Matson Inc (MATX) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to Matson's first-quarter 2026 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您耐心等候。歡迎參加 Matson 2026 年第一季財務業績電話會議。(接線員指示) 提醒您，今天的節目將被錄音。

And now I'd like to introduce your host for today's program, Justin Schoenberg, Director of Investor Relations and Corporate Development. Please go ahead, sir.

現在我想介紹今天節目的主持人：投資人關係與企業發展總監 Justin Schoenberg。先生，請開始。

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。今天與我一同參與電話會議的有：董事長兼執行長 Matt Cox，以及執行副總裁兼財務長 Joel Wine。本次簡報的投影片可於我們網站 www.matson.com 的 Investors（投資人）分頁下載。

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. 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.

在開始之前，我想提醒各位，在本次電話會議過程中，我們將依據聯邦證券法之定義，就預期、預測、推估或未來事件發表前瞻性陳述。我們相信我們的預期與假設是合理的。我們提醒您留意可能導致實際結果與前瞻性陳述所述內容出現重大差異的風險因素，這些前瞻性陳述載於新聞稿、簡報投影片以及本次電話會議中。

These risk factors are described in our press release and presentation and are more fully detailed under the caption Risk Factors on Pages 12 to 23 of Form 10-K filed on February 27, 2026, and in our subsequent filings with the SEC. Please also note that the date of this conference call is May 4, 2026, 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.

這些風險因素已在我們的新聞稿與簡報中說明，並於 2026 年 2 月 27 日提交之 Form 10-K 第 12 至 23 頁「Risk Factors（風險因素）」章節，以及我們後續向 SEC 提交的文件中更為詳盡地揭露。另請注意，本次電話會議日期為 2026 年 5 月 4 日，我們今天所作的任何前瞻性陳述均基於截至本日的假設。我們不承擔更新這些前瞻性陳述的任何義務。

I will now turn the call over to Matt.

接下來我把電話交給 Matt。

Thanks, Justin, and thanks to those on the call. Starting on slide 3. In the first-quarter 2026, Ocean Transportation operating income exceeded our expectations, primarily due to higher freight demand post-Lunar New Year in our China service. In our domestic tradelanes, we saw lower year-over-year volume in Hawaii and Alaska. In Logistics, operating income was lower year over year, primarily due to a lower contribution from supply chain management.

謝謝 Justin，也感謝各位參與電話會議。請看投影片第 3 頁。2026 年第一季，海運事業（Ocean Transportation）營業利益高於我們的預期，主要是因為中國航線在農曆新年後的貨運需求較高。在我們的國內航線方面，夏威夷與阿拉斯加的貨量較去年同期下降。在物流（Logistics）方面，營業利益較去年同期下降，主要是因供應鏈管理的貢獻較低。

To date, the Iran conflict has not impacted our operating performance or service levels. However, it has impacted fuel prices in all our markets. While we have effective mechanisms to recover the cost of fuel by the end of the year, for the second quarter, we expect a negative impact from the lag in the recovery of fuel costs. I'll go into more detail later in the presentation on the effects of fuel prices and our recovery mechanisms.

截至目前，伊朗衝突尚未影響我們的營運表現或服務水準。然而，它已影響我們所有市場的燃油價格。雖然我們有有效機制可在年底前回收燃油成本，但就第二季而言，我們預期因燃油成本回收的時間落差而帶來負面影響。我稍後會在簡報中更詳細說明燃油價格的影響以及我們的回收機制。

Lastly, we are raising our full-year outlook for consolidated operating income and now expect to modestly exceed the level achieved in 2025. The primary driver behind raising outlook for consolidated operating income is the strengthening of freight demand in our China service post-Lunar New Year that we expect now to continue through peak season. Joel will go into more detail on the outlook later in the presentation.

最後，我們上調全年合併營業利益展望，現在預期將小幅超過 2025 年達成的水準。上調合併營業利益展望的主要驅動因素，是我們中國航線在農曆新年後貨運需求轉強，且我們目前預期此趨勢將延續至旺季。Joel 稍後會在簡報中更詳細說明展望。

I will now go through the first-quarter performance in our tradelanes, SSAT and Logistics. So please turn to the next slide.

接下來我將說明我們各航線、SSAT 與物流在第一季的表現。請翻到下一張投影片。

In our Hawaii service, container volume for the first quarter decreased 5.6% year over year, primarily due to lower general demand and the dry-docking of a competitor's vessel in the year-ago period. For the full-year 2026, we expect volume to be comparable to the level achieved in 2025, reflecting similar economic conditions in Hawaii and stable market share.

在夏威夷航線方面，第一季貨櫃量較去年同期下降 5.6%，主要因一般需求較弱，以及去年同期競爭對手船舶進塢維修（dry-docking）。就 2026 年全年而言，我們預期貨量將與 2025 年達成的水準相當，反映夏威夷類似的經濟情勢以及穩定的市占率。

Please turn to slide 5. According to UHERO's February economic report, Hawaii's economy is expected to experience modest growth supported by construction activity, while tourism remains soft and inflationary pressures persist. Construction continues to be a bright spot for the labor market, with a high level of public and private building activity, including the rebuilding of Maui.

請翻到投影片第 5 頁。根據 UHERO 2 月份經濟報告，夏威夷經濟預期將呈現溫和成長，並由營建活動支撐；同時，觀光仍偏疲弱，通膨壓力持續。營建業仍是勞動市場的亮點，公共與民間建設活動維持高檔，包括茂宜島的重建。

Regarding tourism, the outlook for international visitors remains weak, offsetting modest growth in domestic tourist arrivals. Lastly, inflation remains elevated and may continue to weigh on discretionary spending and overall demand.

就觀光而言，國際旅客的展望仍然疲弱，抵銷了國內旅客到訪的溫和成長。最後，通膨仍處於高位，可能持續壓抑非必需性支出與整體需求。

Moving on to our China service on slide 6. Matson's volume in the first quarter of 2026 was 9.5% lower year over year, primarily due to lower general demand. As we noted on the fourth-quarter earnings call, we expected volume in the first quarter to be lower than the prior year as we return to a more traditional Lunar New Year freight cycle.

接著看投影片第 6 頁的中國航線。Matson 於 2026 年第一季的貨量較去年同期下降 9.5%，主要因一般需求較弱。如同我們在第四季法說會所提到的，隨著我們回到較傳統的農曆新年貨運循環，我們預期第一季貨量將低於去年同期。

Please turn to slide 7 for additional commentary on current business trends. In the first quarter, we did not see a traditional bump in demand prior to Lunar New Year. Post holiday, the freight demand exceeded our expectation and was driven by higher demand across several of our key market segments such as e-commerce, e-goods and garments. We saw continued air-to-ocean freight conversions and further growth and penetration into Southeast Asia ports.

請翻到投影片第 7 頁，以取得更多關於目前業務趨勢的說明。第一季，我們在農曆新年前並未看到傳統的需求上升。節後貨運需求超出我們預期，主要由多個關鍵市場區隔的需求增加所帶動，例如電商、電子產品（e-goods）與成衣。我們看到空運轉海運的貨量持續增加，並進一步成長與滲透至東南亞港口。

E-commerce from South China continues to be a solid recurring contributor to volume demand. E-goods volume picked up in the post-holiday due to strong demand for data center servers and racks, which has continued into the second quarter.

來自華南的電商貨量持續成為穩健且可重複的貨量需求貢獻來源。電子產品（e-goods）貨量在節後因資料中心伺服器與機櫃需求強勁而回升，且此趨勢延續至第二季。

With respect to air-to-ocean freight conversions, we benefited from elevated freight costs and reduced air cargo capacity in select markets. In the first quarter of 2026, we saw strong volume from our feeder network in North and South Vietnam and Thailand. Our Thailand feeder service, which commenced operations in late December 2025, has received positive feedback and has exceeded our expectations to date on volume.

就空運轉海運而言，我們受惠於部分市場運費成本偏高以及空運貨運運能下降。2026 年第一季，我們在北越、南越與泰國的支線（feeder）網路帶來強勁貨量。我們的泰國支線服務於 2025 年 12 月下旬開始營運，迄今收到正面回饋，貨量表現也超出我們的預期。

Overall, the uptick in freight demand we saw post-Lunar New Year has continued to build in the second quarter as demand strengthens and volumes return to a more traditional seasonal pattern. With increasing demand, we remain focused on maximizing the yield on every sailing out of Shanghai, and our freight rates remain at healthy levels.

整體而言，我們在農曆新年後看到的貨運需求回升，在第二季持續增溫，隨著需求轉強，貨量也回到較傳統的季節性型態。在需求增加之際，我們仍專注於最大化每一班自上海出航的收益（yield），而我們的運價仍維持在健康水準。

As a result, we expect second-quarter 2026 container volume to be higher compared to the prior-year period, which included a market decline in transpacific demand due to the tariffs imposed in April of 2025. As a reminder, our container volume declined 30% last April before recovering in May and June.

因此，我們預期 2026 年第二季貨櫃量將高於去年同期；去年同期包含 2025 年 4 月因加徵關稅導致跨太平洋需求下滑的市場情況。提醒各位，我們的貨櫃量在去年 4 月下滑 30%，之後於 5 月與 6 月回升。

Encouragingly, conditions are more stable today. For the full-year 2026, we expect container volume to be moderately higher than the level achieved in 2025 as we expect the demand strength in the second quarter to continue through peak season.

令人鼓舞的是，目前市場狀況更為穩定。就 2026 年全年而言，我們預期貨櫃量將較 2025 年達成的水準溫和成長，因我們預期第二季的需求強度將延續至旺季。

Please turn to the next slide. In our Guam service, Matson's container volume in the first quarter of 2026 was flat year over year. In the near term, we expect Guam's economy to remain stable. As such, for the full-year 2026, we expect container volume to be comparable to the level achieved last year.

請翻到下一張投影片。在關島航線方面，Matson 於 2026 年第一季的貨櫃量與去年同期持平。短期內，我們預期關島經濟將維持穩定。因此，就 2026 年全年而言，我們預期貨櫃量將與去年達成的水準相當。

Please turn to the next slide. In our Alaska service, Matson's container volume in the first quarter of 2026 decreased 2% year over year. The decrease was primarily due to lower general demand, partially offset by an additional northbound sailing and an additional AAX sailing compared to the year-ago period.

請翻到下一張投影片。在我們的阿拉斯加航線服務中，Matson 於 2026 年第一季的貨櫃量較去年同期下降 2%。下降主要由於整體需求較弱，部分被相較去年同期增加一次北向航次及增加一次 AAX 航次所抵銷。

In the near term, we expect continued economic growth in Alaska, supported by a low unemployment rate, job growth and continued oil and gas exploration and production activity. As such, for full-year 2026, we expect container volume to be comparable to the level achieved last year.

短期內，我們預期阿拉斯加經濟將持續成長，受低失業率、就業成長以及油氣勘探與生產活動持續所支撐。因此，就 2026 全年而言，我們預期貨櫃量將與去年達成的水準相當。

Please turn to slide 10. In the first quarter, our SSAT terminal joint venture contributed $5 million, representing a year-over-year decrease of $1.6 million. The decrease was primarily due to lower lift volume. For the full-year 2026, we expect the contribution from SSAT to be lower than the $32.5 million achieved in full-year 2025.

請翻到第 10 張投影片。第一季，我們的 SSAT 碼頭合資企業貢獻 500 萬美元，較去年同期減少 160 萬美元。下降主要由於吊櫃量較低。就 2026 全年而言，我們預期 SSAT 的貢獻將低於 2025 全年達成的 3,250 萬美元。

Turning now to Logistics on slide 11. Operating income in the first quarter came in at $6.8 million or $1.7 million lower than the result in the year-ago period. The decrease was primarily due to lower contribution from supply chain management. For full-year 2026, we expect operating income to approach the level achieved in full-year 2025.

接著看第 11 張投影片的物流業務。第一季營業利益為 680 萬美元，較去年同期結果低 170 萬美元。下降主要由於供應鏈管理的貢獻較低。就 2026 全年而言，我們預期營業利益將接近 2025 全年達成的水準。

Please turn to the next slide. Before I turn the call over to Joel for a review of our financial performance, I'd like to share a few thoughts on the recent volatility in fuel prices attributed to the Iran conflict.

請翻到下一張投影片。在我把電話交給 Joel 回顧我們的財務表現之前，我想先分享幾點關於近期因伊朗衝突導致燃油價格波動的看法。

We expect fuel price volatility to impact our near-term earnings due to a timing lag between when we incur fuel costs and when we can fully recover these costs through our fuel surcharge. These mechanisms are very effective at recovering the cost of fuel over time. Historically, in our maritime business, we have been successful in recouping the cost of fuel within any calendar year, although fluctuations can occur between quarters.

我們預期燃油價格波動將影響我們短期獲利，原因在於我們發生燃油成本與透過燃油附加費完全回收這些成本之間存在時間落差。這些機制在長期回收燃油成本方面非常有效。歷史上，在我們的海運業務中，我們一直能在任何一個曆年內成功回收燃油成本，儘管季度之間可能出現波動。

In the first quarter of this year, the impact was not material as we experienced escalating fuel prices only during the last few weeks of the quarter. For the second quarter, we expect to lag in the recovery of fuel costs, but we expect to fully recover our fuel costs by the end of the year, with most of that occurring in the third quarter. These expectations regarding the impact of fuel costs and the recoverability of these costs have been factored into our outlook.

今年第一季影響並不重大，因為燃油價格上升僅發生在該季最後幾週。第二季我們預期燃油成本回收將出現落後，但我們預期到年底可完全回收燃油成本，其中大部分回收將發生在第三季。我們已將上述對燃油成本影響及其可回收性的預期納入我們的展望之中。

And with that, I will now turn the call over to my partner, Joel.

接下來，我將把電話交給我的夥伴 Joel。

Okay. Thanks, Matt. Please turn to slide 13 for a review of our financial results. For the first quarter, consolidated operating income decreased $20.7 million year over year to $61.4 million, with Ocean Transportation decreasing $19 million and Logistics declining $1.7 million. The decrease in Ocean Transportation operating income in the first quarter was primarily due to a lower contribution from our China service. The decrease in Logistics operating income was primarily due to a lower contribution from supply chain management.

好的。謝謝你，Matt。請翻到第 13 張投影片，回顧我們的財務結果。第一季合併營業利益較去年同期減少 2,070 萬美元至 6,140 萬美元，其中海運運輸減少 1,900 萬美元，物流下降 170 萬美元。第一季海運運輸營業利益下降主要由於我們中國航線的貢獻較低。物流營業利益下降主要由於供應鏈管理的貢獻較低。

We had interest income of $6.1 million in the quarter compared to $9.4 million in the same period last year. The effective tax rate in the quarter was 16.6% compared to 21.6% in the year-ago period. Our tax rate was lower year over year due to a discrete tax item that reduced taxable income. Given the lower income level in the quarter relative to the other quarterly periods in the year, discrete tax items can have a more pronounced impact on our effective tax rate in the quarter.

本季利息收入為 610 萬美元，去年同期為 940 萬美元。本季有效稅率為 16.6%，去年同期為 21.6%。我們的稅率較去年同期降低，係因一項一次性稅務項目降低了應稅所得。鑑於本季相較於年度其他季度期間的所得水準較低，一次性稅務項目對本季有效稅率的影響可能更為顯著。

In the first quarter of 2026, net income and diluted earnings per share were $56.6 million and $1.85, respectively. Diluted weighted shares outstanding decreased 7.8% year over year.

2026 年第一季，淨利與稀釋每股盈餘分別為 5,660 萬美元與 1.85 美元。稀釋加權平均流通股數較去年同期下降 7.8%。

Please turn to the next slide. We continue to generate strong cash flows. For the trailing 12 months, we generated cash flow from operations of $552.1 million. We returned capital in the form of dividends and share repurchases of $333.8 million, and we had maintenance CapEx of $156.9 million. Our cash flow from operations exceeded the aggregate spend on maintenance CapEx, dividends and share repurchases by $61.4 million.

請翻到下一張投影片。我們持續產生強勁的現金流。過去 12 個月，我們的營運活動現金流為 5.521 億美元。我們以股利與庫藏股回購形式回饋資本 3.338 億美元，並有維護性資本支出 1.569 億美元。我們的營運活動現金流超過維護性資本支出、股利與庫藏股回購合計支出 6,140 萬美元。

Please turn to slide 15 for a summary of our share repurchase program and balance sheet. During the first quarter, we repurchased approximately 400,000 shares for a total of $54.4 million. Since we initiated our share repurchase program in August 2021 through the end of March of this year, we have repurchased approximately 14.2 million shares or 32.7% of our stock for a total cost of approximately $1.3 billion.

請翻到第 15 張投影片，摘要我們的庫藏股回購計畫與資產負債表。第一季期間，我們回購約 40 萬股，總金額 5,440 萬美元。自 2021 年 8 月啟動庫藏股回購計畫至今年 3 月底，我們已回購約 1,420 萬股，約占我們股票的 32.7%，總成本約 13 億美元。

On April 23, 2026, we announced the addition of 3 million shares to our existing share repurchase authorization. As we have said before, share repurchases are an important component of our capital allocation strategy, and this increase allows us to continue to be steady buyers of our shares in the absence of any large organic or inorganic growth investment opportunities.

2026 年 4 月 23 日，我們宣布在既有庫藏股回購授權額度上新增 300 萬股。如同我們先前所說，庫藏股回購是我們資本配置策略的重要組成部分；在缺乏任何大型內生成長或外生成長投資機會的情況下，此次增加使我們得以持續穩定買回自家股票。

Turning to our debt levels. Our total debt at the end of the first quarter was $351.1 million, a reduction of $10.1 million from the end of the fourth quarter of 2025.

接著談我們的負債水準。第一季末我們的總負債為 3.511 億美元，較 2025 年第四季末減少 1,010 萬美元。

With that, let me now turn to slide 16 and walk through our outlook for the second quarter of 2026 at the top of the page.

接下來，讓我翻到第 16 張投影片，說明頁面上方我們對 2026 年第二季的展望。

Based on the outlook trends Matt mentioned earlier, we expect Ocean Transportation operating income to be approximately $20 million higher than the $98.6 million achieved in the second quarter of 2025. We also expect Logistics operating income to approach the $14.4 million achieved in the second quarter of 2025. As such, we expect consolidated operating income in the second quarter to be approximately $20 million higher than the prior year, which includes the negative impact we expect from the lag in the recovery of fuel costs that Matt mentioned earlier.

根據 Matt 先前提到的展望趨勢，我們預期海運運輸營業利益將較 2025 年第二季達成的 9,860 萬美元高出約 2,000 萬美元。我們也預期物流營業利益將接近 2025 年第二季達成的 1,440 萬美元。因此，我們預期第二季合併營業利益將較去年同期高出約 2,000 萬美元，其中已包含 Matt 先前提到、我們預期因燃油成本回收落後所帶來的負面影響。

On the bottom half of the slide, we have our expectations for full-year 2026. Starting with Ocean Transportation, we now expect year-over-year operating income to modestly exceed the level achieved in the prior year. The strengthening of freight demand in our China service post-Lunar New Year and our expectation that this demand strength continues through peak season is the primary driver behind our raise in outlook.

在投影片下半部，我們列出對 2026 全年的預期。先從海運運輸開始，我們目前預期營業利益年增將小幅超過前一年度達成的水準。農曆新年後我們中國航線的貨運需求轉強，以及我們預期此一需求強勢將延續至旺季，是我們上調展望的主要驅動因素。

For Logistics, we expect operating income to approach the level achieved in the prior year. As a result, we now expect consolidated operating income to modestly exceed the level achieved in the prior year. Our full-year outlook includes the expectation that we're able to recover fuel costs by the end of the year with most of the recovery occurring in the third quarter. We also expect a more normal operating seasonality pattern with consolidated operating income in the second and third quarters being the strongest relative to the first and fourth quarters.

就物流而言，我們預期營業利益將接近前一年度達成的水準。因此，我們目前預期合併營業利益將小幅超過前一年度達成的水準。我們的全年展望包含：我們預期能在年底前回收燃油成本，其中大部分回收將發生在第三季。我們也預期營運季節性將回到較正常的型態，合併營業利益在第二與第三季相對於第一與第四季將最為強勁。

In addition to this full-year operating income outlook, we expect the following for the full year: depreciation and amortization to approximate $210 million, inclusive of approximately $35 million for dry-docking amortization, interest income to be approximately $16 million and interest expense to be approximately $6 million, other income to be approximately $7 million, an effective tax rate of approximately 21% and dry-docking payments of approximately $45 million.

除了這份全年營業利益展望之外，我們對全年也預期如下：折舊與攤銷約為2.10億美元，其中包含約3,500萬美元的進塢（dry-docking）攤銷；利息收入約為1,600萬美元，利息費用約為600萬美元；其他收入約為700萬美元；有效稅率約為21%；以及進塢付款約為4,500萬美元。

Moving to slide 17. The table on the slide shows our CapEx projections for the full-year 2026. Our range for maintenance and other capital expenditures is unchanged at $150 million to $170 million for full-year 2026. Our estimate for expected new vessel construction milestone payments and related costs for full-year 2026 is $400 million.

接著看第17頁投影片。投影片上的表格顯示我們對2026年全年的資本支出（CapEx）預估。我們對2026年全年維護及其他資本支出的區間維持不變，仍為1.50億至1.70億美元。我們對2026年全年預期的新造船建造里程碑付款及相關成本之估計為4.00億美元。

As of March 31, we had cash and cash equivalents of approximately $100 million and had approximately $522 million in our capital construction fund. Our CCF covers approximately 93% of our remaining milestone payment obligations and when combined with our balance sheet cash, exceeds our remaining financial obligations. We continue to be in a great funding position on the new build program.

截至3月31日，我們持有約1.00億美元的現金及約當現金，並在資本建造基金（CCF）中約有5.22億美元。我們的CCF可覆蓋約93%的剩餘里程碑付款義務；若再加上資產負債表上的現金，合計金額超過我們剩餘的財務義務。我們在新造船計畫的資金面仍處於非常有利的位置。

Lastly, our targeted build schedule remains unchanged. In the first quarter, we made a milestone payment of approximately $16 million from the CCF. Looking ahead, we expect to make approximately $213 million in milestone payments in the second quarter. And then in the third and fourth quarters, we expect to make milestone payments of approximately $34 million and $110 million, respectively.

最後，我們的目標建造時程維持不變。在第一季，我們自CCF支付了約1,600萬美元的里程碑款。展望未來，我們預期在第二季將支付約2.13億美元的里程碑款。接著在第三季與第四季，我們預期分別支付約3,400萬美元與1.10億美元的里程碑款。

With that, let me turn the call back over to Matt for closing remarks.

接下來，我把電話交回給Matt做結語。

Thanks, Joel. Please turn to slide 18, where I'll go through some closing thoughts. We continue to navigate a period of geopolitical tension and uncertainty. While we've experienced higher fuel prices, we're confident in our ability to fully recover our increased fuel costs.

謝謝你，Joel。請翻到第18頁投影片，我將分享一些結語想法。我們仍在因應地緣政治緊張與不確定性的時期。雖然我們面臨較高的燃油價格，但我們有信心能夠完全回收增加的燃油成本。

Our focus remains on what we can control, which is to put our customers first, maintain operational excellence and uphold our high standard of service. We remain confident in the demand consistency of our businesses because of our focus on serving niche markets where we're an integral part of the supply chain.

我們的重點仍放在可控事項：以客戶為先、維持卓越營運，並維持我們高標準的服務。由於我們專注於服務利基市場、且我們是供應鏈中不可或缺的一環，因此我們對各項業務需求的穩定性仍具信心。

In our domestic tradelanes, we provide a vital lifeline to the communities we serve. And in our China service, our value proposition is differentiated based on speed, reliability and schedule integrity. Building on these strengths, we've successfully moved with our customers into Southeast Asia markets to extend our geographic reach and diversify our origination ports.

在我們的國內航線中，我們為所服務的社區提供至關重要的生命線。而在中國航線服務方面，我們的價值主張因速度、可靠性與航班時刻表的完整性而具差異化。在這些優勢基礎上，我們已成功與客戶一同進入東南亞市場，以擴大地理覆蓋並分散起運港口。

Our China service has also become an important means for our e-commerce customers to meet the increasing consumer demand in the US and we continue to expect e-commerce to be a long-term driver of growth for our CLX and MAX services.

我們的中國航線服務也已成為電商客戶滿足美國消費者日益增加需求的重要方式；我們仍預期電商將是推動CLX與MAX服務長期成長的動能。

Lastly, we remain disciplined in our return of capital to shareholders. In the absence of sizable growth projects or acquisitions, we expect to continue to return excess cash to shareholders. As Joel mentioned, and we recently announced, we added 3 million shares to our authorization to repurchase stock.

最後，我們在回饋股東資本方面仍維持紀律。在缺乏大型成長專案或併購案的情況下，我們預期將持續把多餘現金回饋給股東。如Joel所提及且我們近期也已宣布，我們在股票回購授權中新增了300萬股。

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

接下來，我把電話交回給接線員，並請各位提問。

Jacob Lacks, Wolfe Research.

Jacob Lacks，Wolfe Research。

So you mentioned that you expect demand strength to continue through peak season. Last year was a little bit unique with the MAX service below 100% utilization during peak. Do you think you can get back towards more full ships this year as we move into 3Q?

你提到你們預期需求強勁將延續到旺季。去年有點特別，因為MAX服務在旺季期間的使用率低於100%。你認為今年進入第三季時，能否回到更接近滿載的狀態？

Yeah, I do, Jake. I think we said at the beginning of the year, and we continue to see it as it's unfolding in front of us, a more traditional cycle in the China trades, meaning post-Lunar New Year, slow build to the second and third quarter, full or nearly full ships as we have traditionally, whether we -- a weak -- and we have vessels that are slightly different sizes, but we expect to be full or nearly full in the second and third quarter as we build into the traditional peak season.

是的，我認為可以，Jake。我想我們在年初就說過，而且隨著情況逐步發展，我們也持續看到中國航線呈現較傳統的循環：也就是農曆新年後，需求逐步回升到第二季與第三季；如同以往傳統情況，船舶滿載或接近滿載。

So we expect it to remain busy until the traditional first, second week of October pattern in the Lunar New Year. So yeah, we're feeling like we're in a more normal environment and perhaps a bit slower post-Lunar New Year, but that's kind of the way we're seeing the world today. But overall, we expect to end up above where we did last year. And now we're at a point where we're feeling like we're going to exceed last year's marks.

因此我們預期會一路忙碌到農曆新年前的傳統模式，也就是10月的第一、第二週。所以，是的，我們覺得目前處於較正常的環境，農曆新年後可能稍微慢一些，但這就是我們目前對市場的觀察。但整體而言，我們預期最終表現會高於去年。而現在我們也覺得將會超越去年的水準。

Very helpful. And when I look at sort of airfreight versus ocean freight, air tends to be a lot more fuel intensive. Are you seeing more shippers look to convert freight to your service just the longer this high fuel price environment persists? And to the extent we start seeing some jet fuel shortages in Asia, could that accelerate volume growth from some of the non-China geographies?

非常有幫助。另外，當我比較空運與海運時，空運通常更耗油。在高油價環境持續的情況下，你們是否看到更多託運人想把貨量轉到你們的服務上？以及如果我們開始看到亞洲出現一些航空燃油短缺，是否可能加速來自部分非中國地區的貨量成長？

Yeah, I think you're right. I think it's -- so I think what we have heard from our customers is, although we have been mentioning this airfreight conversion for the last couple of years, given this expedited space that we created, there's been sort of a long term -- there are periods in markets where that growth trend would go up or go down. And we think we're entering a period where we're going to see more airfreight conversions, some of which will be temporary and some of which will continue to convert.

是的，我想你說得對。我認為——我們從客戶那裡聽到的是，雖然過去幾年我們一直在提空運轉換（airfreight conversion），也因為我們打造了這個加急運輸的艙位，但長期來看——市場上會有一些時期，這個成長趨勢會上升或下降。而我們認為我們正進入一個會看到更多空運轉換的時期，其中一部分會是暫時性的，另一部分則會持續轉換。

I also think that the longer that energy prices -- I'm sorry, energy prices and availability are issues, I think the airfreight markets have been significantly dislocated and especially in places where they primarily import their jet fuel.

我也認為，只要能源價格——抱歉，是能源價格與供應可得性仍是問題，空運市場就會出現顯著的錯位，尤其是在那些主要仰賴進口航空燃油的地區。

So while we haven't seen significant impacts yet, we are seeing, both from a price standpoint and a potential availability, we're seeing as we're seeing a lot of passenger airlines cancel flights or cancel marginally profitable flights. That's happening all over the world, including in the US, although that's not our core market.

因此，雖然我們尚未看到顯著影響，但從價格面以及潛在供給可得性來看，我們確實看到——我們看到許多客運航空公司取消航班或取消邊際獲利的航班。這種情況在全球各地都在發生，包括美國，雖然那不是我們的核心市場。

Just a reminder that 50% of the airfreight flies in the bellies of passenger planes. So we think, we see it as not as a tailwind and rather than a huge catalyst. Our ships are likely to be in a more traditional peak cycle, nearly full. So I think it will be helpful and a tailwind.

提醒一下，約有50%的空運貨量是利用客機腹艙運輸。因此我們認為，這與其說是強勁催化劑，不如說是一股順風。我們的船舶很可能會回到較傳統的旺季循環，接近滿載。所以我認為這會有所幫助，並形成順風。

Interesting. And maybe last one for me. Can you give us a sense how much the fuel lag headwind you're expecting in the second quarter is? I know it's volatile, but any quantitative -- like just a number around that would be helpful. And then --

有意思。也許我最後一個問題。你能否讓我們了解一下，你們預期第二季燃油滯後（fuel lag）逆風大概有多大？我知道這很波動，但若能提供任何量化——例如一個大概的數字——會很有幫助。然後--

Go ahead. Did you have a second part of that question?

請繼續。你的問題還有第二部分嗎？

Yeah. Just as you get into 3Q, like could you even over-recover just given the investments you've made in scrubbers and LNG? Or is this really a true pass-through?

有。就第三季而言，考量你們在洗滌器與 LNG 的投資，你們是否甚至可能出現超額回收？還是這其實真的是完全轉嫁？

Yeah. Okay. So let me get to your first question first. I think the way we're thinking about it in terms of providing more visibility to our second quarter under-collection. We're not exactly sure where we're going to end up. As you say, there's a significant amount of volatility. And I think it's not central to our story.

是。好的。我先回答你的第一個問題。我們在思考如何就第二季的燃油費用未足額收取（under-collection）提供更多能見度。我們還不完全確定最後會落在哪裡。如你所說，波動性相當大。而且我認為這不是我們故事的核心。

As we think about it, we remain highly confident in our ability to recover fuel for the year, the first quarter, because that it happened late in the quarter, and we consume fuel over longer voyages. So there was very little impact. We're thinking that the impact will primarily be felt in the second quarter. And we're also highly confident that we're going to be able to recover that in the second half of the year.

就我們的看法而言，我們對於全年燃油費用的回收能力仍然非常有信心；第一季因為發生在季末，而且我們在較長航程中消耗燃油，所以影響非常小。我們認為影響主要會在第二季顯現。同時我們也非常有信心能在下半年把它回收回來。

So there's not a margin erosion story. And I think we've given you our second-quarter guide, so that's inclusive of the amounts we're including, but we'd rather stay away from point-specific items.

所以這不是一個毛利被侵蝕的故事。而且我想我們已經給了你們第二季的指引，因此其中已包含我們納入的金額，但我們寧可避免針對特定單點項目做說明。

And then as to your second question on fuel, I'll turn that over to Joel.

至於你第二個關於燃油的問題，我把它交給 Joel。

Yeah. So if it's fuel-related items that we'll put in the recovery basket, Jake. So for instance, if we -- for a scrubber, which we haven't done recently, but we did many, many years ago, that's a fuel-related item that allows us to really purchase fuel at lower cost. It's part of the overall equation. So if something like that is very specific to our fuel, it's related to fuel, then yes, that goes into our overall recovery basket.

好的。Jake，如果是與燃油相關、我們會放進回收範疇（recovery basket）的項目。例如，如果我們——以洗滌器為例，我們最近沒有做，但很多很多年前做過——那就是一個與燃油相關的項目，能讓我們以更低成本採購燃油。它是整體方程式的一部分。所以如果某件事非常明確是針對我們的燃油、且與燃油相關，那麼是的，它會納入我們整體的回收範疇。

Joe Enderlin, Stephens Inc.

Joe Enderlin，Stephens Inc.

You previously disclosed transshipment mix around 20% of CLX and MAX. Was there any change in that figure in 1Q? And then any regions in particular made you more optimistic on near-term growth?

你們先前揭露轉運（transshipment）組合約占 CLX 與 MAX 的 20%。第一季這個數字有任何變化嗎？另外，有沒有哪一些地區特別讓你們對短期成長更樂觀？

Yeah. I think we -- that 20% we previously cited, we're in the 20% to 25% range. I think we expect to continue to be in that range as we'll grow both our China origins and our Southeast Asia origins, both as we look towards filling our ships as we get into the more traditional peak season.

是。我想我們——先前提到的 20%，我們目前大概在 20% 到 25% 的區間。我想我們預期會持續落在這個區間，因為我們在中國起運地與東南亞起運地都會成長；同時，隨著進入較傳統的旺季，我們也會著眼於把船舶裝載率填滿。

I think the question really is we do expect our customers to continue to move some of their manufacturing base out of China, although we continue to believe that China will remain an important element of our story and remain an important part of the world productive capability for manufacturing products.

我想真正的問題是，我們確實預期客戶會持續把部分製造基地移出中國；但我們也仍然相信，中國會繼續是我們故事中的重要元素，並且仍將是全球製造產品生產能力的重要一環。

So I would say, could we go up from the 20% to 25%? Sure. I think it's possible. But importantly, it allows us to move with our customers as they look at relocating their plants. We're a trusted supply chain partner and they have confidence in us. And so we'll continue to move as our customers move at that pace.

所以我會說，從 20% 到 25% 再往上走，有可能嗎？當然。我認為是有可能的。但更重要的是，這讓我們能隨著客戶在遷移工廠時一起移動。我們是值得信賴的供應鏈夥伴，客戶對我們有信心。因此，我們會持續以客戶移動的速度跟著前進。

Got it. That's helpful. And then just as a follow-up, I guess, kind of a broader question on the China service. It was a really volatile year last year, a lot of changes in trade. How would you just describe overall hesitancy on China trade as we move through the year, among customers?

了解。這很有幫助。接著我想追問一個更廣泛的中國航線問題。去年是非常波動的一年，貿易上有很多變化。你會如何描述客戶在今年推進過程中，對中國貿易整體的猶豫程度？

Yeah. I mean I think for our customers, there are -- obviously, there remains a -- events around tariffs, do those settle down. They're going to be looking at producing their products at a place from an all-in standpoint, including tariffs and transportation charges and all other things to help them meet their needs for their retailing needs. And so I think there's a lot of factors that go into it.

是。我的意思是，我想對我們的客戶而言，顯然仍然存在——圍繞關稅的事件，是否會趨於平息。他們會從全成本角度來看在哪裡生產產品，包括關稅、運輸費用以及其他所有因素，以協助他們滿足零售端的需求。因此我認為這裡面有很多因素。

But our view and as embedded in our commentary is that we think while there will be moments where tariff issues pop up, I think in our world, we think that tariff uncertainties are largely behind us. President Xi and President Trump will be meeting in a few weeks. We're optimistic that we're past the period like we had last fall where there was significant uncertainty. That's based into -- or baked into our thinking about how the rest of the year is going to unfold in that regard.

但我們的看法——也反映在我們的評論中——是，我們認為雖然關稅議題可能會不時浮現，但在我們的世界裡，我們認為關稅不確定性大致已經在我們身後。習主席與川普總統將在幾週後會面。我們樂觀認為，我們已經走過像去年秋天那樣高度不確定的時期。這也已納入——或說已反映在——我們對今年剩餘時間將如何發展的思考之中。

Got it. That's helpful. And just one more on the competitive backdrop. We touched on expedited air. But then within expedited ocean, how do you shape up the competitive backdrop there? Have you seen any increase in blank sailings? Or has there been any capacity losses as competitors had less confidence on the trade backdrop with China?

了解。這很有幫助。再問一個關於競爭環境的問題。我們談到了加急空運。但在加急海運方面，你們如何看待那裡的競爭態勢？你們有看到空班航次（blank sailings）增加嗎？或者，因競爭對手對中國貿易環境較缺乏信心，而出現任何運力流失？

Yeah. So let me make a general comment about the ocean trades generally, the more generic, and then I'll pivot to your question about what we describe as a second-tier expedited carriers that is that group that are below us or between the general freight markets and the -- and our industry-leading market.

是。我先對整體海運貿易做一個較一般性的評論（較通用的部分），然後再轉到你所問、我們稱之為第二梯隊加急承運人（second-tier expedited carriers）的那一群——也就是介於一般貨運市場與——以及我們這個產業領先市場之間、位階在我們之下的那一群。

So on the general generic ocean side, I think we're seeing relatively good utilization of the ocean carriers. There are small roll pools. The ocean carriers themselves are trying to get airfreight -- I'm sorry, ocean freight up. Many of them have very significant increases in their fuel consumption cost and other cost increases, and they're seeking to raise rates in part to recover those costs. So I would call the broader generic ocean market as orderly.

就一般、通用的海運面來看，我認為我們看到海運承運人的使用率相對不錯。延滯貨量池（roll pools）不大。海運承運人本身正試圖把空運——抱歉，是海運運價——往上推。其中許多業者的燃油消耗成本大幅上升，還有其他成本增加，他們正尋求調升費率，部分是為了回收這些成本。所以我會把更廣泛、通用的海運市場形容為有序。

And I would say the second-tier expedited carriers, we haven't seen any dramatic changes in any of the carriers' capabilities. We haven't seen any significant cancellations of sailings. And so we see that the market for that secondary carrier, there's three or four of them that vie for that space to be relatively similar.

至於第二梯隊的加急承運人，我們沒有看到任何承運人能力出現劇烈變化。我們也沒有看到任何顯著的航次取消。因此我們認為，該次級承運人市場——大概有三到四家在競逐那個區塊——整體上相對類似。

And again, not that you asked, but our belief was and continues to be that if we remain the fastest and second-fastest CLX and MAX service, we're going to get the lion's share of this expedited market, and that continues to be true now. Thanks.

再補充一句，雖然你沒有問到，但我們過去的看法、現在也仍然是：只要我們維持 CLX 與 MAX 服務是最快與第二快，我們就會拿下這個加急市場的大部分份額，而目前仍然如此。謝謝。

Tomo Sano, JPMorgan.

Tomo Sano，JPMorgan。

So your Q2 Ocean Transportation operating income guidance is $20 million above last year. So which services or customer segments are driving this growth? And what are the key risks to achieving it, please?

所以你們對第二季海運（Ocean Transportation）營業利益的指引，比去年高出2,000萬美元。那麼是哪些服務或客戶區隔在推動這項成長？以及達成該目標的關鍵風險是什麼，謝謝？

Okay. Thanks, Tomo. So the primary driver to that increase is really the continued strength in our China trade post-Lunar New Year that we talked about. And so our domestic businesses, we expect to hang in there on a relatively similar basis on a year-over-year basis. So the primary uptick is really the China trade and the demand drivers in some of our core segments that Matt talked about earlier.

好的。謝謝你，Tomo。所以這項增加的主要驅動因素，確實是我們先前提到的農曆新年後中國航線貿易持續強勁。至於我們的國內業務，我們預期將大致維持與去年同期相近的水準。因此主要的上升動能，確實來自中國航線，以及 Matt 先前提到我們部分核心區隔的需求驅動因素。

So e-commerce, e-goods, garments, those sectors really returning to a more normal traditional demand in Q2 compared to last year's Q2, which had a lot of tariff impacts on it. And so the risk -- and that speaks to the risk. The risks are that there's a dislocation or there's tariffs reenacted or other kind of shocks to the system. So absent a shock to the system that would impact consumer demand or tariffs and direct trade relationships, we expect it to be a relatively orderly demand-driven second quarter, and that's why we expect to be up year over year.

例如電商、電子商品、成衣等產業，在第二季的需求相較去年第二季正回到較正常、傳統的水準；去年第二季受到許多關稅影響。而這也帶到風險面。風險在於可能出現供需錯位，或關稅重新實施，或其他對系統造成衝擊的事件。因此，在沒有會影響消費需求、或關稅與直接貿易關係等系統性衝擊的情況下，我們預期第二季將是相對有序、由需求驅動的季度，這也是我們預期年對年成長的原因。

And if you could share some more color on Hawaii and Alaska demand and economic conditions, especially regarding tourism and construction, energies. And again, like what risk do you see for 2026?

另外，能否再分享一些關於夏威夷與阿拉斯加的需求與經濟狀況的細節，特別是觀光與營建、能源等方面？以及同樣地，你們對2026年看到哪些風險？

Okay. Tomo, so I'll start with Hawaii. So Hawaii, the bright spot is construction. There has been more construction activity. It's been fairly consistent for a year, 1.5 years, and we see that driving some demand in 2026. But it hasn't been enough to really buoy the economy in a really meaningful positive way because the other side, the tourism side has been still very sluggish.

好的。Tomo，我先從夏威夷開始。夏威夷的亮點是營建。營建活動有所增加。這種情況在過去一年到一年半相當一致，我們也看到這將在2026年帶動部分需求。但這仍不足以在實質上以非常明顯的正面方式支撐整體經濟，因為另一端——觀光——仍然相當疲弱。

So US West Coast tourism and US tourism to Hawaii has been okay, although dollar spend has been not really dramatically growing. But where you really continue to see sluggishness on the tourism side is international tourism, which is still quite a bit off where it was three, four, five years ago, and that's been the biggest overhang on the -- on lack of -- creating lack of growth and GDP growth in the Hawaiian economy. So it's a mixed bag in Hawaii, but overall, we still continue to say it's a sluggish environment.

美國西岸的旅遊，以及美國本土赴夏威夷旅遊的情況還可以，雖然每人消費金額並沒有顯著成長。但觀光面持續疲弱的主要來源是國際旅遊，仍明顯低於三、四、五年前的水準，這一直是夏威夷經濟缺乏成長、GDP成長乏力的最大拖累因素。因此夏威夷的情況好壞參半，但整體而言，我們仍認為環境偏疲弱。

In the case of Alaska, moving to that market, there continues to be a significant amount of oil and gas and infrastructure investing around energy. That's been very positive for Alaska. Our volumes have hung in there well. We sometimes have year-over-year differentiation based upon competitors dry-docking and timing of voyages and things like that.

至於阿拉斯加，轉到那個市場，圍繞能源的油氣與基礎建設投資仍相當可觀。這對阿拉斯加非常正面。我們的運量維持得不錯。有時年對年的差異，會受到競爭對手進塢維修（dry-docking）以及航次時點等因素影響。

But overall, the Alaska market continues to be steady and hanging in there with upward trajectory is our expectation because of investment in oil and gas and activity happening because of that more disposable income for the residents of Alaska because of that. So those are the general high-level puts and takes in those two key markets.

但整體而言，阿拉斯加市場仍保持穩定，我們預期會呈現向上趨勢，因為油氣投資與相關活動帶動，並使阿拉斯加居民的可支配所得增加。以上就是這兩個關鍵市場在高層次上的主要利多與利空因素。

The third market for us, Guam, you didn't ask about that directly, but it's a really important domestic market for us, and that's continued to be steady as well. Tourism is hanging in okay, but not -- again, not on the international side. But we still continue to see a lot of government spending in Guam and the Western Pacific region that's helping the volumes in that region.

我們的第三個市場是關島，你沒有直接問到，但它對我們而言是非常重要的國內市場，而且也持續穩定。觀光維持得還可以，但同樣地，國際旅遊端並不強。不過，我們仍看到關島以及西太平洋地區有大量政府支出，正在支撐該區域的運量。

And then lastly, if you could talk about our Logistics segment, operating income declined in Q1. What specific actions are you taking to drive recovery in Q2 and beyond? And what is your outlook for the rest of the year?

最後，想請你談談我們的物流（Logistics）部門，第一季營業利益下滑。你們在第二季及之後為推動復甦採取了哪些具體行動？以及你們對今年剩餘期間的展望為何？

Yeah. So the outlook for the rest of the year is that we'll be approaching last year's results. And the actions we've been taking is really focusing on two different pieces. Our Alaska -- Span Alaska piece is about a little bit over half the Logistics side. And there, we're continuing just to focus on disciplined pricing and delivery for our customers and providing the best transit times and customer service in that market.

是的。對今年剩餘期間的展望是，我們將朝接近去年的成果邁進。我們採取的行動主要聚焦在兩個面向。我們的阿拉斯加——Span Alaska 業務約占物流部門的一半以上。在那裡，我們持續專注於有紀律的定價與交付，為客戶提供最佳的運輸時效與客戶服務。

And then a similar strategy on the brokerage business side, which has been the other piece where margins have been more compressed and under pressure, both on highway truckload, but also intermodal. And there, we're continuing to really focus on stickier customer relationships, small and medium customers and having pricing discipline and good execution to deliver for those customers in what's still been generally a soft freight environment. That's on the demand side.

而在承攬（brokerage）業務端也採取類似策略；這一塊的毛利率更為壓縮、承受壓力，無論是公路整車（truckload），還是聯運（intermodal）。在那裡，我們持續聚焦於更具黏著度的客戶關係、中小型客戶，並維持定價紀律與良好執行力，在整體仍偏疲弱的貨運環境中為這些客戶交付成果。這是需求端的部分。

And then also on the buy side for truck, for the actual procurement of truck pricing, continue to work with our trucking partners and buying the truckload capacity at the right kind of price in the market as well to maintain our pricing and margin discipline. So those are the actions that our team is focused on in this environment, and we expect to be able to achieve the results we talked about the rest of the year by approaching -- this year approaching last year's results as well.

另外在採購端，也就是卡車運力的實際採購價格方面，我們持續與卡車運輸合作夥伴合作，以符合市場的適當價格採購整車運力，從而維持我們的定價與毛利率紀律。因此，在目前的環境下，這些就是我們團隊專注的行動；我們也預期能達成先前談到的全年成果，也就是今年的表現將接近去年的結果。

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

以上為今日節目的問答環節結束。我想把節目交回給 Matt，請他做進一步的結語。

Okay. Thanks for listening in today. We'll look forward to catching up with everyone on our second-quarter call. Thanks very much. Aloha.

好的。感謝各位今天收聽。我們期待在第二季電話會議上再與各位交流。非常感謝。Aloha。

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

感謝各位女士、先生參與今天的會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。