以星航運 (ZIM) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I'm Aurinia Chorus Call operator. Welcome, and thank you for joining ZIM Integrated Shipping Services Q3 2022 Earnings Conference Call. Throughout today's recorded presentation all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. I would now like to turn the conference over to Elana Holzman, Head of Investor Relations. Please go ahead.

女士們，先生們，謝謝你們的支持。我是 Aurinia Chorus Call 接線員。歡迎並感謝您加入 ZIM Integrated Shipping Services 2022 年第三季度收益電話會議。在今天錄製的演示文稿中，所有參與者都將處於只聽模式。演講之後將進行問答環節。我現在想將會議轉交給投資者關係主管 Elana Holzman。請繼續。

Thank you, Aurine, and welcome to ZIM's Third Quarter 2022 Financial Results Conference Call. Joining me on the call today are Eli Glickman, President and CEO; and Xavier Destriau CFO. Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements regarding expectations, predictions, projections or future events or results, we believe that our expectations and assumptions are reasonable. We wish to caution you that such statements reflect only the company's current expectations and that actual events or results may differ, including material. You are kindly referred to consider the risk factors and cautionary language described in the documents the company filed with the Securities and Exchange Commission, including our 2021 annual report filed on Form 20-F on March 9, 2022. We undertake no obligation to update these forward-looking statements. At this time, I would like to turn the call over to ZIM's CEO, Eli Glickman. Eli.

謝謝 Aurine，歡迎參加 ZIM 2022 年第三季度財務業績電話會議。今天和我一起參加電話會議的是總裁兼首席執行官 Eli Glickman；和 Xavier Destriau 首席財務官。在我們開始之前，我想提醒您，在本次電話會議期間，我們將就預期、預測、預測或未來事件或結果做出前瞻性陳述，我們相信我們的預期和假設是合理的。我們想提醒您，此類陳述僅反映公司當前的預期，實際事件或結果可能有所不同，包括重大差異。請您考慮公司向美國證券交易委員會提交的文件中描述的風險因素和警示性語言，包括我們於 2022 年 3 月 9 日以 20-F 表格提交的 2021 年年度報告。我們不承擔更新這些文件的義務前瞻性陳述。此時，我想將電話轉給 ZIM 的首席執行官 Eli Glickman。伊萊。

Thank you, Elena, and welcome, everyone to today's call. ZIM's third quarter and 9 months' performance reflects continued solid execution and trends in our financial results and profitability. These results are consistent with our expectations for market normalization beginning in the second half of 2022, following an extended period of solid profit. However, over the past several weeks, we've seen a steeper decline in freight rates than we previously assumed. As consumer demand in the U.S. and answer as soft the pace of normalization has accelerated. And based on this evolving marketing environment, we have revised our full year 2022 focus. For 2022, we now expect to generate adjusted EBITDA between $7.4 billion to $7.7 billion compared to our previous guidance of $7.8 billion to $8.2 billion, and adjusted EBIT between $6 billion to $6.3 billion compared to the previous projection of $6.3 billion to $6.7 billion. I note that based on our current guidance, 2022 adjusted EBITDA and adjusted EBIT are expected to be, once again, all-time records. Current market conditions illustrate the volatile and fast-paced nature of our market. The outlook for the global economy is very uncertain as we see various macroeconomic and geopolitical risk, rising inflation and interest rates, energy crisis in Europe, the extended war in Ukraine, just to name a few. The general spending is down, and now when consumer spending on services have returned to normal demand for durable goods may be helped even hard. All this fills challenging outlook for containership in, particularly given the scheduled vessel deliveries planned for next year and 2022. Xavier our CFO, will further discuss our guidance and the current market environment in greater detail later on the call and the potential impact of different factors, including IMO 2023 on our business. In accordance with our dividend policy to pay 30% of quarterly net income, our board declared a Q3 dividend of approximately $354 million or $2.95 per share. We continue to return substantial capital to shareholders which remains a priority as we seek to create long-term value and enable shareholders to directly benefit from our strong results. So far, on account of 2022 results and included in this quarter, we have returned over $1.26 billion or $10.55 per share in dividends. During the first 9 months update, as you can see in Slide #4, revenue grew by 43% to $10.4 billion as compared to the same period in 2021, driven by elevated freight rates in the differentiated strategy our adjusted EBITDA increased 55% and net income increased 43% compared to the 9-month period in 2021. Most importantly, while market conditions remain dynamic, we continue to deliver strong EBITDA and EBIT margins, highlighting our focus on profitability. 9 months 2022 adjusted EBITDA margin improved from 58% to 63% and adjusted EBIT margin improved from 51% to 54%. Notably, our balance sheet also continues to be very strong with total shareholders' equity of $5.8 billion at the end of the quarter. In the third quarter of 2022, our revenues grew 3% year-over-year to $3.2 billion, and we generated adjusted EBITDA and net income of $1.9 billion and $1.2 billion, respectively. Adjusted EBITDA and EBIT margin for the quarter was 60% and 48%, respectively, though lower than in Q3 2021. Going to Slide 5. In light of the fundamental changes in market conditions, it is important to highlight key elements of ZIM strategy. Our commercial and operational agility, we believe these differentiators remains our position to operate in a more normalized freight rate environment. Over the past 2 years, we've been proactive to best position ZIM for long-term success as we continue to focus on optimizing profitability for the benefit of our shareholders. On Slide 5, we list several initiatives that we have previously discussed. Example on the commercial side includes our network of e-commerce lines to Australia and New Zealand and the U.S. East Coast. Our focus on the intrastates, which is a very dynamic threat and the world's largest trading volume terms and the expansion of our car carrier activity, which we intend to grow even further. We have demonstrated our ability to adapt to prevailing market conditions and capture commercial opportunities. Today, our commercial presence is more diversified, allowing us to benefit form N balance between variant trade dynamics, yet we remain committed to our global niche strategy and operating trades we find the most attractive and where we can establish a competitive position. We believe this agility will provide us with significant resilience in this new market environment. Operationally, we remain very focused on securing the most competitive and efficient fleet possible to support our commercial strategy. As a reminder, we enter into our first agreement for the long-term charter of 10,000, 15,000 TEU vessels in February 2021. These vessels are ideally set to serve on our core Asia to US East Coast service. This charter agreement will have a positive impact on our cost structure next year as we take delivery of the vessels throughout 2023. We also expect to be the first liner to operate LNG vessels on this trade, offering ZIM an important commercial differentiating and enabling us to immediately reduce the carbon footprint of ZIM and its customers. Most recently, we entered into an important agreement with Shell to secure the supply of LNG and efficiency banker this vessel. From our digital investment, I would highlight the progress of (inaudible), our digital trade forwarders, which we launched about a year ago. As a reminder, (inaudible) is pure digital solution on the front and back end, targeting SMEs from the U.S. and Canada shipping from China and Vietnam. Distal capability offers them important efficiency compared to other industry players. While sheepforward still has very modest revenue at this time, its technology has proven itself and the potential in this multibillion market is clear. On that note, I will turn the call over to our CFO, Xavier for his remarks on our financial results and additional comments on the market.

謝謝你，埃琳娜，歡迎大家參加今天的電話會議。 ZIM 第三季度和 9 個月的業績反映了我們財務業績和盈利能力的持續穩健執行和趨勢。這些結果與我們對市場在 2022 年下半年開始正常化的預期一致，此前市場長期穩健盈利。然而，在過去的幾周里，我們發現運費的下降幅度比我們之前假設的要大。隨著美國消費者需求疲軟，正常化步伐加快。基於這種不斷變化的營銷環境，我們修改了 2022 年全年的重點。對於 2022 年，我們現在預計調整後的 EBITDA 將在 74 億美元至 77 億美元之間，而我們之前的預測為 78 億美元至 82 億美元，調整後的 EBIT 將在 60 億美元至 63 億美元之間，而之前的預測為 63 億美元至 67 億美元。我注意到，根據我們目前的指引，2022 年調整後的 EBITDA 和調整後的 EBIT 預計將再次創下歷史新高。當前的市場狀況說明了我們市場的波動性和快節奏性。全球經濟前景非常不確定，因為我們看到各種宏觀經濟和地緣政治風險、通貨膨脹和利率上升、歐洲能源危機、烏克蘭戰爭延長等等。一般支出下降，現在當服務消費支出恢復正常時，耐用品需求可能會受到更大幫助。所有這些都充滿了集裝箱船的挑戰性前景，特別是考慮到計劃於明年和 2022 年交付的船舶。我們的首席財務官 Xavier 將在稍後的電話會議上進一步詳細討論我們的指導和當前市場環境以及不同因素的潛在影響，包括關於我們業務的 IMO 2023。根據我們支付季度淨收入 30% 的股息政策，我們的董事會宣布第三季度股息約為 3.54 億美元或每股 2.95 美元。我們繼續向股東返還大量資本，這仍然是我們尋求創造長期價值並使股東直接受益於我們強勁業績的首要任務。到目前為止，根據 2022 年的業績併計入本季度，我們已返還超過 12.6 億美元或每股 10.55 美元的股息。在前 9 個月的更新中，正如您在幻燈片 #4 中看到的那樣，與 2021 年同期相比，收入增長了 43%，達到 104 億美元，這是由於差異化戰略中運費上漲的推動，我們調整後的 EBITDA 增長了 55% 和淨利潤與 2021 年的前 9 個月相比，收入增長了 43%。最重要的是，儘管市場狀況依然活躍，但我們繼續提供強勁的 EBITDA 和 EBIT 利潤率，凸顯了我們對盈利能力的關注。 2022 年 9 個月調整後的 EBITDA 利潤率從 58% 提高到 63%，調整後的 EBIT 利潤率從 51% 提高到 54%。值得注意的是，我們的資產負債表也繼續非常強勁，本季度末股東權益總額為 58 億美元。 2022 年第三季度，我們的收入同比增長 3% 至 32 億美元，調整後的 EBITDA 和淨收入分別為 19 億美元和 12 億美元。本季度調整後的 EBITDA 和 EBIT 利潤率分別為 60% 和 48%，儘管低於 2021 年第三季度。轉到幻燈片 5。鑑於市場狀況的根本變化，重要的是要突出 ZIM 戰略的關鍵要素。我們的商業和運營靈活性，我們相信這些差異化因素仍然是我們在更規範的運費環境中運營的地位。在過去的 2 年裡，隨著我們繼續專注於優化盈利能力以造福股東，我們一直積極主動地為 ZIM 取得長期成功做好最佳準備。在幻燈片 5 中，我們列出了我們之前討論過的幾項舉措。商業方面的例子包括我們通往澳大利亞和新西蘭以及美國東海岸的電子商務線路網絡。我們專注於州內，這是一個非常動態的威脅和世界上最大的貿易量條款，以及我們打算進一步發展的汽車運輸活動的擴展。我們已經展示了我們適應當前市場條件和抓住商業機會的能力。今天，我們的商業存在更加多元化，使我們能夠從不同貿易動態之間的 N 平衡中獲益，但我們仍然致力於我們的全球利基戰略和經營我們認為最有吸引力且我們可以建立競爭地位的貿易。我們相信這種靈活性將為我們在這個新的市場環境中提供顯著的彈性。在運營方面，我們仍然非常專注於確保擁有最具競爭力和效率的機隊，以支持我們的商業戰略。提醒一下，我們於 2021 年 2 月簽訂了第一份長期租賃 10,000 艘、15,000 TEU 船隻的協議。這些船隻非常適合在我們的核心亞洲至美國東海岸航線上提供服務。該租船協議將對我們明年的成本結構產生積極影響，因為我們將在整個 2023 年交付船隻。我們還希望成為第一家在該貿易中運營液化天然氣船的班輪公司，為 ZIM 提供重要的商業差異化優勢，並使我們能夠立即減少 ZIM 及其客戶的碳足跡。最近，我們與殼牌達成了一項重要協議，以確保這艘船的液化天然氣供應和效率。從我們的數字投資中，我要強調我們大約一年前推出的（聽不清）我們的數字貿易代理的進展。提醒一下，（聽不清）是前端和後端的純數字解決方案，針對從中國和越南發貨的美國和加拿大的中小企業。與其他行業參與者相比，遠端能力為他們提供了重要的效率。雖然此時 sheepforward 的收入仍然很低，但它的技術已經證明了自己，這個數十億市場的潛力是顯而易見的。關於這一點，我將把電話轉給我們的首席財務官 Xavier，聽取他對我們財務業績的評論以及對市場的其他評論。

Thank you, Elena, and welcome, everyone to today's call. ZIM's third quarter and 9 months' performance reflects continued solid execution and trends in our financial results and profitability. These results are consistent with our expectations for market normalization beginning in the second half of 2022, following an extended period of solid profit. However, over the past several weeks, we've seen a steeper decline in freight rates than we previously assumed. As consumer demand in the U.S. and answer as soft the pace of normalization has accelerated. And based on this evolving marketing environment, we have revised our full year 2022 focus. For 2022, we now expect to generate adjusted EBITDA between $7.4 billion to $7.7 billion compared to our previous guidance of $7.8 billion to $8.2 billion, and adjusted EBIT between $6 billion to $6.3 billion compared to the previous projection of $6.3 billion to $6.7 billion. I note that based on our current guidance, 2022 adjusted EBITDA and adjusted EBIT are expected to be, once again, all-time records. Current market conditions illustrate the volatile and fast-paced nature of our market. The outlook for the global economy is very uncertain as we see various macroeconomic and geopolitical risk, rising inflation and interest rates, energy crisis in Europe, the extended war in Ukraine, just to name a few. The general spending is down, and now when consumer spending on services have returned to normal demand for durable goods may be helped even hard. All this fills challenging outlook for containership in, particularly given the scheduled vessel deliveries planned for next year and 2022. Xavier our CFO, will further discuss our guidance and the current market environment in greater detail later on the call and the potential impact of different factors, including IMO 2023 on our business. In accordance with our dividend policy to pay 30% of quarterly net income, our board declared a Q3 dividend of approximately $354 million or $2.95 per share. We continue to return substantial capital to shareholders which remains a priority as we seek to create long-term value and enable shareholders to directly benefit from our strong results. So far, on account of 2022 results and included in this quarter, we have returned over $1.26 billion or $10.55 per share in dividends. During the first 9 months update, as you can see in Slide #4, revenue grew by 43% to $10.4 billion as compared to the same period in 2021, driven by elevated freight rates in the differentiated strategy our adjusted EBITDA increased 55% and net income increased 43% compared to the 9-month period in 2021. Most importantly, while market conditions remain dynamic, we continue to deliver strong EBITDA and EBIT margins, highlighting our focus on profitability. 9 months 2022 adjusted EBITDA margin improved from 58% to 63% and adjusted EBIT margin improved from 51% to 54%. Notably, our balance sheet also continues to be very strong with total shareholders' equity of $5.8 billion at the end of the quarter. In the third quarter of 2022, our revenues grew 3% year-over-year to $3.2 billion, and we generated adjusted EBITDA and net income of $1.9 billion and $1.2 billion, respectively. Adjusted EBITDA and EBIT margin for the quarter was 60% and 48%, respectively, though lower than in Q3 2021. Going to Slide 5. In light of the fundamental changes in market conditions, it is important to highlight key elements of ZIM strategy. Our commercial and operational agility, we believe these differentiators remains our position to operate in a more normalized freight rate environment. Over the past 2 years, we've been proactive to best position ZIM for long-term success as we continue to focus on optimizing profitability for the benefit of our shareholders. On Slide 5, we list several initiatives that we have previously discussed. Example on the commercial side includes our network of e-commerce lines to Australia and New Zealand and the U.S. East Coast. Our focus on the intrastates, which is a very dynamic threat and the world's largest trading volume terms and the expansion of our car carrier activity, which we intend to grow even further. We have demonstrated our ability to adapt to prevailing market conditions and capture commercial opportunities. Today, our commercial presence is more diversified, allowing us to benefit form N balance between variant trade dynamics, yet we remain committed to our global niche strategy and operating trades we find the most attractive and where we can establish a competitive position. We believe this agility will provide us with significant resilience in this new market environment. Operationally, we remain very focused on securing the most competitive and efficient fleet possible to support our commercial strategy. As a reminder, we enter into our first agreement for the long-term charter of 10,000, 15,000 TEU vessels in February 2021. These vessels are ideally set to serve on our core Asia to US East Coast service. This charter agreement will have a positive impact on our cost structure next year as we take delivery of the vessels throughout 2023. We also expect to be the first liner to operate LNG vessels on this trade, offering ZIM an important commercial differentiating and enabling us to immediately reduce the carbon footprint of ZIM and its customers. Most recently, we entered into an important agreement with Shell to secure the supply of LNG and efficiency banker this vessel. From our digital investment, I would highlight the progress of (inaudible), our digital trade forwarders, which we launched about a year ago. As a reminder, (inaudible) is pure digital solution on the front and back end, targeting SMEs from the U.S. and Canada shipping from China and Vietnam. Distal capability offers them important efficiency compared to other industry players. While sheepforward still has very modest revenue at this time, its technology has proven itself and the potential in this multibillion market is clear. On that note, I will turn the call over to our CFO, Xavier for his remarks on our financial results and additional comments on the market.

謝謝你，埃琳娜，歡迎大家參加今天的電話會議。 ZIM 第三季度和 9 個月的業績反映了我們財務業績和盈利能力的持續穩健執行和趨勢。這些結果與我們對市場在 2022 年下半年開始正常化的預期一致，此前市場長期穩健盈利。然而，在過去的幾周里，我們發現運費的下降幅度比我們之前假設的要大。隨著美國消費者需求疲軟，正常化步伐加快。基於這種不斷變化的營銷環境，我們修改了 2022 年全年的重點。對於 2022 年，我們現在預計調整後的 EBITDA 將在 74 億美元至 77 億美元之間，而我們之前的預測為 78 億美元至 82 億美元，調整後的 EBIT 將在 60 億美元至 63 億美元之間，而之前的預測為 63 億美元至 67 億美元。我注意到，根據我們目前的指引，2022 年調整後的 EBITDA 和調整後的 EBIT 預計將再次創下歷史新高。當前的市場狀況說明了我們市場的波動性和快節奏性。全球經濟前景非常不確定，因為我們看到各種宏觀經濟和地緣政治風險、通貨膨脹和利率上升、歐洲能源危機、烏克蘭戰爭延長等等。一般支出下降，現在當服務消費支出恢復正常時，耐用品需求可能會受到更大幫助。所有這些都充滿了集裝箱船的挑戰性前景，特別是考慮到計劃於明年和 2022 年交付的船舶。我們的首席財務官 Xavier 將在稍後的電話會議上進一步詳細討論我們的指導和當前市場環境以及不同因素的潛在影響，包括關於我們業務的 IMO 2023。根據我們支付季度淨收入 30% 的股息政策，我們的董事會宣布第三季度股息約為 3.54 億美元或每股 2.95 美元。我們繼續向股東返還大量資本，這仍然是我們尋求創造長期價值並使股東直接受益於我們強勁業績的首要任務。到目前為止，根據 2022 年的業績併計入本季度，我們已返還超過 12.6 億美元或每股 10.55 美元的股息。在前 9 個月的更新中，正如您在幻燈片 #4 中看到的那樣，與 2021 年同期相比，收入增長了 43%，達到 104 億美元，這是由於差異化戰略中運費上漲的推動，我們調整後的 EBITDA 增長了 55% 和淨利潤與 2021 年的前 9 個月相比，收入增長了 43%。最重要的是，儘管市場狀況依然活躍，但我們繼續提供強勁的 EBITDA 和 EBIT 利潤率，凸顯了我們對盈利能力的關注。 2022 年 9 個月調整後的 EBITDA 利潤率從 58% 提高到 63%，調整後的 EBIT 利潤率從 51% 提高到 54%。值得注意的是，我們的資產負債表也繼續非常強勁，本季度末股東權益總額為 58 億美元。 2022 年第三季度，我們的收入同比增長 3% 至 32 億美元，調整後的 EBITDA 和淨收入分別為 19 億美元和 12 億美元。本季度調整後的 EBITDA 和 EBIT 利潤率分別為 60% 和 48%，儘管低於 2021 年第三季度。轉到幻燈片 5。鑑於市場狀況的根本變化，重要的是要突出 ZIM 戰略的關鍵要素。我們的商業和運營靈活性，我們相信這些差異化因素仍然是我們在更規範的運費環境中運營的地位。在過去的 2 年裡，隨著我們繼續專注於優化盈利能力以造福股東，我們一直積極主動地為 ZIM 取得長期成功做好最佳準備。在幻燈片 5 中，我們列出了我們之前討論過的幾項舉措。商業方面的例子包括我們通往澳大利亞和新西蘭以及美國東海岸的電子商務線路網絡。我們專注於州內，這是一個非常動態的威脅和世界上最大的貿易量條款，以及我們打算進一步發展的汽車運輸活動的擴展。我們已經展示了我們適應當前市場條件和抓住商業機會的能力。今天，我們的商業存在更加多元化，使我們能夠從不同貿易動態之間的 N 平衡中獲益，但我們仍然致力於我們的全球利基戰略和經營我們認為最有吸引力且我們可以建立競爭地位的貿易。我們相信這種靈活性將為我們在這個新的市場環境中提供顯著的彈性。在運營方面，我們仍然非常專注於確保擁有最具競爭力和效率的機隊，以支持我們的商業戰略。提醒一下，我們於 2021 年 2 月簽訂了第一份長期租賃 10,000 艘、15,000 TEU 船隻的協議。這些船隻非常適合在我們的核心亞洲至美國東海岸航線上提供服務。該租船協議將對我們明年的成本結構產生積極影響，因為我們將在整個 2023 年交付船隻。我們還希望成為第一家在該貿易中運營液化天然氣船的班輪公司，為 ZIM 提供重要的商業差異化優勢，並使我們能夠立即減少 ZIM 及其客戶的碳足跡。最近，我們與殼牌達成了一項重要協議，以確保這艘船的液化天然氣供應和效率。從我們的數字投資中，我要強調我們大約一年前推出的（聽不清）我們的數字貿易代理的進展。提醒一下，（聽不清）是前端和後端的純數字解決方案，針對從中國和越南發貨的美國和加拿大的中小企業。與其他行業參與者相比，遠端能力為他們提供了重要的效率。雖然此時 sheepforward 的收入仍然很低，但它的技術已經證明了自己，這個數十億市場的潛力是顯而易見的。關於這一點，我將把電話轉給我們的首席財務官 Xavier，聽取他對我們財務業績的評論以及對市場的其他評論。

Thank you, Eli. And again, welcome, everyone. On Slide 6, we present the financial and operational highlights. Our third quarter results reflect continued strong execution and the benefits of our differentiated approach combined with higher credit. Specifically, our average create per TEU of $3,263 in the third quarter was 4% higher compared to the third quarter of 2021. During the first 9 months of the year, our average create was 43% higher than in the 2021 9-month period. Our carried volume in the third quarter declined 5% compared to the same period last year. Lower volumes during the third quarter resulted primarily from continued congestion as well as more normalized levels of consumer demand. Over the 9 months period, our current volume was down 3% compared to approximately 2.5% decline in the market in the first 9 months of 2020. We now anticipate our current volume will be slightly down in 2022 on a full year basis as compared to 2021, and that is due to softer demand and continued congestion. Our free cash flow in the third quarter totaled $1.6 billion compared to $1.7 billion in the third quarter of 2021. I our cars on version remained strong at 84% as compared to last year's Q3 cash conversion rate of 83%. Turning now to our balance sheet. Total debt increased by EUR 1.4 million since prior year-end. As in recent quarters, this was mainly driven by the increased number of vessel fixtures, long-term charter duration as well as higher daily charter rates. In the first 9 months of 2022, our cash bank deposits and investments increased by $300 million. Updating on our fleet, the number of vessels we currently operate hasn't changed from our last report and currently spend at 149 vessels, of which 10 are car care. The average remaining duration of our current charter capacity is 27.4 months, down from the 28.6 months in August 2022 and bridging our current operating capacity to the scheduled delivery of our chartered new good vectors throughout 2023 and 2024. In 2023, 25 vessels are for renewal with 37 up for renewal now in 2024. This means we have a total of 62 upcoming vessels up for renewal compared to the expected delivery of 46 chartered newbuild vessels during this time period. Moving on to Slide 7. You can see that we delivered very strong results over the last 2-plus years. And our net leverage ratio as a result has trended downward at the same time and is at 0 as of September 30. On Slide 8, turning to our 3- and 9-month financial performance. Our differentiated and proactive approach has continued to yield profitable results. Revenue for the third quarter was $3.2 billion, up 3% as compared to Q3 2021. While net income was $1.2 billion compared to $1.5 billion in the comparable quarter. Adjusted EBITDA was $1.9 billion for the quarter compared to EUR 2.1 billion last year, reflecting more normalized carried volumes and average present. While market dynamics have shifted, team continues to generate strong EBITDA and EBIT margin. 9 months margins were 63% for adjusted EBITDA and 54% for adjusted EBITDA. This compares to 58% and 51%, respectively, in the same period last year. I would like also to note that our lower margins in the third quarter were driven by higher float costs, resulting from high vessel costs due to the transition to our own operating capacity following the termination of the slot purchase agreement we had with the 2 as of April 1. A couple of it on top, higher FFO vote rates. Turning to Slide 9. We carried 842,000 TEUs in the third quarter compared to 884,000 TEUs during the same period last year. As you can see illustrated in the slide, lower volume on the Transpacific caused by softening demand and continued effects from congestion in East Coast ports was partially offset by growth intra-Asia, Latin America and Crossrail. Intra Asia, in particular, is a key focus for us, and we do believe increasing presence to this growing trade will provide us with significant resilience as market conditions normalize. Next is our cash flow bridge. We ended the Q3 2022 with a total cash position of $4.4 billion, which includes cash and cash equivalents and also investments in bank deposits and other investments in Stemen. During the first 9 months of the year, our adjusted EBITDA of EUR 6.6 billion converted into EUR 5 million cash flow from operations. Other cash flow items included $293 million of net CapEx, $1.1 billion of debt service, mostly lease liabilities and dividend distribution of $2.9 billion. Moving to our guidance. As already mentioned, with the pace of normalization accelerating, we have revised our full year 2022 forecast. We now expect to generate in 2022 adjusted EBITDA between $7.4 billion to $7.7 billion and adjusted EBIT between EUR 6 million to EUR 6.3 million. That is approximately 5% lower from an EBIT perspective than our previous guidance based on the midpoint of the range. Our underlying assumptions for our revised 2022 guidance reflects a steeper decline in spot freight rates and softer demand as discussed, in addition to adjusted contract rates. Again, we now expect our card volume to be slightly lower than 2021. On the cost side, we assume a slightly more favorable charter rate environment, though the impact of marginal given the limited number of charter renew. With that said, it is worth highlighting that this figure did reflect full year record high (inaudible) turning to our view on the market environment. The supply dividend balance forecast shown here reflects lower demand growth assumptions for 2022 and 2023 in light of the worsening macroeconomic environment. With the order book to fleet ratio current at approximately 27%, of which 2.3 million TEUs are scheduled for delivery in 2023 and another 4.7 million to scheduled for delivery. The following years, supply growth is expected to be considerably greater versus demand growth than previously projected. The combination of weaker demand, falling freight rates and risk of oversupply creates a challenging business environment for container shipping. Yet I will discuss why various market dynamics may impact the effective supply and create a more stable business environment in the coming quarters. Next, with supply the mirror image of the decline in freight rate is the cooling off of the charter market. The charter market is also indeed returning to more normalized conditions. As you can see here, charter rates have significantly dropped and although supplies, options to secure charters for shorter-term duration are gradually coming back. The idle freight has also slightly increased. As we have indicated in the past, our view is that effective supply growth may be smaller than is implied by the current order book due to the various factors that are being detailed here on Slide 14. In 2023 port congestion, limited terminal capacity and lacking lifestyle infrastructure will continue to partially offset the expected supply growth as well as possible slow steaming resulting from IMO 2023 regulation, which are expected to go into effect in January next year. IMO 2023 and the decarbonization agenda are also multiline to retire older vessels, resulting in greater scrapping and offsetting some of the new build capacity. Slippage may also reserve in lower supply growth. Doris currently suggesting that only approximately 60% of the deliveries will be on time in 2023 and 55% in 2024, as both carriers and shipyard may want to postpone delivery as the former are facing weak evident and the latter are facing higher cost. Liner adapting deployed capacity to demand, signs of which we have seen in recent bids. They also support industry efficiencies. On this note we will open the call for questions.

謝謝你，伊萊。再次歡迎大家。在幻燈片 6 中，我們展示了財務和運營亮點。我們第三季度的業績反映了持續強勁的執行力以及我們差異化方法與更高信用相結合的好處。具體而言，與 2021 年第三季度相比，我們第三季度每 TEU 的平均創造成本為 3,263 美元，比 2021 年第三季度高出 4%。在今年前 9 個月，我們的平均創造價值比 2021 年的 9 個月高出 43%。與去年同期相比，我們第三季度的運載量下降了 5%。第三季度的銷量下降主要是由於持續擁堵以及消費者需求水平更加正常化。在 9 個月期間，我們的當前銷量下降了 3%，而 2020 年前 9 個月的市場降幅約為 2.5%。我們現在預計，與 2022 年全年相比，我們的當前銷量將略有下降2021 年，這是由於需求疲軟和持續擁堵。我們第三季度的自由現金流總計 16 億美元，而 2021 年第三季度為 17 億美元。與去年第三季度 83% 的現金轉換率相比，我們的汽車版本保持強勁，為 84%。現在轉向我們的資產負債表。自上年末以來，總債務增加了 140 萬歐元。與最近幾個季度一樣，這主要是受固定船舶數量增加、長期租期以及日租費率上漲的推動。 2022 年前 9 個月，我們的現金銀行存款和投資增加了 3 億美元。更新我們的船隊，我們目前運營的船隻數量與我們上次報告相比沒有變化，目前花費在 149 艘船上，其中 10 艘是汽車保養。我們目前的包租能力的平均剩餘期限為 27.4 個月，低於 2022 年 8 月的 28.6 個月，並將我們目前的運營能力與 2023 年和 2024 年包租的新良好載體的預定交付聯繫起來。2023 年，有 25 艘船需要續約到 2024 年有 37 艘需要更新。這意味著我們共有 62 艘即將到來的船舶需要更新，而在此期間預計將交付 46 艘包租的新造船。轉到幻燈片 7。您可以看到我們在過去 2 年多的時間裡取得了非常強勁的成果。因此，我們的淨槓桿率同時呈下降趨勢，截至 9 月 30 日為 0。在幻燈片 8 上，轉向我們 3 個月和 9 個月的財務業績。我們差異化和積極主動的方法繼續產生盈利結果。第三季度收入為 32 億美元，與 2021 年第三季度相比增長 3%。而淨收入為 12 億美元，而去年同期為 15 億美元。本季度調整後的 EBITDA 為 19 億美元，而去年為 21 億歐元，反映了更正常化的運載量和平均現值。雖然市場動態發生了變化，但團隊繼續產生強勁的 EBITDA 和 EBIT 利潤率。調整後 EBITDA 的 9 個月利潤率為 63%，調整後的 EBITDA 為 54%。相比之下，去年同期分別為 58% 和 51%。我還想指出，我們第三季度較低的利潤率是由較高的浮動成本推動的，這是由於我們與 2 的艙位購買協議終止後過渡到我們自己的運營能力導致船舶成本高4 月 1 日。其中有幾個是最重要的，更高的 FFO 投票率。轉到幻燈片 9。我們在第三季度運載了 842,000 個標準箱，而去年同期為 884,000 個標準箱。正如您在幻燈片中看到的那樣，由於需求疲軟和東海岸港口擁堵的持續影響導致跨太平洋運輸量下降，但部分被亞洲、拉丁美洲和 Crossrail 的增長所抵消。尤其是亞洲內部，是我們的重點關注點，我們相信隨著市場條件正常化，增加對這一不斷增長的貿易的影響力將為我們提供顯著的彈性。接下來是我們的現金流橋。截至 2022 年第三季度末，我們的總現金頭寸為 44 億美元，其中包括現金和現金等價物，以及銀行存款投資和對 Stemen 的其他投資。今年前 9 個月，我們調整後的 66 億歐元 EBITDA 轉化為 500 萬歐元的運營現金流。其他現金流項目包括 2.93 億美元的淨資本支出、11 億美元的償債（主要是租賃負債）和 29 億美元的股息分配。轉向我們的指導。如前所述，隨著常態化步伐加快，我們修改了 2022 年全年預測。我們現在預計 2022 年調整後的 EBITDA 將在 74 億至 77 億美元之間，調整後的 EBIT 將在 600 萬歐元至 630 萬歐元之間。從息稅前利潤的角度來看，這比我們之前基於範圍中點的指導低約 5%。我們對修訂後的 2022 年指引的基本假設反映了所討論的即期運費和需求疲軟的急劇下降，以及調整後的合同費率。同樣，我們現在預計我們的發卡量將略低於 2021 年。在成本方面，我們假設包機費率環境略微有利，但考慮到包機續約數量有限，影響微乎其微。話雖如此，值得強調的是，這個數字確實反映了全年曆史新高（聽不清）轉向我們對市場環境的看法。此處顯示的供應紅利平衡預測反映了鑑於宏觀經濟環境惡化而降低的 2022 年和 2023 年需求增長假設。目前訂單與船隊的比率約為 27%，其中 230 萬標準箱計劃於 2023 年交付，另有 470 萬標準箱計劃交付。在接下來的幾年裡，供應增長預計將大大高於之前預計的需求增長。需求疲軟、運費下降和供過於求的風險相結合，為集裝箱航運創造了充滿挑戰的商業環境。然而，我將討論為什麼各種市場動態可能會影響有效供應並在未來幾個季度創造更穩定的商業環境。其次，與運價下降的供應鏡像是租船市場的降溫。包機市場也確實正在恢復到更加正常的狀態。正如您在此處看到的那樣，租船費率已大幅下降，儘管供應、確保短期租船的選擇正在逐漸恢復。閒置運費也略有增加。正如我們過去所指出的，我們認為有效供應增長可能小於當前訂單所暗示的，原因是幻燈片 14 中詳述的各種因素。2023 年港口擁堵、碼頭容量有限和缺乏生活方式基礎設施將繼續部分抵消預期的供應增長以及 IMO 2023 法規可能導致的緩慢航行，該法規預計將於明年 1 月生效。 IMO 2023 和脫碳議程也是多線退役舊船，導致更多的報廢和抵消一些新的建造能力。下滑也可能導致供應增長放緩。 Doris 目前表示，2023 年和 2024 年只有大約 60% 的交付會準時交付，而 2024 年則只有 55%，因為承運人和造船廠可能都希望推遲交付，因為前者面臨著明顯的薄弱，後者面臨著更高的成本。班輪根據需求調整部署運力，我們在最近的投標中看到了這種跡象。它們還支持行業效率。在此說明中，我們將公開提問。

Ladies and gentlemen, at this time, we will begin a question-and-answer session. (Operator Instructions) Our first question is from Omar Nokta of Jefferies, please go ahead.

女士們，先生們，此時，我們將開始問答環節。 （操作員說明）我們的第一個問題來自 Jefferies 的 Omar Nokta，請繼續。

Hi Eli, Xavier and Elena andd good afternoon. I wanted to ask about liquidity and your tax position today. You've obviously got a pretty sizable amount with 4.4 billion at the end of the quarter, which is over $35 a share, and it's sort of in line with the amount of debt and liabilities you have. But just in general, I wanted to ask, how do you view your current cash position? Is that a comfortable amount that you're carrying now with all the uncertainty out there in terms of the outlook for the container market and are there any levers to pull or you're thinking of pulling in order to be raised even more cash? Just if you could comment just about your cash position.

嗨，Eli、Xavier 和 Elena，下午好。我想問一下流動資金和你今天的稅務狀況。到本季度末，您顯然擁有相當可觀的數額，達到 44 億美元，每股超過 35 美元，這與您的債務和負債數額相當。但總的來說，我想問一下，你如何看待你目前的現金狀況？在集裝箱市場前景存在所有不確定性的情況下，您現在持有的金額是否合適？是否有任何槓桿可以拉動，或者您正在考慮拉動以籌集更多現金？就好像你可以評論你的現金頭寸一樣。

Hello Omar, and we are very pleased that the balance sheet is strong at the time indeed where the market is entering into its normalization phase. And so having a very robust capital structure is a very good position to be as we experienced the downward trend in the market. So there's a lot of uncertainty today as to where the rates will tabulate when the normalization will eventually end. And we will obviously ask ourselves the question when we come to that point as to whether we have, we believe, extra cash to allocate to some of the project or onwards. Today, the capital allocation priority continues to be the same as before, which is ensuring we continue to invest in growing our commercial prospects, securing capacity, renewing or tielequipment. We continue to look also at options to potentially grow inorganically and look at potential M&A transaction. That is something that we continue to look into even though there is no rush for us to secure anything in this respect. And lastly and very importantly, we want to continue to be true to our commitment to our shareholders, which is to return significant capital back to them.

你好奧馬爾，我們很高興資產負債表在市場進入正常化階段時表現強勁。因此，在我們經歷市場下行趨勢時，擁有非常穩健的資本結構是一個非常好的位置。因此，今天關於正常化最終結束時利率將在何處製表存在很多不確定性。當我們談到這一點時，我們顯然會問自己一個問題，即我們是否有額外的現金分配給某些項目或以後的項目。今天，資本分配的優先順序與以前一樣，這確保我們繼續投資於擴大我們的商業前景、確保產能、更新或設備。我們還在繼續尋找潛在的無機增長的選擇，並研究潛在的併購交易。這是我們繼續研究的事情，儘管我們並不急於在這方面取得任何進展。最後也是非常重要的是，我們希望繼續恪守我們對股東的承諾，即向他們返還大量資本。

And maybe just on that final point you were making about the returning capital. How do you think about that dividend policy going forward? I know the board ultimately is going to make the decision but how do you think about the use of cash at the moment given the softness in the market and does a true-up to the 50% payout next quarter for the full year of '22. Does that make sense or do you think sticking with 30% is more in line with your thinking?

也許就在最後一點上，你正在談論資本回報。您如何看待未來的股息政策？我知道董事會最終會做出決定，但鑑於市場疲軟，你如何看待目前現金的使用，並在下個季度為 22 年全年支付 50% 的支出.這是否有意義，或者您認為堅持 30% 更符合您的想法？

You know at this stage, what has been very important to the company is to say what we tend to do and execute on what we said. We intend to we've been consistent in that approach. I think, since the first day of us being a listed company, and we have adjusted on several occasions of delivering our dividend policy. But today, this quarter, we continue to be true to our and announced this 30% dividend payout. I think when it comes to what may be the discussion or the decision of the company in March when we released our full year financial statement. It's a little bit premature today to opine as to where we will land the consideration that will be taken at the time will be obviously how did we close the year, but also as importantly, what do we think the outlook is ahead of us, and there is a lot of unknown data at this point, which, again, I think, make us say that it's a little bit too early to be mature to opine on what might be the 2 payment next year.

你知道在這個階段，對公司來說非常重要的是說出我們傾向於做的事情並執行我們所說的。我們打算在這種方法中保持一致。我想，從我們成為上市公司的第一天起，我們已經多次調整了我們的股息政策。但今天，本季度，我們繼續忠實於我們並宣布了 30% 的股息支付。我認為當涉及到公司在 3 月份發布全年財務報表時可能進行的討論或決定。今天就我們將在哪裡著陸發表意見還為時過早，當時要考慮的顯然是我們如何結束這一年，但同樣重要的是，我們認為前景如何，以及在這一點上有很多未知數據，我認為，這再次讓我們說現在就明年的第 2 筆付款發表意見還為時過早。

Okay. No, that's fair. And maybe just one final one. Just regarding the cost structure at the moment, are there any levers to pull, you think, in terms of lowering our run rate cost on some of the ships you have in-house today, not necessarily the new buildings, but the vessels on the water, the vessel 101, the 149 that have roughly 27 months less of duration. Are there opportunities to maybe think about approaching the shipowners and lowering their rate in exchange for added duration. Is that something that you're thinking of? Is that a realistic measure that you guys think is worth undertaking?

好的。不，這很公平。也許只是最後一個。就目前的成本結構而言，是否有任何槓桿可以拉動，你認為，就降低我們今天在內部擁有的一些船舶的運行率成本而言，不一定是新建築，而是在水，船隻 101，149 的持續時間大約減少了 27 個月。是否有機會考慮與船東接洽並降低他們的費率以換取延長期限。那是你正在考慮的事情嗎？這是你們認為值得採取的現實措施嗎？

This is always something that we can consider. I mean the shipowners are always willing to listen and engage with the charterer if we were to to commit for longer than we could revisit the commercial term. So maybe this is something that might happen in the future. I think today, we are focusing on making sure that we extract as much cost as we can on the way we operate, the productivity level of each of the agencies where people are on the feet on the ground use and leverage our digital initiatives that also believe will allow us to increase the productivity level entering and negotiating with all of our suppliers, not only the vessel suppliers, but all the terminals, the rates for next year. So there is a lot for us obviously to work on in order to continue to try to extract adverse or limit the cost increase as much as we can in our organization that's going forward. So we focus on what we can control and be ready for the new normal of next year.

這始終是我們可以考慮的事情。我的意思是，如果我們要承諾的時間超過我們可以重新審視商業條款的時間，船東總是願意傾聽承租人的意見並與之接觸。所以也許這是將來可能發生的事情。我認為今天，我們的重點是確保我們在運營方式上盡可能多地提取成本，每個機構的生產力水平，人們在地面上使用和利用我們的數字計劃，這也相信將使我們能夠提高進入並與我們所有供應商談判的生產力水平，不僅是船舶供應商，還有所有碼頭，明年的費率。因此，我們顯然有很多工作要做，以便繼續嘗試在我們正在前進的組織中盡可能多地消除不利因素或限製成本增加。因此，我們專注於我們可以控制的事情，並為明年的新常態做好準備。

Okay. Very good. I'll turn it over.

好的。很好。我會把它翻過來。

Our next question is from Alexia Dogani of Barclays, please go ahead

我們的下一個問題來自巴克萊銀行的 Alexia Dogani，請繼續

I had to start first. Just on the implied Q4 EBITDA guide of around $1 billion. Obviously, the exit rate from Q3 has been quite strong. But clearly, since the mid-September, we've seen the spot rate declined quite considerably. How should we think about the first half of Q4 versus the second half of Q4, just to understand the exit rate as we go into the next year? Then secondly, on sort of your comments about sort of unit cost ability to change. When we look at 2023 and the current trajectory of spot rates, how can you protect profitability? What actions are you able to take other than to basically reduce the capacity based on those the delta you have between the upcoming vessels and the ones that are expiring. So yes, those 2 please thank you.

我必須先開始。僅在隱含的第四季度 EBITDA 指導下約為 10 億美元。顯然，第三季度的退出率相當高。但顯然，自 9 月中旬以來，我們看到即期匯率大幅下降。我們應該如何考慮第四季度上半年與第四季度下半年的關係，以便了解我們進入明年時的退出率？其次，關於您對單位成本變化能力的評論。展望 2023 年和當前的即期匯率軌跡，您如何保護盈利能力？除了根據即將到來的船隻和即將到期的船隻之間的增量基本上減少容量之外，您還能採取什麼行動。所以是的，那兩個，謝謝。

So starting with your first question, it is very true that the pace of the media, the rate erosion of the (inaudible) index, the decrease has accelerated over the past few weeks and towards the second part of the third quarter, it's been accentuated. So we have factored in our Q4 assumptions that leads to the guidance that we communicated today, a continuation of the trend to some extent. And so we expect Q4 average freight rate to be less than what we delivered into Q3. In addition to that, from a volume perspective, we are also considering and the 2 are being leaked in the way there is, on the one hand, the demand that is softening. And as a result, the company and also I think last the industry might take some actions in terms of additional bank sales. So we have also factored in a bit more of those in the fourth quarter, also explaining why the volume assumptions are a little bit lower than what we initially planned for. To your second question, looking at what it is that we can do on our cost structure, we talked about the vessel cost we've been, as you know, ZIM has been transitioning from already over the past 2 years, transitioning from being very exposed to the short-term charter market, gradually with all the contractors that we signed with and other vessel owners. We have shifted towards being more exposed to long-term charter in the years to come and we have experienced an increase in unit costs up until this quarter and maybe into the next. But in 2023 and beyond as we will take delivery of those new build capacity, the cost per TEU will mechanically go down in terms of the vessel cost, the cost of sourcing capacity. In terms of variable cost, also with the congestion easing, we are going to incur less storage costs. The flow of equipment is going to be improved as well. We are looking at how we can best optimize the usage of our fleet of containers. Today, we have close to 1 million TEUs, million capacity of equipment. And it is very possible that we will deliver some of the older equipment as the flow of cargo eased into 2023. So we will be more efficient in operating our campaign.

所以從你的第一個問題開始，媒體的步伐，（聽不清）指數的利率下降，在過去幾周和第三季度的第二部分加速下降，這是非常真實的.因此，我們已經將第四季度的假設考慮在內，這些假設導致了我們今天傳達的指導意見，在某種程度上延續了這一趨勢。因此，我們預計第四季度的平均運費將低於我們在第三季度交付的運費。除此之外，從數量的角度來看，我們也在考慮 2 正在以一種方式洩漏，一方面，需求正在減弱。因此，該公司以及我認為最後整個行業可能會在額外的銀行銷售方面採取一些行動。因此，我們在第四季度也考慮了更多因素，也解釋了為什麼銷量假設比我們最初計劃的要低一點。關於你的第二個問題，看看我們可以在我們的成本結構上做些什麼，我們談到了我們一直以來的船舶成本，正如你所知，ZIM 已經從過去 2 年已經過渡，從非常接觸短期租船市場，逐漸與我們簽約的所有承包商和其他船東合作。在未來幾年，我們已經轉向更多地接觸長期包機，並且直到本季度甚至下一個季度，我們都經歷了單位成本的增加。但在 2023 年及以後，隨著我們將交付這些新的建造能力，每 TEU 的成本將在船舶成本、採購能力成本方面機械地下降。就可變成本而言，隨著擁堵的緩解，我們將減少存儲成本。設備的流動性也將得到改善。我們正在研究如何最好地優化集裝箱船隊的使用。今天，我們擁有近 100 萬標準箱，百萬設備容量。隨著 2023 年貨運量的減少，我們很可能會交付一些舊設備。因此我們將更有效地開展活動。

And can I just ask a follow-up on the first question. In terms of the kind of split between the evolution and if we look at how spot rates have accelerated, would it be fair to say the EBITDA skewed towards the first half of Q4 roughly 2/3, 1/3, if I just look at the kind of trajectory rate?

我可以就第一個問題提出後續問題嗎？就演變之間的分歧而言，如果我們看看即期利率是如何加速的，如果我只看一下，那麼說 EBITDA 向第四季度上半年傾斜大約 2/3、1/3 是否公平？什麼樣的彈道率？

Alexia, I'm not so sure I understand your question. Are you talking about the 3 months into Q4, whether we expect a further reduction in November and then stabilization in December.

Alexia，我不太確定我理解你的問題。您是在談論進入第四季度的 3 個月，我們是否預計 11 月會進一步減少，然後在 12 月穩定下來。

Yes, exactly. Whether you expect most of the profitability in Q4 to come from October and November and less in December.

對，就是這樣。您是否預計第四季度的大部分盈利能力來自 10 月和 11 月，而不是 12 月。

Today, we expect the rate to continue to go down. It depends also on the trade because we think that there are some trades that have been more exposed to the rate deterioration than others. To some extent, for example, the Atlantic is behaving better today. The U.S. West Coast has been suffering much more than the other trade lens so we need to look at the mix of trade where we operate. We still take the conservative the view that the rates will continue to go down. You see that the guidance in terms of rent is still $300 million. So obviously, we cannot be absolutely sure to what will be the prevailing rate of the remainder of the year. We know that what the rate will be in the weeks to come up until the end of the year so that will affect also our Q4 performance even if the boxes have not reached their final destination by the end of the year that's the accounting rules.

今天，我們預計利率將繼續下降。這也取決於交易，因為我們認為有些交易比其他交易更容易受到利率惡化的影響。例如，在某種程度上，大西洋今天的表現更好。美國西海岸比其他貿易鏡頭遭受的苦難要多得多，因此我們需要審視我們經營所在地的貿易組合。我們仍然保守地認為利率將繼續下降。你看到租金方面的指導仍然是 3 億美元。很明顯，我們不能絕對確定今年剩餘時間的通行利率是多少。我們知道，到今年年底之前的幾週內，費率會是多少，這也會影響我們第四季度的表現，即使這些箱子到年底還沒有到達最終目的地，這是會計規則。

Okay. Thank you.

好的。謝謝你。

Our next question is from Sathish Sivakumar of Citigroup, please go ahead.

我們的下一個問題來自花旗集團的 Sathish Sivakumar，請繼續。

I've got 2 questions here. So firstly, in your guidance, right, you did say that one of the reasons for the revision and guidance is lower contract rates. If I understand, right, you got your contract rate exposure is mainly from Transpacific, which normally resets in April, right? So why does we are actually seeing lower contract rate versus, say, Q3 or this is your previous expectation? Any color on that? And also directionally, like how much it's actually come down versus your previous expectation? And the second one is around the supply side flexibility on supply. You made it clear that, okay, you got about 60 vessels that are on charter that's due for renewal versus 40 vessels you are taking in but that's more like, say, in 2 years' time that you get a better supply management there. But into next year, given the uncertainties and if potentially, for the downturn in demand, what are the tools that you have in terms of like supply management as we go into H1 next year? Thank you.

我在這裡有 2 個問題。因此，首先，在您的指導中，您確實說過修訂和指導的原因之一是較低的合同費率。如果我理解，對吧，你的合同利率風險主要來自跨太平洋，它通常在 4 月重置，對嗎？那麼，為什麼我們實際上看到的合同利率低於第三季度，或者這是您之前的預期？上面有顏色嗎？還有方向性的，比如它實際上比你之前的預期下降了多少？第二個是圍繞供應方面的供應靈活性。你明確表示，好吧，你有大約 60 艘租用的船隻需要續約，而你正在租用 40 艘船隻，但這更像是在 2 年的時間內你在那裡獲得更好的供應管理。但是到明年，考慮到不確定性，如果可能的話，對於需求下滑，當我們進入明年上半年時，您在供應管理方面有哪些工具？謝謝你。

Thank you, Sathish. The question on the contract rate, just to back into perspective, yes, you're absolutely right that it's very much relevant for the transpacific trade where we operate. And we normally contract 50% of our volume with a long-term contract and remain exposed to the spot market for the other 50%. So clearly, what is happening with the steep decline in the spot market on some of the trades, the spot market went below the contract rate. And you may remember that initially, when we closed the contract season in April, we closed at elevated rates compared to the prior year. With that, so the market in terms of rates went down and cross at some point in the quarter, the average rate that we secured with our customers. But more importantly, from our customer perspective, the demand was not there, and the volume was not there. So we had to leave with this new reality and engage with our customers. Those customers are not customer for 1 year, for one season. They are recurring customers with whom we have a long-term relationship, and we intend to continue to have a long-term relationship. So clearly, as the spread between the contract rate in terms of dollar per TEU and the spot was briefly, we had to sit down and agree and revisit the pricing for those customers in order to also protect to some extent, some of the this is what has happened. We need to be pragmatic and make sure that we find the middle ground between the interest of our customers and our. To your second question with respect to the supply side and the flexibility that we have. We still believe that we said that 25 vessels are up for renewal next year. This is a significant amount that gives us some flexibility. And also, when we look at which are the vessels that we are going to take delivery from next year out of the 46 that we intend to get between 23 and 24, we'll get 18 of those in 2023. And 9 of them will be the 15,000 TEUs, the large capacity vessels that we intend to deploy on the Asia-U.S. East Coast. The other 9 will be 5,000 and 7,000 TEUs. And the 95,000 TEU that we deploy. We are eagerly waiting for those vessels because they will be the most efficient ones. They will replace capacity today that at the cost, which from running the ship will be very similar, allowing us to increase the intent by 50%. So if we manage to need increase the intake, this will be an additional profit to the trade. And if we don't, it would be a mutual. What obviously may happen depending on what the market conditions are. We are also not alone in this way. As you know, we gently operate with Musterait partners and there might be also some discussions around the overall network. I mean there are a lot of options for us to entertain and consider as we go along into 2023 and take those deliveries of those ships.

謝謝你，薩西什。關於合同費率的問題，只是回顧一下，是的，你是絕對正確的，它與我們經營的跨太平洋貿易非常相關。我們通常通過長期合同簽訂 50% 的交易量，其餘 50% 仍暴露於現貨市場。很明顯，一些交易的現貨市場急劇下跌，現貨市場價格低於合同價格。你可能還記得，最初，當我們在 4 月份結束合同季時，我們的收盤價比上一年高。這樣一來，就利率而言，市場在本季度的某個時候下降並交叉，這是我們與客戶獲得的平均利率。但更重要的是，從我們客戶的角度來看，需求不存在，數量也不存在。所以我們不得不離開這個新現實並與我們的客戶互動。這些客戶在 1 年、一個季節內都不是客戶。他們是我們有長期關係的經常性客戶，我們打算繼續保持長期關係。很明顯，由於以美元/TEU 為單位的合同費率與現貨之間的價差很短，我們不得不坐下來同意並重新審視這些客戶的定價，以便在一定程度上保護，其中一些是發生了什麼事。我們需要務實，並確保在客戶利益和我們自己的利益之間找到中間立場。關於供應方和我們擁有的靈活性的第二個問題。我們仍然相信我們說過明年有 25 艘船需要更新。這是一個很大的數額，給了我們一些靈活性。而且，當我們查看我們打算在 23 到 24 之間接收的 46 艘船舶中，哪些是我們明年要接收的船舶時，我們將在 2023 年獲得其中的 18 艘。其中 9 艘將是 15,000 標準箱，我們打算部署在亞美航線上的大容量船隻。東海岸。其他 9 個將是 5,000 和 7,000 標準箱。以及我們部署的 95,000 TEU。我們熱切地等待著這些船隻，因為它們將是最高效的。他們今天將以成本取代容量，這與運行船舶的成本非常相似，使我們能夠將意圖增加 50%。因此，如果我們設法增加攝入量，這將是貿易的額外利潤。如果我們不這樣做，那將是相互的。顯然可能會發生什麼取決於市場條件。我們也不孤單。如您所知，我們與 Musterait 合作夥伴進行溫和的合作，並且可能還會圍繞整個網絡進行一些討論。我的意思是，隨著我們進入 2023 年並接受這些船隻的交付，我們有很多選擇可以娛樂和考慮。

Okay. thank you, thanks Xavier and then Elena, thanks very much.

好的。謝謝，謝謝 Xavier，然後是 Elena，非常感謝。

Our next question is from Sam Bland of JPMorgan, pease go ahead.

我們的下一個問題來自摩根大通的 Sam Bland，請繼續。

I have, please. The first one is on we see many in terms of capacity across the market so far, I think a Q2 2020 do with blank sailings have we seen much of that yet? And if not, is that surprising? And the second question is, if we look at the stock rates are, are there any lanes or regions or you kind of current spot rates are sort of below the breakeven for the (inaudible) thank you.

我有，請。第一個是到目前為止，我們在整個市場的容量方面看到了很多，我認為 2020 年第二季度的空白航行我們已經看到了很多嗎？如果不是，那會令人驚訝嗎？第二個問題是，如果我們看一下股票利率，是否有任何通道或區域，或者您目前的即期利率有點低於盈虧平衡點（聽不清）謝謝。

Sam, I hope I got your question right. You were a little bit breaking up. But from what I understand, the first question was around land saving and whether we think there will be more ahead of us than has been over the past few weeks. It is very likely. It's very possible. The objective of the company, as far as ZIM goes remains the same. We intend to be profitable in the trade where we operate, and we don't wish to sell capacity at a loss. So the idea will be to make sure that we always operate our capacity and redeploy capacity. We arranged the network of trade potentially or line where we operate in order to always be in a position where we avoid losing money on a given voyage. So if the rates continue to slide, the level of planting will most probably continue to increase over the coming weeks. And with regard to your second question, which was whether there are some trades where we think the spot rate has already across the breakeven point from a profitability perspective. I think in some trades, we are not far from that and we already crossed the cost of the line. I was referring to earlier on to the trade between Asia to L.A., which has been a trade that has been very severely maybe one of the most early on, severely impacted by the slide in the freight rate. As you know, on those trades, we operate a specific service. We operate an expedited service command a premium on the SCFI rates, but there is not much more room for further reduction in this at trade. Atlantic is still quite resilient. The U.S. East Coast has been a bit more resilient as well. Latin America was very resilient in the quarter is now slidding a little bit more. So there is a difference in the face of the normalization but eventually, we think all the trades will find a new equilibrium at some port.

山姆，我希望我答對了你的問題。你有點分手了。但據我所知，第一個問題是關於節約土地，以及我們是否認為我們會比過去幾週做更多的事情。很有可能。很有可能。就 ZIM 而言，公司的目標保持不變。我們打算在我們經營的行業中獲利，我們不希望虧本出售產能。因此，我們的想法是確保我們始終運行我們的容量並重新部署容量。我們安排了潛在的貿易網絡或我們運營的線路，以便始終處於避免在給定航程中賠錢的位置。因此，如果種植率繼續下滑，未來幾周播種量很可能會繼續增加。關於你的第二個問題，是否有一些交易，我們認為從盈利能力的角度來看，即期匯率已經超過了盈虧平衡點。我認為在某些交易中，我們離那個不遠，我們已經越過了成本線。我之前提到的是亞洲到洛杉磯之間的貿易，這是一項非常嚴重的貿易，可能是最早的貿易之一，受到運費下滑的嚴重影響。如您所知，在這些交易中，我們提供特定服務。我們在 SCFI 費率的基礎上實施加急服務命令，但在交易中進一步降低的空間不大。大西洋仍然很有彈性。美國東海岸也更具彈性。拉丁美洲在本季度非常有彈性，現在下滑了一點。因此，在正常化方面存在差異，但最終，我們認為所有貿易都會在某個港口找到新的平衡點。

Absolutely, thanks so much.

絕對可以，非常感謝。

This concludes our Q&A session. And I hand back to Eli Glickman, President and CEO, for closing comments.

我們的問答環節到此結束。我還請總裁兼首席執行官 Eli Glickman 發表結束評論。

Thank you. ZIM continues to deliver outstanding execution and profitable growth reflected in our third quarter and 9 months 2022 financial results. EBITDA and EBIT margins remain strong, our standing cash generation has enabled them would declare over $1.26 billion to $10.55 per share in 2022 dividends. While the pace of market normalization has accelerated over the past several weeks, we remain on track to January 2022 adjusted EBITDA and EBIT that will represent full year records. I would like to conclude by highlighting that ZIM has been proactive over the last 2 years, taking a significant step to reman and build resilience in our business to best position ZIM for the new normal. Commercially, we diversified our business and a multiple growth engines. We have also secured a competitive, efficient and cost-effective new build capacity to support our commercial strategy for the benefit of customers and shareholders. Thank you very much for tuning in. We look forward to reporting on our continued progress. Having a good day.

謝謝你。 ZIM 繼續提供出色的執行力和盈利增長，這反映在我們第三季度和 2022 年 9 個月的財務業績中。 EBITDA 和 EBIT 利潤率依然強勁，我們常年產生的現金使他們能夠在 2022 年宣布每股派息超過 12.6 億美元至 10.55 美元。雖然市場正常化的步伐在過去幾周有所加快，但我們仍有望實現 2022 年 1 月調整後的 EBITDA 和 EBIT，這將創下全年記錄。最後，我想強調 ZIM 在過去 2 年中一直積極主動，邁出了重要的一步，在我們的業務中重新製造和建立彈性，以使 ZIM 處於新常態的最佳位置。在商業上，我們多元化了我們的業務和多個增長引擎。我們還獲得了具有競爭力、高效且具有成本效益的新建能力，以支持我們的商業戰略，造福於客戶和股東。非常感謝您收看。我們期待著報告我們的持續進展。過得愉快。

Ladies and gentlemen, the conference is now concluded, and you may disconnect the telephone. Thank you for joining, and have a pleasant day. Good-bye.

女士們，先生們，會議到此結束，你們可以掛斷電話了。感謝您的加入，祝您度過愉快的一天。再見。