China service appeals to an even broader set of customers than when we first started moving freight in the Transpacific trade lane nearly 20 years ago. As supply chains have become more complex, customers have placed a greater emphasis on speed to market and schedule integrity.

如今，我們的中國航線服務比我們近20年前首次在跨太平洋貿易航線上運輸貨物時吸引了更廣泛的客戶群。隨著供應鏈變得越來越複雜，客戶更加重視上市速度和進度完整性。

It is within this new paradigm that our China services remains unparalleled. Our CLX and MAX service continue to be the two fastest and most reliable Transpacific transits which are complemented by unique destination services for a seamless customer experience. We apply the same principles used in our domestic trade lanes that have been refined over decades.

正是在這種新模式下，我們的中國服務仍然無與倫比。我們的 CLX 和 MAX 服務繼續成為兩種最快、最可靠的跨太平洋運輸服務，並輔以獨特的目的地服務，為客戶帶來無縫的體驗。我們採用的原則與國內貿易航線相同，這些原則經過了數十年的完善。

There will always be uncertainty across the global supply chain and we're clearly facing significant uncertainties like the Red Sea and tariffs but we remain focused on what we can control. We will continue to be focused on maintaining vessels schedule integrity, reliability of all of our Logistics and Ocean Transportation operations, and delivering high quality service for all of our customers.

全球供應鏈中總是存在不確定性，我們顯然面臨紅海和關稅等重大不確定性，但我們仍然專注於我們能夠控制的事情。我們將繼續致力於維護船舶時刻表的完整性、所有物流和遠洋運輸業務的可靠性，並為所有客戶提供高品質的服務。

We remain committed to look for ways to grow either organically or periodically through acquisition. Since we became public, we had a good track record of organic and inorganic growth and we've been nimble on growth opportunities during periods of uncertainty.

我們仍然致力於尋找透過收購實現有機成長或定期成長的方式。自上市以來，我們擁有良好的有機和無機成長記錄，並且在不確定時期也能夠靈活地抓住成長機會。

And last, we expect to continue to return capital to shareholders through dividends and our share repurchase program. Our share repurchase program remains a core element of our capital allocation strategy and we expect to continue to be steady buyers of our shares. And with that, I will turn the call back to the operator and ask for your questions.

最後，我們希望繼續透過股利和股票回購計畫向股東返還資本。我們的股票回購計畫仍然是我們資本配置策略的核心要素，我們預計將繼續穩定地購買我們的股票。說完這些，我會將電話轉回給接線生並詢問您的問題。

(Operator Instructions) Daniel Imbro, Stephens Inc.

（操作員指示）Daniel Imbro，Stephens Inc.

Okay, great, thanks guys. This is Brady on for Daniel and thanks for taking our questions. I wanted to start on the outlook. You noted in the slides you're expecting 1Q EBIT to be meaningfully higher than the previous year but could you just help us kind of break out the drivers behind this outlook? Is that largely just a function of higher rates or are there certain cost initiatives you guys have executed on to improve the EBIT outlook as well?

好的，太好了，謝謝大家。我是布雷迪，代替丹尼爾，感謝您回答我們的問題。我想先談談展望。您在幻燈片中指出，您預計第一季的息稅前利潤將比前一年大幅上升，但您能否幫助我們分析這一前景背後的驅動因素？這主要是由於利率提高所致，還是你們已實施某些成本措施來改善息稅前利潤前景？

Yeah. Brady, thank you for that question. So it's a variety of factors. So in our domestic trade lane it's really steady performance. The way we describe it, consistent with the outlook as we talked about those trade lanes. In Logistics also steady performance but a little bit more challenging environment.

是的。布雷迪，謝謝你的提問。所以這有多種因素。因此，我們的國內貿易航線表現確實穩定。我們對此的描述與我們談論這些貿易航線時的前景一致。物流方面的表現也較穩定，但環境更具挑戰性。

And then the one where there's a more significant change driving the outlook is in China. So last year, as we talked about rates really moved in May and June. And they've remained elevated since then. So as we come into the first quarter this year we have higher, more elevated rates than we had last year and that's the biggest piece driving the outlook towards that meaningfully higher outlook that we've given for the first quarter.

而推動前景更顯著變化的國家是中國。正如我們所討論的那樣，去年 5 月和 6 月利率確實發生了變化。從那時起，這一數字就一直保持在高位。因此，當我們進入今年第一季時，我們的利率比去年更高、更高，這是推動第一季前景朝著我們給出的更高前景邁進的最大因素。

Okay, great, thanks. That's -- it's helpful maybe just if I could follow up there on on the rate commentary. You know I think you touched on it a bit in your remarks that you're expecting elevated freight rates and you're trying to service to continue in 1Q. But it's just -- is there any way to help investors kind of level set how rates have trended sequentially? From what we can see it it seems like Transpacific rates are only slightly below 4Q levels so far. Is that the right way to think about how it's trended so far this year? Just any color there would be helpful, thanks.

好的，太好了，謝謝。那是——如果我能跟進利率評論的話，這也許會有所幫助。您知道，我認為您在演講中稍微提到了這一點，您預計運費會上漲，並且您正試圖在第一季繼續提供服務。但這只是——有什麼方法可以幫助投資人大致了解利率的連續趨勢嗎？據我們所知，到目前為止，跨太平洋航線的運價似乎僅略低於第四季的水平。這是思考今年迄今為止的趨勢的正確方式嗎？任何顏色都有幫助，謝謝。

Yeah, Brady, this is Matt; thanks for your question. I would say that as we've experienced our freight rates sequentially, as Joel mentioned, starting in the second quarter and then extending through the end of calendar 2024, what typically happens has happened in Matson's rate levels. Our rate levels remained relatively steady.

是的，布雷迪，這是馬特；謝謝你的提問。我想說的是，正如喬爾提到的那樣，我們的運費是按順序變化的，從第二季度開始一直延續到 2024 年底，而 Matson 的運費水平通常會發生類似的變化。我們的利率水準保持相對穩定。

From the second, third, and fourth quarter towards the end of the fourth quarter, we did step our rates down and reduced our peak season surcharge as we have done every quarter for the last -- in that period for the last 18, 19 years.

從第二、第三和第四季到第四季末，我們確實降低了費率並減少了旺季附加費，就像過去 18、19 年每季所做的那樣。

And our levels have then been reset or the peak season surcharge substantially reduced or eliminated consistent with our historic practice and remain relatively steady from that point on through. So I would not think it would be a good indicator for you to be following some of the spot rates on the SCFI but I would acknowledge that our rates did take a step down when we removed the seasonal peak season surcharge. So I know that's not specific but that's as specific as I can get.

然後，我們的水平被重置，或者旺季附加費大幅降低或取消，與我們的歷史做法一致，並且從那時起保持相對穩定。因此，我認為追蹤 SCFI 上的一些現貨價格並不是一個好指標，但我承認，當我們取消季節性旺季附加費時，我們的價格確實下降了。所以我知道這並不具體，但這是我能得到的最具體的答案。

Okay, got it; that's helpful. Maybe just as as a final follow up here on on capital allocation. In the near term it sounds like the primary focus is is repurchases but just taking a big step back, could you talk about some opportunities? What do you see out there in the market for additional services just kind of in the future? Any update there would be helpful.

好的，知道了；這很有幫助。也許只是作為資本配置的最後跟進。短期內，聽起來主要焦點是回購，但只是退一步，您能談談一些機會嗎？您認為未來市場上會出現哪些附加服務？任何更新都會有幫助。

Sure, Brady. So on the Ocean Transportation side we've been open discussing that there's not that many opportunities that really fit our profile so we expect on the Ocean side there to be more of the organic growth opportunities where we leverage our existing capabilities, network, brand, etc.

當然，布雷迪。因此，在遠洋運輸方面，我們一直在公開討論，真正適合我們的情況的機會並不多，因此我們預計遠洋運輸方面將有更多的有機增長機會，我們可以利用現有的能力、網絡、品牌等。

And then on the Logistics side there's organic -- there's a combination of both organic and M&A type opportunities. So organic we like to look at the same similar things, niche niche ways for us to leverage off our existing businesses to grow with our customers and new geographies.

然後在物流方面，存在著有機的——有機和併購類型機會的結合。因此，我們喜歡有機地專注於相同相似的事物，利基利基方式讓我們利用現有業務與客戶和新地區共同成長。

But then on the M&A side there's been a steady flow of acquisition opportunities we looked at for years. The challenge is just finding those that really meet our strict criteria of niche defensible businesses that are differentiated, good return on capital that fit our profile businesses today. So that's how we think about it and that's the range of alternatives that we look at.

但在併購方面，多年來我們一直在關注源源不絕的收購機會。挑戰在於找到那些真正符合我們嚴格標準的企業，這些企業具有差異化、良好的資本回報率，並且符合我們今天的業務特徵。這就是我們的想法，也是我們所考慮的一系列替代方案。

Okay, awesome, guys. Thanks for the time tonight. I'll leave it there.

好的，太棒了，夥計們。感謝您今晚抽出時間。我就把它留在那裡。

Jacob Lacks, Wolf Research.

Jacob Lacks，沃爾夫研究公司。

Hey Matt. Hey Joel, thanks for your time.

嘿，馬特。嘿喬爾，謝謝你的時間。

Yeah, good afternoon.

是的，下午好。

So a lot going on in the world right now. I guess could we start maybe on the USTR proposed rule on China shipbuilding? How are you viewing this as it relates to potential changes in the ocean industry and Matson's positioning within it? And I think a couple of the MAX vessels were built in China. What would you expect to pay charges under this proposed rule?

現在世界上發生了很多事。我想我們可以從美國貿易代表辦公室針對中國造船業提出的規則開始嗎？您如何看待此事與海洋產業的潛在變化以及美森在其中的定位之間的關係？我認為有幾艘 MAX 客機是在中國建造的。根據這項擬議規則，您預計支付多少費用？

Yeah. Thanks, Jake. Yeah, I agree with your sentiment that there's a lot going on at the moment and I think this USTR proposal that dropped on Friday is one of a number of changes. I think I'll answer your question in two ways.

是的。謝謝，傑克。是的，我同意你的觀點，目前正在發生很多事情，我認為週五提出的這項美國貿易代表提案是眾多變化之一。我想我會從兩個方面回答你的問題。

The first is to answer it more generally and then I'll answer it more specifically. But generally, our feeling is that we're in the early innings of a discussion to be had between the US and Chinese governments. We saw the 10% rollout of the tariff and we see this USTR proposal as the next step in a discussion that it's going to have with China. There may be others that follow but it's all to set a stage to be consistent with President Trump's efforts to try to reset trade balances.

首先我來比較籠統地回答一下，然後再比較具體地回答一下。但總體而言，我們的感覺是，我們正處於美國和中國政府之間討論的早期階段。我們看到了10%關稅的推出，我們認為美國貿易代表辦公室的這項提議是與中國進行討論的下一步。可能還會有其他舉措，但這一切都是為了與川普總統試圖重置貿易平衡的努力保持一致。

And I also think that whether it's in Europe or whether it's in other Asian origins, this is one of a number of steps that we think are going to come out over these next few months. So I think the short answer for our perspective is it's too early to tell. It's too early to tell exactly what tariffs are going to be implemented in China and in countries that compete with China. It's too early to tell what retaliatory tariffs, if any, roll out. So I would just say stay tuned.

我還認為，無論是在歐洲還是在其他亞洲地區，這都是我們認為未來幾個月將採取的一系列措施之一。因此我認為，從我們的角度來看，現在下結論還為時過早。現在判斷中國以及與中國競爭的國家將實施何種關稅還為時過早。現在判斷是否會採取報復性關稅還為時過早。所以我只想說請繼續關注。

I would say more specifically to your questions about if this USTR proposal is enacted. Matson has a fleet of 30 vessels and of those 30 vessels, 3 of those are chartered, foreign, Chinese-built ships that operate in our MAX service as you correctly point out. And one we operate, one Chinese-built vessel, we operate in our South Pacific service. So we have 4 vessels out of a total of 30 that are manufactured in China.

我想更具體地回答你關於這項美國貿易代表提案是否頒布的問題。Matson 擁有一支由 30 艘船組成的船隊，其中 3 艘是租用的外國船隻，由中國建造，正如您正確指出的那樣，在我們的 MAX 航線上運營。其中一艘是我們營運的，是一艘中國建造的船隻，我們在南太平洋航線上運作。因此，我們總共 30 艘船中有 4 艘是中國製造的。

And of course we have three vessels as you know, under construction; those are being built in US yards. We have no vessels under construction in Chinese yards. But let me just repeat what I said from the beginning. I think it's really these are opening salvos; we're in the early innings.

當然，正如你所知，我們有三艘船正在建造中；這些正在美國船廠建造。我們在中國船廠沒有正在建造的船隻。但請讓我重複一下我一開始說的話。我認為這確實只是開場白；我們正處於早期階段。

We could use different analogies but we're watching this closely. I would also say -- I've said it in my prepared comments -- but I think it's important also to stay here. Matson has tended to do well in periods of disrupted supply chain environments.

我們可以使用不同的類比，但我們正在密切關注這一點。我還想說——我在準備好的評論中已經說過了——但我認為留在這裡也很重要。在供應鏈環境中斷的時期，Matson 往往表現良好。

We continue to believe strongly and have heard from our customers loud and clear that operating our two expedited China services in the way that we do given the continuing uncertainty for all participants in the supply chain puts us in a pretty good spot. So that's kind of the way we're thinking about it at this point, Jake.

我們始終堅信，並且從客戶那裡聽到了明確的訊息：考慮到供應鏈中所有參與者持續存在的不確定性，以我們目前的方式運營兩條中國加急服務將使我們處於相當有利的地位。傑克，這就是我們現在的想法。

Makes a lot of sense, thanks. And maybe the stick with macro policies for now. I don't think you have a lot of exposure, direct exposure to the de minimis exemption but to the extent you compete with air freight are you thinking about any indirect impacts if this goes away?

非常有道理，謝謝。目前或許應該堅持宏觀政策。我認為您不會受到太多影響，不會直接受到最低限度豁免的影響，但就您與空運的競爭而言，您是否考慮過如果這項豁免消失會產生任何間接影響？

Yeah, I mean, I think that the unanswered question we don't -- aren't directly impacted. I think the place that we tangentially could be impacted are two of the largest companies that are taking advantage of this minimis exemption who are Temu and Shein, they're today moving virtually 100% of their cargo versus the US portion of their cargo via air freight.

是的，我的意思是，我認為這個未解答的問題我們不會受到直接影響。我認為我們可能受到間接影響的地方是利用這一最低限度豁免的兩家最大的公司，即 Temu 和 Shein，他們今天幾乎 100% 的貨物都是通過空運運輸的，而美國部分的貨物則通過空運運輸。

And so it's a question either about the de minimis or new tariffs. Does that create some of that cargo to migrate into a fast ocean product; that could be an upside for those that operate in the expedited. None of that has been announced but it's a neutral to positive to us, I guess, is how we would look at it at this point.

所以這是一個關於最低限度或新關稅的問題。這是否會導致部分貨物遷移到快速海運產品？對於那些採用加急方式經營的企業來說，這可能是一個好處。這些都還沒有宣布，但對我們來說是中性到積極的，我想，這就是我們目前看待它的方式。

Yeah, thanks. And then one on the guide for me. I guess it feels like if earnings are just moderately lower this year even in a Red Sea normalization scenario. You aren't really expecting earnings in the back half to return to 2023 levels. So do you think that pricing is just structurally higher for you now compared to pre-Red Sea trends or is this more a reflection that it'll take some time for ocean networks to normalize once these changes are made?

是的，謝謝。然後為我提供一份指南。我想，即使在紅海正常化情境下，今年的收益也會略有下降。你實際上並不期望下半年的收益能夠恢復到 2023 年的水準。那麼，您是否認為與紅海危機之前的趨勢相比，現在的價格只是結構性地更高，還是這更反映了一旦這些變化發生，海洋網路需要一段時間才能恢復正常？

Yeah Jake, it's really a reflection of a continued improvement in our rate and rates that we charge in those services. And a lot of that has been finding more and more customers that convert from air freight and then the other piece is e-commerce.

是的，傑克，這確實反映了我們的費率以及我們在這些服務中收取的費用的持續改善。其中很大一部分是發現越來越多的客戶從空運轉變而來，另一方面是電子商務。

So as the years pass and we look at this year, 2025, compared to two years ago, 2023, we just tend to have a higher mix of our overall demand coming from those segments that are willing to pay higher rates. So I guess you could call that a structural issue that we benefited from as those portions of our demand grow over time.

因此，隨著時間的推移，我們看看今年（2025 年），與兩年前的（2023 年）相比，我們的整體需求往往更多地來自那些願意支付更高價格的細分市場。所以我想你可以稱之為結構性問題，隨著時間的推移，我們的需求部分會不斷增長，我們也因此受益。

Yeah, that's helpful. Thanks for your time, guys. I appreciate it.

是的，這很有幫助。謝謝你們的時間。我很感激。

Thanks, Jake. Thanks.

謝謝，傑克。謝謝。

Benjamin Nolan, Stifel.

本傑明·諾蘭（Benjamin Nolan），Stifel。

Alright. Thank you. Hey man, Joel, first of all, good quarter and I did want to say I appreciate that you guys did not take out the impairment charge. That level of transparency is not something that I see very often but I think hats off to you for being straight shooters on that.

好吧。謝謝。嘿，喬爾，首先，這是一個好的季度，我確實想說，我很感激你們沒有扣除減損費用。這種程度的透明度並不是我經常看到的，但我認為你應該為你的直言不諱而感到自豪。

My question really has to do a little bit with the guidance and sort of thinking through the financial impact of the Red Sea and whether it goes away or not and the implications for you guys. And appreciating that you don't necessarily want to put numbers to it but is it simply as straightforward as if the Red Sea opens up, average voyage durations go down and international freight rates fall. Is that all that's being implied there or is there something else in the math?

我的問題實際上與指導和思考紅海的財務影響以及它是否會消失以及對你們的影響有關。並且理解您不一定想用數字來說明，但它是否簡單明了，就像紅海開放一樣，平均航行時間就會減少，國際運費就會下降。這就是全部意義嗎？還是數學上還有其他意義？

Yeah. It's as simple as you state. I mean, I think our thinking is we saw a reset up when the Red Sea absorbed that 2 million TEU of capacity as the international ocean carriers adjusted their deployments to accommodate for that longer transit. That when that ends, I say if and when or when that ends, then we'll see that capacity being freed up into these transportation networks and that on the margin could erase some of the rate increase we saw at the time.

是的。正如您所說的那樣簡單。我的意思是，我認為我們的想法是，當紅海吸收了 200 萬 TEU 的運力時，我們看到了一次重置，因為國際海運承運商調整了他們的部署以適應更長的運輸時間。當這種情況結束時，我說如果並且當或當這種情況結束時，我們將看到這些運輸網路的容量被釋放，並且邊際上可以消除我們當時看到的部分費率上漲。

It's a little difficult to put everything on a single factor given some of the trade reset that President Trump is seeking to roll out, where the world economy is, consumer demand, and expectations of consumer confidence.

考慮到川普總統試圖推出的一些貿易重置、世界經濟狀況、消費者需求以及消費者信心預期，將所有問題歸結於單一因素有點困難。

So obviously nothing is in a vacuum but to us that seemed to be one singular event that could drive international ocean freight rates lower. Ben, our pricing mechanisms are not directly tied to the international ocean carriers but move in sympathy with the rates. And so that's the thought process behind that.

因此，顯然沒有事情是憑空而來的，但對我們來說，這似乎是一個可以推動國際海運費率下降的單一事件。本，我們的定價機制並非直接與國際海運承運商掛鉤，而是隨著運費而變動。這就是背後的思考過程。

Got you. And as you explained in the last question, it sounds like structurally, even if there were reset, you're -- not all of your business would reset effectively or it would be less impacted so appreciate that.

明白了。正如您在上一個問題中所解釋的那樣，從結構上來說，即使進行了重置，您的所有業務也不一定都能有效重置，或者受到的影響較小，因此請理解。

My next question relates to the three new buildings in Philadelphia; I saw that there was a four-month delay. First of all, any color on why that is but then secondly, do you feel pretty comfortable that that, you know, encapsulates the whole risk of potential delays.

我的下一個問題與費城的三座新建築有關；我看到有四個月的延遲。首先，您能解釋為什麼會這樣嗎？其次，您是否覺得這涵蓋了潛在延誤的全部風險？

And then also, is there any -- beyond steel -- is there any risk that there there might be some other level of repricing if I, don't know, if wage inflation in the shipyard increases or something like that -- like it -- and is there any recourse on your part for the fact that they're already late?

然後還有，除了鋼鐵之外，如果造船廠的工資上漲或類似情況發生，是否存在可能出現其他程度重新定價的風險——類似這樣——對於他們已經遲到的事實，你們有什麼補救措施嗎？

Okay, yeah, good. This is Matt. I will take a crack at it and then I'm going to turn it over to Joel to mop up here for anything that I've missed. So I think the first thing I would say is there is a specific initiative. There is a five-vessel project that was ahead of our project.

好的，是的，很好。這是馬特。我會嘗試一下，然後我會把它交給喬爾來清理我遺漏的任何東西。所以我認為我想說的第一件事就是有一個具體的舉措。有一個五艘船的專案比我們的專案領先。

And effectively there was a delay in the construction of the last of the vessels. The graving dock in which these vessels are constructed in Philly was effectively tied up with the last of these vessels. And at this point with this delay and Hanwha looking carefully at other materials that are around it and their construction of the fourth and fifth.

這實際上導致最後一艘船的建造被推遲。在費城建造這些船隻的乾船塢實際上與最後一艘船連接在一起。此時，由於這種延遲，韓華正在仔細研究周圍的其他材料以及第四和第五個材料的建造。

One of the earlier vessels is at an outfitting dock and is not in the critical path. This last one is the remaining, they believe, critical path items. So as to your question about the reason behind it, that's the reason. It also, they believe, gives them some confidence that they're not aware of any other significant changes at this point which could cause further delays but you rightly point out that there could be delays depending on other things.

較早到達的其中一艘船目前停靠在舾装碼頭，並不在關鍵路徑上。他們認為，最後一個是剩下的關鍵路徑項目。至於你問的背後的原因，這就是原因。他們認為，這也讓他們有信心，他們目前還不知道任何其他可能導致進一步延誤的重大變化，但你正確地指出，根據其他因素，可能會出現延誤。

But at this point it's best -- it's Hanwha's best thinking that this will be the -- around the delivery dates. Although, as you know from our previous construction, these are not exact science and in the history of shipbuilding, whether things slip another quarter, that's not a significant surprise to us.

但目前，韓華認為最好的方法是——在交貨日期前後。但是，正如您從我們之前的建造過程中所了解的，這些都不是精確的科學，而且在造船史上，無論情況是否再下滑一個季度，這對我們來說都不是一個重大的意外。

I would say, with regard to the delay, the primary impact to Matson would be the delay in getting the benefits of the additional capacity that comes with these larger vessels on our CLX service. And so it's just a delayed benefit or opportunity cost there.

我想說，關於延誤，對 Matson 的主要影響是延遲獲得我們 CLX 服務上這些大型船舶所帶來的額外容量的好處。所以這只是一種延遲的利益或機會成本。

There are -- could there be further increases? We have a fixed-price contract. There are some escalators for fuel -- for a steel cost. There are some liquidated damages but at the end of the day none of those are significant drivers to us getting the benefit of our new ships.

還會進一步增加嗎？我們有一份固定價格合約。有一些自動扶梯需要燃料——鋼材成本。雖然有一些違約金，但最終這些都不是我們從新船中獲益的重要驅動因素。

And we continue to feel reasonably confident in our ability to get these ships in '27 and '28 and you know, everything looks continues to look like a go other than the acknowledgement of a four-month delay. And what did I miss, Joel?

我們仍然對在 27 年和 28 年獲得這些船隻的能力充滿信心，你知道，除了承認有四個月的延遲外，一切看起來都很順利。我錯過了什麼嗎，喬爾？

No, that's it. I mean, I think you got them. Part of your question was to the overall potential for cost inflators. If you look at the overall program of $1 billion, the piece of it that's tied to steel and the steel index change is a very small percentage of the overall billion dollars and it is a fixed-price contract.

不，就是這樣。我的意思是，我認為你已經得到它們了。您的問題部分涉及成本膨脹的整體潛力。如果你看一下整個 10 億美元的計劃，你會發現其中與鋼鐵和鋼鐵指數變化相關的部分只佔整個 10 億美元中的很小一部分，而且這是一份固定價格合約。

There are some things that Matt alluded to that where the price can go up or down based upon different factors. But the bottom line is we don't expect the overall price tag to be a material change in the $1 billion negotiated price.

馬特提到，價格可能會根據不同的因素而上漲或下跌。但底線是，我們預計整體價格不會對 10 億美元的談判價格產生重大變化。

Yeah. And then this is Matt, again, one last comment. Although with the existing tariffs and how they get rolled out, there remains some uncertainty just about how all that flows its way through. So we're not saying it's there's no impact but what we're saying is a lot of the factors are pretty lined up at this point.

是的。然後這是馬特，再次說最後一條評論。儘管存在現有的關稅及其實施方式，但對於所有關稅如何實施仍然存在一些不確定性。所以我們並不是說它沒有影響，而是說目前很多因素已經相當複雜了。

Okay, I appreciate it. And then lastly, and I hate to ask this, but I've been asked already multiple times today, any changing in how you're thinking about Jones Act protection and so forth?

好的，我很感激。最後，我不想問這個問題，但是今天我已經被問過好幾次了，您對瓊斯法案保護等的看法有任何改變嗎？

Yeah, thanks, Ben. There really is no change to our thinking, which I'll articulate now, which is to say we obviously have a change of administration, the -- that the Trump administration and was a supporter of the Jones Act in its last administration.

是的，謝謝，本。我們的想法確實沒有改變，我現在就闡明這一點，也就是說，我們顯然已經更換了政府，川普政府在上一屆政府中是《瓊斯法案》的支持者。

We expect them to continue to be a supporter of the Jones Act. This America First strategy of the incoming administration is very consistent with the Jones Act. We continue to have wide bipartisan support in Congress.

我們希望他們繼續支持《瓊斯法案》。新政府的這項「美國優先」策略與《瓊斯法案》非常一致。我們繼續獲得國會兩黨的廣泛支持。

We have a President -- a number of the President's cabinet on record, incoming cabinet as strongly supporting the Jones Act. So at this point, while we acknowledge there's some uncertainty around tariffs and things that are going on, I think it continues to enjoy wide bipartisan support and we don't see any changes to the Jones Act.

我們有一位總統——有記錄顯示，總統內閣中的一些成員、即將上任的內閣成員都強烈支持《瓊斯法案》。因此，目前，雖然我們承認關稅和正在發生的事情存在一些不確定性，但我認為它繼續得到兩黨的廣泛支持，我們認為《瓊斯法案》不會發生任何變化。

Alright, I appreciate that and good quarter again. Thanks for answering questions.

好的，我很感激，再次表示感謝。謝謝您回答問題。

Thanks, Ben.

謝謝，本。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Matt Cox for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目單交還給馬特考克斯 (Matt Cox)，以便他發表進一步的評論。

Okay. Well, thanks for your participation in today's call. We'll look forward to catching up with everyone at the quarter one call. Thank you very much. Aloha.

好的。好的，感謝您參加今天的電話會議。我們期待在第一季的電話會議上與大家見面。非常感謝。你好。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。