以星航運 (ZIM) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the ZIM Integrated Shipping Services Second Quarter 2023 Earnings Conference Call.

感謝您的耐心等待，歡迎參加以星綜合航運服務 2023 年第二季度收益電話會議。

(Operator Instructions). Elana Holzman, Head of Investor Relations, you may begin your conference.

（操作員說明）。 Elana Holzman，投資者關係主管，您可以開始會議了。

Thank you, Rob, and welcome, everyone, to ZIM's Second Quarter 2023 Financial Results Conference Call. Joining me on the call today are Eli Glickman, ZIM's President and CEO; and Xavier Destriau, CFO.

謝謝 Rob，歡迎大家參加以星 2023 年第二季度財務業績電話會議。今天和我一起參加電話會議的是以星 (ZIM) 總裁兼首席執行官 Eli Glickman；和首席財務官 Xavier Destriau。

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 materially. 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 2022 annual report filed on Form 20-F in March. We undertake no obligation to update these forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將就期望、預測、預測或未來事件或結果做出前瞻性陳述。我們相信我們的期望和假設是合理的。我們希望提醒您，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 3 月份以 20-F 表格形式提交的 2022 年年度報告。我們不承擔更新這些前瞻性陳述的義務。

At this time, I would like to turn the call over to the ZIM's CEO, Eli Glickman. Eli?

現在，我想將電話轉給 ZIM 首席執行官 Eli Glickman。伊萊？

Thank you, Elana, and welcome, everyone, to today's call.

謝謝埃拉娜，歡迎大家參加今天的電話會議。

During the second quarter and year-to-date, near-term container shipping market conditions continued to be challenging. Our performance in the second quarter of 2023 reflected this reality. In Q2, we generated adjusted EBITDA of $275 million and adjusted EBIT loss of $147 million. Cash flow from operations was $347 million. Our total cash position of $3.2 billion at quarter end remained strong.

第二季度和今年迄今，近期集裝箱運輸市場狀況仍然充滿挑戰。我們 2023 年第二季度的業績反映了這一現實。第二季度，我們的調整後 EBITDA 為 2.75 億美元，調整後 EBIT 虧損為 1.47 億美元。運營現金流為 3.47 億美元。截至季度末，我們的總現金頭寸為 32 億美元，依然強勁。

Going to Slide 4. ZIM is currently in a transition period. In early 2021, we embarked on our fleet renewal program to improve our cost structure and support long-term profitable growth. During this period, we secured through a series of charter agreement, a highly competitive fleet and one that is optimally suited for our commercial strategy. This fleet is made up of 46 new build vessels, included 28 LNG-powered containership. Of the 46 new builds, 8 are already part of our fleet today; 4 12,000 TEU vessels and 4 LNG-powered 15,000 TEU vessels. We expect the delivery of 3 additional 15,000 TEU LNG vessels this year, and the remaining 3 are expected in the first few months of 2024.

轉至幻燈片 4。ZIM 目前正處於過渡期。 2021 年初，我們啟動了機隊更新計劃，以改善成本結構並支持長期盈利增長。在此期間，我們通過一系列包機協議獲得了一支極具競爭力且最適合我們商業戰略的機隊。該船隊由 46 艘新建船舶組成，其中包括 28 艘液化天然氣動力集裝箱船。在 46 艘新船中，目前已有 8 艘成為我們機隊的一部分； 4艘12,000 TEU船舶和4艘液化天然氣動力15,000 TEU船舶。我們預計今年將額外交付 3 艘 15,000 TEU 液化天然氣船，其餘 3 艘預計在 2024 年前幾個月交付。

The commercial environmental benefits of this cost competitive capacity are worth mentioning again. Our 10 15,000 TEU LNG fuel vessels were designed and been to serve on the Asia to U.S. East Coast. This is a strategic service for ZIM and one in which our market share exceeds 10%. When we operate our ZCP service with all 10 new build 15,000 TEU vessels, we expect to benefit from a very competitive cost per TEU on this trade.

這種成本競爭力帶來的商業環境效益再次值得一提。我們的 10 艘 15,000 TEU 液化天然氣燃料船設計用於亞洲至美國東海岸的航線。這是以星的一項戰略服務，我們的市場份額超過10%。當我們用所有 10 艘新建的 15,000 TEU 船舶運營 ZCP 服務時，我們預計將從這項貿易中極具競爭力的每 TEU 成本中受益。

Moreover, ZIM is the first liner to operate LNG-powered vessels on the Asia to U.S. East Coast route, which we are confident will increasingly become a significant commercial differentiator. We view it as imperative that we provide customers with a service offering that enables them to reduce their carbon footprint. At the same time, adding state-of-the-art LNG fuel vessels, [further] ZIM on sustainability goals and support our commitment to reduce greenhouse gas emissions to net 0 by 2050.

此外，以星是第一家在亞洲至美國東海岸航線上運營液化天然氣動力船舶的班輪公司，我們相信這將日益成為一個重要的商業優勢。我們認為，我們必須為客戶提供能夠減少碳足蹟的服務。與此同時，通過增加最先進的液化天然氣燃料船，[進一步] ZIM 實現可持續發展目標，並支持我們到 2050 年將溫室氣體排放量減少到淨零的承諾。

Our fleet renewal program also included 32 smaller, more versatile new build versus, out of which 18 are LNG-powered 7,000 TEU vessels. These smaller vessels support our global niche commercial strategy and enable us to maintain flexibility to target better performing trades. The first 3 7,000 TEU vessels are expected this year and the remaining in 2024. Once we receive all 28 LNG vessels, we expected approximately a set of our operated capacity will be LNG fume, which will position ZIM among the lowest carbon intensity operators.

我們的船隊更新計劃還包括 32 艘更小、更通用的新建船舶，其中 18 艘是液化天然氣動力的 7,000 TEU 船舶。這些小型船舶支持我們的全球利基商業戰略，使我們能夠保持靈活性，以實現更好的貿易目標。首批3 艘7,000 TEU 船舶預計將於今年交付，其餘船舶將於2024 年交付。一旦我們收到全部28 艘液化天然氣船舶，我們預計我們的運營能力中大約有一部分將是液化天然氣煙霧，這將使以星躋身碳強度最低的運營商之列。

In 2021, we also leveraged our strong cash generation to invest almost $1 billion in renewing our container fleet, particularly our reefer equipment. Today, we operate the youngest reefer fleet in the industry, which is a competitive advantage with this higher value cargo. We were also early to identify the attractive dynamics of car carriage caused by tight supply. We successfully grew our operated capacity from 2 car carriers in early 2021, serving the local Israeli market, to operating 16 car carriers today with global coverage and benefiting from strong demand.

2021 年，我們還利用強大的現金流投資近 10 億美元更新我們的集裝箱船隊，特別是我們的冷藏設備。如今，我們運營著業內最年輕的冷藏船隊，這對於這種高價值貨物來說是一個競爭優勢。我們也很早就發現了供應緊張帶來的汽車運輸的吸引力。我們成功地將運營能力從 2021 年初服務於以色列當地市場的 2 家汽車運輸公司增加到今天運營的 16 家汽車運輸公司，覆蓋全球並受益於強勁的需求。

In the near term, during this downturn period, as we await the delivery of the remainder of our cost-effective new build capacity, improving our cost structure remains an underlying priority for ZIM. We continuously review our network and services and take action to rationalize our existing capacity to minimize our cash burn.

短期內，在經濟低迷時期，當我們等待交付剩餘的具有成本效益的新建產能時，改善成本結構仍然是以星的首要任務。我們不斷審查我們的網絡和服務，並採取行動合理化我們現有的產能，以最大程度地減少現金消耗。

Today, in 2023, we redelivered 7 container vessels to adapt our fleet to current demand levels and maximize utilization. Xavier, our CFO, will provide additional information about our fleet in his prepared comments. During this challenging market, we continue to look for opportunities to establish resilience in our business and focus on optimizing profitability. We remain committed to our core trade lens, specifically Asia to U.S. East Coast and Intra-Asia, and expect our network will continue to evolve as customer demand change and new commercial opportunities arise.

今天，2023 年，我們重新交付了 7 艘集裝箱船，以使我們的船隊適應當前的需求水平並最大限度地提高利用率。我們的首席財務官 Xavier 將在他準備好的評論中提供有關我們機隊的更多信息。在這個充滿挑戰的市場中，我們繼續尋找機會建立業務彈性並專注於優化盈利能力。我們仍然致力於我們的核心貿易視角，特別是亞洲到美國東海岸和亞洲內部的貿易，並預計我們的網絡將隨著客戶需求的變化和新商業機會的出現而繼續發展。

For example, in Q1, we suspended our express service from China to Los Angeles as [it relates] to the West Coast collapse and launch in Q2 Colibri, a new service from South America West Coast to U.S. East Coast. In this service, we leverage our strong reefer offering and carrying volumes have been consistently growing.

例如，在第一季度，我們暫停了從中國到洛杉磯的快遞服務，因為它與西海岸的崩潰有關，並在第二季度推出了從南美西海岸到美國東海岸的新服務 Colibri。在這項服務中，我們利用我們強大的冷藏箱產品和運輸量一直在不斷增長。

Moving to Slide 5. While we remain cautious in our capital allocation decisions, we believe there continues to be value in investing in growth engines, which complement our core shipping activities. In June, we expanded our partnership with 40Seas, one of our portfolio companies. 40Seas is innovative fintech platform designed to modernize cross-border trade financing. As a reminder, 40Seas uses AI tools to streamline the credit application process and can offer small and medium-sized importers and exporters, faster and cheaper access to working capital financing needs than traditional financial institutions. ZIM now offers this unique financing solution to customers directly as well as via our digital freight forwarder, Ship4wd. When it comes to this investment, the capital requirements are relatively modest, yet the potential is significant.

轉到幻燈片 5。雖然我們對資本配置決策保持謹慎，但我們相信投資增長引擎仍然有價值，這對我們的核心航運活動起到了補充作用。 6 月，我們擴大了與我們的投資組合公司之一 40Seas 的合作夥伴關係。 40Seas 是創新的金融科技平台，旨在實現跨境貿易融資現代化。需要提醒的是，40Seas 使用人工智能工具簡化信貸申請流程，可以為中小型進口商和出口商提供比傳統金融機構更快、更便宜的流動資金融資需求。以星現在直接以及通過我們的數字貨運代理 Ship4wd 向客戶提供這種獨特的融資解決方案。這項投資的資本要求相對較低，但潛力巨大。

Moving to Slide 6. In conclusion of my prepared comments, I would like to address our revised guidance for 2023 and current freight rates. As previously announced, we now expect to generate in 2023 adjusted EBITDA of $1.2 billion to $1.6 billion and adjusted EBIT loss of $500 million to $100 million. This revised forecast is driven by our expectation that peak season will be soft, bringing down our expectation for volume growth to low single digit and no material improvement in freight rates in the second half of 2023, that would normally be consistent with seasonality.

轉向幻燈片 6。在我準備好的評論的結論中，我想談談我們對 2023 年修訂後的指導意見和當前的運價。正如之前宣布的，我們現在預計 2023 年調整後 EBITDA 為 12 億至 16 億美元，調整後 EBIT 虧損為 5 億至 1 億美元。這一修訂後的預測是由於我們預計旺季將疲軟，從而將我們對貨運量增長的預期降至低個位數，並且2023 年下半年運價不會出現實質性改善，而這通常與季節性一致。

The improvement we have recently seen in spot freight rates is clearly a welcome development. However, I would like to caution that the significant improvement as it related to ZIM is focused on Transpacific rates versus other trades we operate and haven't seen a similar improvement. Moreover, this improvement, even if sustained, does not have immediate impact on our financial and does not change our full year guidance. Marginally, we may benefit from improved spot freight rates as long-term contracts this year account for only about 30% of total Transpacific volumes. I would also like to reiterate that our strong balance sheet and ample cash will serve ZIM well during a prolonged downturn and allow us to operate from a position of strength and maintain a long term view.

我們最近看到的即期運費的改善顯然是一個值得歡迎的發展。然而，我想提醒大家的是，與以星集團相關的顯著改善主要集中在跨太平洋航線費率上，而我們經營的其他交易並沒有看到類似的改善。此外，這種改善即使持續，也不會立即對我們的財務產生影響，也不會改變我們的全年指導。邊際上，我們可能會受益於即期運費的提高，因為今年的長期合同僅佔跨太平洋總運量的 30% 左右。我還想重申，我們強勁的資產負債表和充裕的現金將在長期低迷時期為以星集團提供良好服務，使我們能夠保持優勢地位並保持長遠眼光。

On that note, I will turn the call over to Xavier, our CFO, for his remarks on our financial results and additional comments on the market. Please?

在這一點上，我將把電話轉給我們的首席財務官澤維爾，聽取他對我們財務業績的評論以及對市場的其他評論。請？

Thank you, Eli. And again, on my behalf, welcome, everyone.

謝謝你，伊萊。我代表我再次歡迎大家。

On Slide 7, we present key financials and operational highlights. As Eli mentioned, our second quarter financial results reflected challenging near-term container shipping market conditions. Our second quarter average freight rate per TEU was $1,193, a 67% decline year-over-year. During the first 6 months of the year, our average freight rate of $1,286 was 65% lower than the first half of 2022. Our carried volume of 860,000 TEUs in Q2 was slightly up compared to last year's second quarter carried volume compared to a market growth of negative 2%. Sequentially, our volume was up 12%.

在幻燈片 7 中，我們展示了主要的財務數據和運營亮點。正如 Eli 提到的，我們第二季度的財務業績反映了近期集裝箱運輸市場的挑戰。第二季度每 TEU 平均運費為 1,193 美元，同比下降 67%。今年前6 個月，我們的平均運價為1,286 美元，比2022 年上半年下降了65%。第二季度我們的運載量為860,000 TEU，與去年第二季度的運載量相比略有上升，與市場增長相比負2%。隨後，我們的交易量增加了 12%。

Revenues for the second quarter were driven by the continued decrease in freight rates. Q2 revenues were up $1.3 billion. Our revenue for the first half of 2023 of $2.7 billion was 62% lower than the first half of last year. Our free cash flow in second quarter totaled $321 million compared to $1.6 billion in the second quarter of 2022.

第二季度的收入受到運費持續下降的推動。第二季度收入增長 13 億美元。我們 2023 年上半年的收入為 27 億美元，比去年上半年下降了 62%。我們第二季度的自由現金流總計 3.21 億美元，而 2022 年第二季度為 16 億美元。

Turning now to the balance sheet. Total debt increased by $537 million since prior year-end, and that is mainly due to the net effect of the incoming vessels with longer-term charter durations. Regarding our fleet, we currently operate 148 vessels, 132 container ships and 16 car carriers. Excluding the new build capacity, the average remaining duration of our current charter capacity is 24.6 months compared to 25.5 months in May.

現在轉向資產負債表。自去年年底以來，總債務增加了 5.37 億美元，這主要是由於租期較長的新船的淨效應。關於我們的船隊，我們目前運營著 148 艘船舶、132 艘集裝箱船和 16 艘汽車運輸船。不包括新建運力，我們當前包機運力的平均剩餘期限為 24.6 個月，而 5 月份為 25.5 個月。

As Eli mentioned, out of the 46 new build ZIM ordered, 8 have been delivered, including 4 12,000 TEU vessels and 4 LNG-powered 15,000 TEU vessels. We have 13 vessels whose charter period ends before year-end 2023 and another 34 vessels whose charter period ends in 2024. So in total, these 47 vessels, which we could renew or we deliver to the owner compared to 38 new builds that we expect to be delivered during the same period. It's important to highlight that the delivery of these modern cost-efficient vessels will replace smaller, less cost-effective [storage].

正如 Eli 提到的，以星集團訂購的 46 艘新建船舶中，有 8 艘已交付，其中包括 4 艘 12,000 TEU 船舶和 4 艘液化天然氣動力 15,000 TEU 船舶。我們有13 艘船舶的租期在2023 年底之前結束，另外34 艘船舶的租期在2024 年結束。因此，總共有47 艘船舶，我們可以續租或交付給船東，而我們預計有38 艘新建船舶並在同一時期內交付。需要強調的是，這些現代化的、具有成本效益的船舶的交付將取代規模較小、成本效益較低的[儲存]。

On the next slide, Slide 8, we present ZIM's Q2 and 6 months 2023 financial results compared to Q2 and the first half of last year. The underlying dynamic for both comparisons are similar and are primarily the outcome of the decline in revenues based on the lower freight rate environment. Adjusted EBITDA in the quarter was $275 million, and the adjusted EBIT loss was $147 million. Adjusted EBITDA and EBIT margins for the second quarter were 21% and minus 11%, respectively, as compared to 61% and 51% in the second quarter of last year.

在下一張幻燈片（幻燈片 8）中，我們展示了 ZIM 第二季度和 2023 年 6 個月的財務業績，與第二季度和去年上半年相比。兩種比較的基本動力是相似的，主要是由於較低的運費環境導致收入下降的結果。該季度調整後 EBITDA 為 2.75 億美元，調整後 EBIT 虧損為 1.47 億美元。第二季度調整後 EBITDA 和 EBIT 利潤率分別為 21% 和負 11%，而去年第二季度為 61% 和 51%。

For the first 6 months of 2023, adjusted EBITDA margin was 24%, and adjusted EBIT margin was minus 6%. This is compared to 65% and 56% in the comparable period in 2022. Second quarter net loss was $213 million. In Q2, we recorded a onetime $46 million financial expense and $21 million capital loss in connection with the termination of the charter of 4 vessels, which were previously subject to a sale and leaseback transaction. After tax, the net effect to our bottom line stood at $51 million with no cash impact. The vessels will be delivered to their owners in the coming weeks.

2023 年前 6 個月，調整後 EBITDA 利潤率為 24%，調整後 EBIT 利潤率為 -6%。相比之下，2022 年同期為 65% 和 56%。第二季度淨虧損為 2.13 億美元。第二季度，我們因終止 4 艘船舶的租賃而記錄了 4600 萬美元的一次性財務費用和 2100 萬美元的資本損失，這些船舶此前曾進行售後回租交易。稅後，對我們利潤的淨影響為 5100 萬美元，沒有現金影響。這些船隻將在未來幾週內交付給業主。

Moving on to Slide 9. As I mentioned, our carried volume slightly increased compared to the second quarter of last year. And we saw a 12% improvement in carried volume from the first quarter. Second quarter 2023 volumes increased in the Pacific, Cross-Suez and Latin America trades.

轉到幻燈片 9。正如我提到的，我們的攜帶量與去年第二季度相比略有增加。我們看到持倉量較第一季度增長了 12%。 2023 年第二季度太平洋、跨蘇伊士和拉丁美洲貿易量有所增加。

Turning to Slide 10. I'll review our cash flow bridge. We ended the second quarter with a total liquidity position of $3.2 billion, which includes cash and cash equivalents and also investments in bank deposits and other investment instruments. I would remind you that during the second quarter, we distributed to our shareholders a dividend of $6.4 per share or a total of approximately $770 million on account of our 2022 results.

轉向幻燈片 10。我將回顧一下我們的現金流橋。第二季度末，我們的流動性頭寸總額為 32 億美元，其中包括現金和現金等價物以及銀行存款和其他投資工具的投資。我想提醒大家的是，在第二季度，我們根據 2022 年業績向股東派發了每股 6.4 美元的股息，總計約 7.7 億美元。

During the second quarter of 2023, our adjusted EBITDA of $275 million converted into $347 million of cash flow generated from operating activities. Other cash flow items included $562 million of debt service, mostly related to lease liability repayments. To remind you, we have commitments of approximately $150 million and $340 million in 2023 and 2024, respectively. This is as down payment for new building vessels chartered primarily from Seaspan.

2023 年第二季度，我們調整後的 EBITDA 為 2.75 億美元，轉化為經營活動產生的 3.47 億美元現金流。其他現金流項目包括 5.62 億美元的償債，主要與租賃負債償還有關。謹此提醒您，我們在 2023 年和 2024 年分別承諾投入約 1.5 億美元和 3.4 億美元。這是主要從 Seaspan 租用的新造船的首付。

To date, in 2023, over the first 6 months, we have paid $52 million for the 4 15,000 TEU ships that were delivered. I would like to again reiterate that we expect our significant total cash position of $3.2 billion at last quarter's end, coupled with our strong balance sheet to enable ZIM to weather an extended market downturn.

迄今為止，到 2023 年，前 6 個月，我們已為交付的 4 艘 15,000 TEU 船舶支付了 5,200 萬美元。我想再次重申，我們預計上季度末我們的現金頭寸總額將達到 32 億美元，加上我們強大的資產負債表，將使以星能夠渡過長期的市場低迷時期。

Moving briefly to review market conditions. Alphaliner supply-demand outlook for 2023 and 2024 remains unchanged, pointing to clear oversupply. Slow steaming remains the most meaningful tool operators have consistently used in 2023 to absorb the oversupply created in the market with the complete unwinding of port congestions and new vessel deliveries. More recently, we have seen increased blanking, especially on Transpacific, which may have supported the recent rate increase on this trade. Other possible actions operators could have taken, namely idling or scrapping, have had a negligible effect so far.

簡要回顧一下市場狀況。 Alphaliner 對 2023 年和 2024 年的供需前景保持不變，表明供應明顯過剩。隨著港口擁堵的徹底緩解和新船的交付，2023年，慢速航行仍然是運營商一直以來用來吸收市場供應過剩的最有意義的工具。最近，我們看到消隱有所增加，特別是在跨太平洋航線上，這可能支持了該貿易近期的費率上漲。運營商可能採取的其他可能行動，即怠速或報廢，到目前為止所產生的影響可以忽略不計。

As the charter market remained relatively strong, the motivation to scrap old tonnage remains low. However, as chartered capacity comes up for renewal and IMO 2023 enforcement coming to play, the motivation to scrap may increase in 2024 and beyond. Delayed deliveries of new build capacity have also been minimal and are not expected to meaningfully impact the growth in supply.

由於租船市場依然相對強勁，報廢舊噸位的動力仍然較低。然而，隨著特許運力的更新和 IMO 2023 執法的開始發揮作用，2024 年及以後報廢的動機可能會增加。新建產能的延遲交付也很少，預計不會對供應增長產生重大影響。

On the demand side, consumer spending remained relatively healthy despite rising inflation and greater macroeconomic risk, yet high inventory levels built over 2021 and 2022 and continued concerns over economic growth have caused importers to be cautious and limit any meaningful renewal of inventory. Demand development is positive globally compared to the recent 6 months of downturn, but destocking seems to have been prolonged into 2024. And year-to-date, demand levels seem to track 2019.

在需求方面，儘管通脹上升和宏觀經濟風險加大，消費者支出仍相對健康，但2021年和2022年庫存水平較高，加上對經濟增長的持續擔憂，導致進口商持謹慎態度，並限制任何有意義的庫存更新。與最近 6 個月的低迷相比，全球需求發展呈積極態勢，但去庫存似乎已延長至 2024 年。今年迄今為止，需求水平似乎與 2019 年持平。

On that note, we will open the call to Q&A.

為此，我們將開啟問答電話。

(Operator Instructions) And your first question comes from the line of Omar Nokta from Jefferies.

（操作員說明）您的第一個問題來自 Jefferies 的 Omar Nokta。

Eli and Xavier, just a couple of questions for me, just related to the market and the impact, obviously, on ZIM. First off, we've seen the big jump here or maybe a moderate jump in spot rates over the past 6 weeks or so, really on the Transpacific, as you highlighted, but that is your key area of focus. How is that translating into revenue potential? Are you able to say whether you've been booking higher Transpacific spot revenues currently versus what you earned on average during 2Q?

Eli 和 Xavier，這只是我的幾個問題，與市場及其對以星的影響有關。首先，正如您所強調的，我們在過去6 週左右的時間裡看到了即期匯率的大幅躍升，或者可能是溫和的躍升，實際上是在跨太平洋航線上，但這是您關注的關鍵領域。這如何轉化為收入潛力？您能否說一下，與第二季度的平均收入相比，您目前預訂的跨太平洋現貨收入是否更高？

Omar, thank you for the question. Clearly, the increase that we see in the spot rate on the Transpacific is a welcome development after having been through a period where the rates went down consistently week after week and reached a level below the 2019 average. So it is very, very good to see that the rates are going up. Yet at this stage, we want to remain cautious that we don't really know whether this will stick. And as a result, we are remaining quite cautious for the forecast.

奧馬爾，謝謝你的提問。顯然，在經歷了費率周復一周持續下降並達到低於 2019 年平均水平的時期之後，我們看到的跨太平洋即期費率的增長是一個值得歡迎的發展。因此，很高興看到利率上漲。但在現階段，我們希望保持謹慎，因為我們並不真正知道這種情況是否會持續下去。因此，我們對預測保持相當謹慎。

That being said, what is clear to us today is that the spot market now is more beneficial to the liners than the average rates that were contracted during the contract season. And as far as we are concerned, we have, in terms of cargo mix, a greater exposure to spot than we have to contract, 70% spot exposure to be compared to maybe 30% contract. So for as long as the spot rate today continues to be more elevated compared to the average of the contract, yes, this is going to benefit to the company.

話雖如此，我們今天清楚的是，現在的現貨市場比合同季節期間簽訂的平均費率對班輪公司更有利。就我們而言，就貨物組合而言，我們的現貨敞口比我們必須簽訂的合同更大，70% 的現貨敞口與 30% 的合同相比。因此，只要今天的即期匯率與合約平均價格相比繼續走高，是的，這將使公司受益。

That's helpful color. And then maybe just as a follow-up, as you mentioned, 30% contracts. Have you seen shippers coming, looking to lock in contracts after the disagreement this past May? Or is everybody still kind of focusing on spot?

這是有用的顏色。然後，正如您提到的，也許只是作為後續行動，30% 的合同。您是否看到托運人在今年五月的分歧之後前來尋求鎖定合同？還是每個人仍然專注於現場？

Look, as far as we see it today, you may remember that when we were discussing during the contract season with our customers, we had some sort of a floor that we were not willing to go below in terms of agreeing to rates. And this is also why we ended up with a 30%, 70% type of mix. So today, in this respect, we feel that we made the right decision at the time. But again, I would remain extremely cautious because we only have seen today only a few weeks' of improvement in the trade. We know that this trade has been struggling for a long period, so hopefully, it will sit, but time will tell.

看，就我們今天所看到的而言，您可能還記得，當我們在合同季節與客戶討論時，我們在同意費率方面有某種我們不願意低於的底線。這也是我們最終採用 30%、70% 混合類型的原因。所以今天，從這方面來說，我們覺得我們當時的決定是正確的。但我還是會保持極其謹慎，因為我們今天才看到貿易僅持續了幾週的改善。我們知道這項交易已經掙扎了很長一段時間，所以希望它能夠維持下去，但時間會證明一切。

Okay. Yes. And then just final one for me. Clearly, your volumes were up quite a bit significantly sequentially and notably above industry averages. Transpacific volumes were the highest for you since '21. Can we expect a similar sort of -- is this a new baseline at least here in the near term, what you did in the second quarter? Is that achievable again, you think so far from what you're seeing in the third quarter?

好的。是的。然後對我來說就是最後一件事。顯然，你們的銷量連續大幅增長，並且明顯高於行業平均水平。跨太平洋航線的運量是自 21 年以來最高的。我們是否可以期待類似的情況——至少在短期內，這是一個新的基準嗎？你們在第二季度做了什麼？您認為與第三季度的情況相比，這是否可以再次實現？

The increase that we've experienced on the Transpacific, as you mentioned, is driven by a couple of things. Clearly, the new building, so the 15 large capacity vessels that we take delivery of, those ones are being deployed on Asia to the U.S. East Coast trade, and they come and replace the 9,000, 10,000 TEU ships that are being cascaded to a line, which is also serving the U.S. East Coast. That's the service to Baltimore, which we have -- or we are in the process of upsizing as we currently speak, moving from a biweekly service to a weekly service. So our operated capacity deployed on the Transpacific is increasing and will continue to increase up until we get the final delivery of the 10 15,000 TEU ship that we have ordered with Seaspan.

正如您提到的，我們在跨太平洋航線上經歷的增長是由幾個因素推動的。顯然，新建築，即我們交付的 15 艘大容量船舶，正在部署在亞洲至美國東海岸的貿易航線上，它們將取代正在串聯到一條線上的 9,000、10,000 TEU 船舶，也為美國東海岸提供服務。這就是我們擁有的飛往巴爾的摩的服務——或者正如我們目前所說，我們正在擴大規模，從每兩週一次的服務轉向每週一次的服務。因此，我們在跨太平洋航線上部署的運營能力正在增加，並將繼續增加，直到我們最終交付我們向 Seaspan 訂購的 10 艘 15,000 TEU 船舶。

So yes, we think that the volume increase that we've experienced in the second quarter at least from a capacity operated perspective, providing that the volume continue to be there, should allow us to maintain this type of volume, if not more.

所以，是的，我們認為，至少從運力運營的角度來看，我們在第二季度經歷的銷量增長，只要銷量繼續存在，就應該允許我們維持這種類型的銷量，如果不是更多的話。

And your next question comes from the line of Sam Bland from JPMorgan.

您的下一個問題來自摩根大通的 Sam Bland。

I think I've got 2, please. Actually, both on contracts again. In Q3, is there a sort of profit step down from contracted rates being [rebased] lower? Or I think you had said in previous calls that you'd already taken the pain on those earlier than the sort of traditional 1st of May step down? And the second question is, I think you just said that your share of volume on contract on the Transpacific is now about 30%. Has that's come down quite a bit? Am I right in thinking it used to be a much higher number. I'll maybe leave it there just (inaudible).

我想我有 2 個，拜託。事實上，兩人又簽了合同。在第三季度，是否會因合同利率[重新調整]較低而導致利潤下降？或者我認為你在之前的電話中說過，你已經在傳統的 5 月 1 日下台之前為那些人帶來了痛苦？第二個問題是，我想您剛才說過，您在跨太平洋航線上的合同量份額現在約為 30%。已經下降了不少了嗎？我的想法是否正確，它曾經是一個更高的數字。我可能會把它留在那裡（聽不清）。

Yes, Sam, thank you for the question. To your first point, we clearly already as from the fourth quarter of 2022. So already, I think as we mentioned last quarter, first quarter of 2023, we were not able to keep the contract cargo that was secured at a very high and elevated rate back in March, April of 2022. So for us, there is -- when we look in Q3, early Q3 and even late -- early Q2 and even late Q1, there's been no tailwind from potential higher revenue generated by contract cargo. That was already long gone for us. We were already in Q1 operating predominantly on the spot market with very little, again, tailwind from a contract. That is also very much the case in Q2, where we've been booking very much on spot.

是的，薩姆，謝謝你的提問。對於你的第一點，我們顯然已經從2022 年第四季度開始了。所以，我認為正如我們上個季度（即2023 年第一季度）提到的那樣，我們無法將合同貨物保持在非常高的水平2022 年3 月、4 月的利率。因此，對我們來說，當我們觀察第三季度、第三季度初甚至後期時，第二季度初甚至第一季度末，合同貨運產生的潛在更高收入並沒有帶來任何推動作用。這對我們來說早已不復存在了。我們在第一季度就已經主要在現貨市場上運營，合同的推動作用也很小。第二季度的情況也是如此，我們的現場預訂非常多。

What is happening in Q2 is that now we are shifting to the new contract season in a way, which starts the 1st of May. And so the second part of Q2 and now going into Q3, this is where we now say that we are loading pretty much on the 70%, 30% mix between spot and contracts. So the 30% contract, we are the one volume and the rates that we have discussed and agreed upon with our customers earlier on this year around March, April time frame.

第二季度發生的情況是，現在我們正在以某種方式轉向新的合同賽季，從 5 月 1 日開始。因此，從第二季度的第二部分開始，現在進入第三季度，我們現在說我們正在加載現貨和合約之間 70%、30% 的組合。因此，30% 的合同是我們在今年早些時候大約 3 月、4 月的時間範圍內與客戶討論並商定的單一數量和費率。

And you're right in saying that 30-70 is lower than what the company used to secure or lock in terms of contractual commitment because we were more towards 50-50 in the past, at least last year and the year before. The reason why we ended up this time around at 30-70 is because we were not willing to agree to rates that were below a sudden threshold that we did have set for our sales. So that's the reason.

你說得對，30-70 比公司過去在合同承諾方面確保或鎖定的水平要低，因為我們過去更接近 50-50，至少去年和前年是這樣。這次我們最終以 30-70 左右結束的原因是因為我們不願意同意低於我們為銷售設定的突然閾值的價格。這就是原因。

And today, now that the -- for some time, the spot market was contributing less to the contract. This seems to be turning now as we speak, we'll see, and the future weeks and months will tell us whether we made the right decision at the time.

如今，一段時間以來，現貨市場對合約的貢獻有所減少。當我們說話時，情況似乎正在發生轉變，我們將拭目以待，未來幾周和幾個月將告訴我們當時是否做出了正確的決定。

(inaudible) the 30% was at a rate that was at least in line with what you were willing to accept. And I think you also said that at least today, the spot rates are above whatever rate was agreed on that 30% that's contracted. Is that right?

（聽不清）30% 的比率至少符合您願意接受的水平。我認為您還說過，至少今天，即期匯率高於合同中 30% 的約定匯率。是對的嗎？

That is correct.

那是對的。

And your next question comes from the line of Alexia Dogani from Barclays.

您的下一個問題來自巴克萊銀行的 Alexia Dogani。

I also had the a couple. Just firstly, on the guidance range of an EBIT loss of $100 million to $500 million. Can you help us understand the upper and lower end of the range and kind of the second half application? That's my first question. And then secondly, can you elaborate a little bit more on the kind of cost measures you alluded in the statement in terms of kind of refocusing and, yes, cost performance and some capacity rationalization that you talked about.

我也有一對。首先，息稅前利潤損失指導範圍為 1 億至 5 億美元。您能幫助我們了解下半年應用範圍的上限和下限以及種類嗎？這是我的第一個問題。其次，您能否詳細說明一下您在聲明中提到的成本衡量指標，包括重新調整重點，是的，成本效益和您談到的一些產能合理化。

Thank you. Yes, when we look at the guidance range, we need to be very careful in the sense that there is still a lot of uncertainty ahead. And this is why it is difficult to be precise in our assessment for the quarters to come. What are our main underlying assumptions? First of all, from a volume perspective, we revisited a little bit downwards our volume expectations compared to prior assessment. And now we anticipate that on a full year basis, we will be slightly up low single-digit numbers in terms of carried quantities when compared to last year.

謝謝。是的，當我們考慮指導範圍時，我們需要非常小心，因為未來仍然存在很多不確定性。這就是為什麼我們很難對未來幾個季度進行準確的評估。我們主要的基本假設是什麼？首先，從成交量的角度來看，與之前的評估相比，我們重新審視了稍微下調的成交量預期。現在我們預計，在全年的基礎上，與去年相比，我們的攜帶量將小幅上升個位數。

So we have a volume assumptions that if there was to be more demand and a stronger peak season that what we initially anticipate could drive the volume assumptions in 1 direction or the other. Today, we look at the peak season and the way it is shaping out. And we think that if there is going to be one, it's going to be a very soft peak season to say the least. So volume is one driver.

因此，我們有一個交易量假設，如果需求增加且旺季更加強勁，我們最初的預期可能會推動交易量假設朝一個方向或另一個方向發展。今天，我們來看看旺季及其發展情況。我們認為，如果真的有這樣的情況發生，至少可以說這將是一個非常疲軟的旺季。因此，成交量是一個驅動因素。

The second driver, obviously, and the most meaningful one is clearly the freight rate environment. We've talked about the recent improvement that we have experienced and that we are continuing to experience at least as of today, on the Transpacific trade lane that is obviously welcome. But how long that improvement will stick is also an unknown, whether it's going to go beyond October or not is an unknown. So this is also a significant potential driver when you look at the full year outlook for the company.

顯然，第二個驅動因素也是最有意義的一個驅動因素顯然是運費環境。我們已經討論了最近我們所經歷的改善，並且至少截至今天我們仍在繼續經歷，在跨太平洋貿易航線上，這顯然是受歡迎的。但這種改善會持續多久也是一個未知數，是否會持續到十月之後也是一個未知數。因此，當您審視公司的全年前景時，這也是一個重要的潛在驅動因素。

And when we talk about the Transpacific that is improving, we should not lose sight of the fact that on some other trades that have so far been more resilient than the Transpacific. There is intensified pressure to name one, the Atlantic trade lane that has been extremely resilient up until recently is today under more severe pressure, and we see the rates going down as opposed to the rates going up. So there is also here a mixed consideration that may impact where we are going to land the year on a full 12-month basis.

當我們談論正在改善的跨太平洋航線時，我們不應忽視這樣一個事實：迄今為止，其他一些貿易比跨太平洋航線更具彈性。舉一個更大的壓力為例，直到最近一直極具彈性的大西洋貿易通道今天面臨著更嚴重的壓力，我們看到利率下降而不是上升。因此，這裡還有一個複雜的考慮因素，可能會影響我們在整個 12 個月的基礎上對這一年的定位。

To your second question, in terms of the cost measures that the company is taking, they are obviously the ones that we already took a couple of years ago, and that will take time in order for them to find all the way through the bottom line. And this is really the reprofiling of the fleet that we operate and those a new building that we ordered through '21 and '22 that are coming gradually between now and at the end of 2024. So that's going to take few quarters for us to bringing those ships and for those ships to replace the more expensive tonnage that we are currently today operating.

對於你的第二個問題，就公司正在採取的成本措施而言，它們顯然是我們幾年前就已經採取的措施，他們需要時間才能找到底線。 。這實際上是對我們運營的機隊以及我們在 21 和 22 年訂購的新建築的重新定位，這些新建築將在現在到 2024 年底之間逐步建成。因此，我們需要幾個季度的時間才能將這些船舶以及這些船舶將取代我們目前運營的更昂貴的噸位。

Now in the more short-term horizon, we are obviously looking at always trying to optimize our fleet and to allocate our capacity the best way we can. So we are looking at a few things, as we always have, by the way, which is looking at how we can potentially partner with some other shipping lines in order to optimize a fleet network or a structuring of other line, so that both partners can be better off by joining forces as opposed to operating a loan. So we've been quite successful at doing that in the past, and we will continue to explore any opportunities of the sort.

現在，從更短期的角度來看，我們顯然一直在努力優化我們的機隊並儘可能以最佳方式分配我們的產能。因此，我們正在考慮一些事情，就像我們一直在做的那樣，順便說一下，我們正在考慮如何與其他一些航運公司合作，以優化船隊網絡或其他航線的結構，以便雙方合作通過聯合起來而不是經營貸款可以使情況變得更好。因此，我們過去在這方面做得相當成功，我們將繼續探索此類機會。

Second, we are, and we will look on a case-by-case basis if there are ways for us maybe to redeliver some of the charters that we have secured back in '21, '22 a little bit ahead of schedule. We'll see if this is something that can be done. And lastly, but even maybe more importantly, we continue to look at trades that we believe may be underserved. There might be opportunity for us to enter, just like we've done not so long ago when we opened this new service between Latin America West Coast to the North America East Coast, which has been so far proven to be quite the right decision for us to do. So we will also look at entering into new trends as well.

其次，我們會根據具體情況來考慮是否有辦法提前一點點重新交付我們在 21 年、22 年獲得的一些包機。我們將看看這是否可以做到。最後，但也許更重要的是，我們繼續關注我們認為可能服務不足的交易。我們可能有機會進入，就像我們不久前開通拉丁美洲西海岸到北美東海岸之間的新服務時所做的那樣，到目前為止，這已被證明是非常正確的決定我們要做的。因此，我們還將考慮進入新趨勢。

And can I just ask a clarification on the transit -- sorry, on the Asia, U.S. East Coast that you're updating the fleet to the 15,000 TEU. Obviously, you alluded in the previous answer that, obviously, volume growth will reflect the upscaling or upsizing of these vessels. Can you discuss a little bit about load factor or utilization factor. And really, do you need to incentivize the price to fill the ship at the same levels as the 9,000 TEU, or is it kind of coming at the same load factor and therefore, you're getting really the benefit of the increased capacity per ship?

我能否要求澄清一下過境事宜 - 抱歉，在亞洲、美國東海岸，你們正在將船隊更新至 15,000 TEU。顯然，您在之前的答案中提到，顯然，銷量增長將反映這些船舶的升級或擴大。您能討論一下負載係數或利用率嗎？事實上，您是否需要激勵價格以將船舶裝滿至與 9,000 TEU 相同的水平，或者是否以相同的負載係數來實現，因此，您確實獲得了每艘船運力增加的好處？

Look, today, when we sell and because what we need to keep in mind is there's been an intensification of blanking, and we have also blanking some voyages on those services, which we think have participated to allowing for the rates to go up. But when we sell the utilization on the 15,000 TEU ships is extremely good. So this, I think, is the right strategy for us to promote a blanking and to sell at optimum capacity when we do sell.

看，今天，當我們出售時，因為我們需要記住的是消隱的加劇，我們還消隱了這些服務的一些航次，我們認為這些航程參與了費率的上漲。但當我們出售時，15,000 TEU 船舶的利用率非常好。因此，我認為，這對我們來說是正確的策略，可以促進消隱並在銷售時以最佳產能進行銷售。

And on the other service, which is the one that is being upsized as a result of the cascading of the 10,000 TEU ships that are now being deployed on these other services. We continue to also see the volume ramping up. So there is -- from a capacity deployment perspective, we think we have today and we continue to hopefully have tomorrow the right vessels for the right trade once we have fully completed the upsizing and the cascading that we have engaged in recently.

另一方面，由於目前正在這些其他服務上部署 10,000 TEU 船舶，該服務正在擴大規模。我們也繼續看到交易量在增加。因此，從運力部署的角度來看，我們認為，我們今天已經擁有了，並且一旦我們完全完成了最近進行的擴容和級聯，我們明天將繼續希望擁有適合正確貿易的正確船隻。

And your next question comes from the line of Sathish Sivakumar from Citi.

您的下一個問題來自花旗銀行的 Sathish Sivakumar。

Yes. I've got 3 questions here. So first 1 is actually a very basic one. Just to clarify, the contract rates are excluding bunker cost, on the spot rates, obviously, is all in, right? So the rate uplift that we've seen in the past couple of weeks, how much of it is actually related to spike in bunker cost or the fuel cost that we have seen? So, I just wanted to get some clarity around that.

是的。我這裡有 3 個問題。所以第一個實際上是一個非常基本的。澄清一下，合同費率不包括燃油成本，現貨費率顯然是全部，對吧？那麼，過去幾週我們看到的費率上漲，其中有多少實際上與我們看到的燃油成本或燃料成本的飆升有關？所以，我只是想弄清楚這一點。

And then second question actually on your volume. Obviously, Transpacific, there's a strong momentum in volume quarter-on-quarter actually. Obviously, there is seasonality to it, too. But we have seen disruption like on the U.S. West Coast. So how much of its actually you had like customers calling you the last minute wanted to ship some of the volumes that are meant for West Coast into East Coast? And did you have any surcharges, last minute surcharges related to that?

然後第二個問題實際上是關於你的音量。顯然，跨太平洋航線的貨運量實際上季度環比強勁。顯然，它也有季節性。但我們也看到了像美國西海岸那樣的混亂。那麼，實際上您有多少像客戶在最後一刻打電話給您想要將一些原本要從西海岸運到東海岸的貨物呢？你們有任何附加費嗎？與此相關的最後一刻附加費嗎？

And then finally, actually on your unit cost ex bunker, you obviously, quarter-on-quarter, you've seen significant improvement even from 860 to 800-odd. And as you continue to upgauge, do you see further scope for this unit cost ex bunker to drop as you go into quarter 3. Yes, those are my 3 questions.

最後，實際上，就您的單位成本（除燃油外）而言，顯然，您已經看到季度環比的顯著改善，甚至從 860 上升到 800 多。隨著您繼續升級，您是否會看到進入第三季度時該單位成本（不含燃油）進一步下降的空間。是的，這是我的 3 個問題。

Okay. So the -- on your first question, you're right, the contract is -- there is the bunker escalator that is embedded into the contract that we've signed with our customers. So that would go up or down with the fluctuation in bunker and the spot, does not. The spot is indeed an all-in rate, give or take, even though sometimes we -- for internal purposes, we divide the ocean freight from the bunker element.

好的。所以，關於你的第一個問題，你是對的，合同是——我們與客戶簽署的合同中嵌入了燃油自動扶梯。因此，它會隨著燃油和現貨的波動而上升或下降，但不會。無論是給予還是接受，現貨確實是一個總費率，儘管有時我們出於內部目的，將海運費用與燃油部分分開。

So the recent changes that we've seen in bunker, yes, they may have had an effect on the spot market. But I would say to a limited extent, if you look at on average, how much you are burning per TEU that you carry from Asia to the U.S., you're talking half a tonne, give or take. And so when you have a $50 change, that's potentially $25 per TEU in terms of incremental cost that is obviously being -- has to be deducted from the rate improvement at stable bunker assumptions. So your view is correct. Whether this recent situation in bunker has -- will have a significant impact on the rate increase, I think not so much.

因此，我們最近在燃油方面看到的變化，是的，它們可能對現貨市場產生了影響。但我想說的是，在有限的範圍內，如果你看一下從亞洲運往美國的每個 TEU 的平均燃燒量，你說的是半噸，無論多少。因此，當您進行 50 美元的變更時，就增量成本而言，每 TEU 可能會增加 25 美元，這顯然必須從穩定燃油假設的費率改進中扣除。所以你的觀點是正確的。最近的燃油情況是否會對費率上漲產生重大影響，我認為影響不大。

The -- maybe looking at the second question, you're right that there's been a lot of uncertainties going on by the way, on the U.S. West Coast due to the discussions that were ongoing in the various terminals with ILWU and also on the East Coast with the current issues with the Panama Canal. And you've had -- there's been sometimes some arbitrage between customers moving from one place to the other or by the way, also including the U.S. Gulf Coast. But as far as we are concerned, as you know, today, we are no longer operating any service between Asia to L.A. We are now only focusing on the Asia, U.S. East Coast and U.S. Gulf, and we have a service that where we load on [NSE] on PNW.

也許看看第二個問題，你是對的，順便說一句，由於在各個航站樓與 ILWU 以及東海岸正在進行討論，美國西海岸存在很多不確定性解決巴拿馬運河當前的問題。有時，從一個地方搬到另一個地方或順便說一下的客戶之間會存在一些套利，其中也包括美國墨西哥灣沿岸。但就我們而言，如您所知，今天我們不再運營亞洲到洛杉磯之間的任何航班。我們現在只專注於亞洲、美國東海岸和美國海灣，並且我們有一項服務，即我們裝載的地方PNW 的[NSE]。

So for us, really, the matters relate more to what's going on in Panama, with the current draft restrictions, which act as a regulator in terms of capacity being deployed to the trade, but it requires that we are very up to speed and up to date and prioritizing light cargo in order to be able to load the vessels the way we want, also potentially leveraging our network in South America by unloading some of the cargo before the canal and for that cargo to find its way on the service that we recently opened, between South America and the U.S. East Coast. So that, I think, would be what is today driving the market on the Transpacific as far as we are concerned.

因此，對我們來說，實際上，問題更多地與巴拿馬正在發生的事情有關，目前的草案限制在部署到貿易的能力方面起到了監管者的作用，但這要求我們非常快地加快速度迄今為止，優先考慮輕型貨物，以便能夠按照我們想要的方式裝載船隻，也有可能利用我們在南美洲的網絡，在運河之前卸載一些貨物，並讓這些貨物在我們的服務上找到路徑最近在南美和美國東海岸之間開通。因此，我認為，就我們而言，這將是當今推動跨太平洋市場的因素。

With respect to your third question, unit cost ex bunker, yes, we've seen an improvement quarter-over-quarter. I think the long-term trend should be that we will continue to see an improvement only because of, again, the change of the profile of the fleet that we will end up operating and as we take on the new building more efficient and cheaper tonnage, cheaper per TEU in terms of operated capacity, those vessels come in, and we'll end up replacing a more expensive charter. But that is something that will take some time. It's not going to be an overnight effect, but it's on the way, and every quarter that passes, should allow us, if we look at the vessel cost to -- for that cost to go down.

關於你的第三個問題，即燃油單位成本，是的，我們看到了季度環比的改善。我認為長期趨勢應該是，我們將繼續看到改進，這僅僅是因為我們最終將運營的船隊概況發生了變化，並且隨著我們採用更高效、更便宜的噸位建造新船，就運營能力而言，每TEU 更便宜，這些船隻進來後，我們最終將更換更昂貴的包機。但這需要一些時間。這不會是一夜之間的影響，但它正在發生，並且每個季度過去，如果我們考慮船舶成本，應該會讓我們的成本下降。

Another element of cost reduction that is quite visible is the fact that now with the ease in the congestions in the various terminals, we do incur far less storage, for example, we also have less land transportation related costs also because of lesser volume booked door-to-door from the PNW service. So we also see here less cost per TEU that we carry.

另一個顯而易見的成本降低因素是，現在隨著各個航站樓擁堵的緩解，我們的存儲費用確實大大減少，例如，由於預訂門的數量減少，我們的陸路運輸相關成本也減少了- PNW 服務的到門服務。因此，我們在這裡還看到我們運輸的每個 TEU 成本較低。

And finally as well, in terms of balancing costs, balancing cost is being defined for us as the cost of repositioning and empty when we have an imbalanced trade, and we are moving a full from Asia to the U.S., and we don't have as many full to export out of the U.S. back to Asia. We had a line that was heavily in balance, almost 100% in balance, and that was the ZEX line, the express service that we closed in Q1 between Asia to the U.S. West Coast. And as a result, we have less balancing costs as we operate in the overall network of line and more balanced network overall.

最後，就平衡成本而言，平衡成本對我們來說被定義為當我們貿易不平衡時重新定位和清空的成本，並且我們正在將全部貨物從亞洲轉移到美國，而我們沒有許多貨物從美國出口回亞洲。我們有一條線路非常平衡，幾乎 100% 平衡，那就是 ZEX 線路，我們在第一季度關閉了亞洲到美國西海岸之間的快遞服務。因此，當我們在整個線路網絡中運營時，我們的平衡成本會減少，並且整體網絡會更加平衡。

And your next question comes from the line of Lars Heindorff from Nordea.

您的下一個問題來自 Nordea 的 Lars Heindorff。

A couple of questions from my part. The first 1 is regarding capacity. I don't know if you can tell us what your development in your deployed capacity has been during the quarter and also with the new vessels coming in here and the upgrade of some of the trade lanes, what will be the likely development in your deployed capacity as we head into the fourth quarter and the second half of this year? That's the first one.

我有幾個問題。第一個是關於容量。我不知道您是否可以告訴我們本季度您的部署能力的發展情況，以及隨著新船的到來和一些貿易航線的升級，您的部署能力可能會發生什麼發展當我們進入今年第四季度和下半年時，產能如何？這是第一個。

Yes. So in terms of capacity, we have increased the overall capacity that we are operating today as we have taken on board in the quarter. To date, we have now 4 of the 15,000 TEU ships that were delivered over the first 6 months of 2023. And we also received 4 12,000 TEU new building that we also delivered. So that's 8 for us, 8 large capacity ships that were delivered, and we have returned some smaller tonnage to tonnage providers over the course of the quarter.

是的。因此，就產能而言，我們增加了今天運營的總體產能，因為我們在本季度已投入使用。迄今為止，我們已擁有 2023 年前 6 個月交付的 15,000 TEU 船舶中的 4 艘。我們還收到了已交付的 4 艘 12,000 TEU 新船。因此，對我們來說，這是 8 艘，已交付的 8 艘大容量船舶，並且我們在本季度向噸位提供商返還了一些較小噸位的船舶。

So today, I think if I'm not wrong, we operate a combined capacity of roughly shy of 600,000 TEUs altogether, a little bit less than that. And as we progress throughout the year, we will have the delivery of another 3 15,000 TEU ships between now and the end of the year. And we will also start taking delivery of our 7,000 LNG also fuel vessels, 3 of them will be delivered between now and the end of the year. So adding 6 new build tonnage to our operating capacity. So that will contribute as well to increase our overall operated tonnage between now and year-end.

所以今天，如果我沒記錯的話，我們的總運力大約不到 600,000 TEU，比這個數字要少一點。隨著全年的進展，從現在到年底，我們將再交付 3 艘 15,000 TEU 船舶。我們還將開始接收 7,000 艘液化天然氣燃料船，其中 3 艘將從現在到今年年底交付。因此，我們的運營能力增加了 6 艘新建造噸位。因此，這也將有助於增加我們從現在到年底的總運營噸位。

Okay. And then on the contract side, have there been any change in the behavior of your customers when you engage in contract negotiations? And the reason why I asked is that we're hearing from many other carriers that they now have at least a larger share of contracts, which are index linked and not at least in the beginning of the period, contract period relatively fixed rates. Any views on that?

好的。然後在合同方面，當您進行合同談判時，您的客戶的行為有什麼變化嗎？我之所以問這個問題，是因為我們從許多其他運營商那裡聽說，他們現在至少擁有更大份額的合同，這些合同與指數掛鉤，而且至少在合同期開始時是相對固定費率的。對此有何看法？

As far as we are concerned, the majority of the contract that we have signed and secured and agreed upon with our customers are fixed. So leave a side, obviously, the bunker adjustment factor that we referred to earlier on during this call for us is the vast majority is agreed upon ocean freight, and there was no index type of linkage. That doesn't mean that we would not be considering this going forward. But if we look at the present time, when I'm talking about the 30% of the capacity or the volume that we are carrying, the contracts are mainly fixed rate.

就我們而言，我們與客戶簽署、簽訂並商定的大部分合同都是固定的。所以留一邊，顯然，我們之前在這次電話會議中提到的燃油調整因素絕大多數是在海運費上達成一致的，並且沒有指數類型的聯繫。這並不意味著我們今後不會考慮這一點。但如果我們看看目前，當我談論我們所承載的 30% 的產能或數量時，合同主要是固定利率。

Okay. And then last 1 on the speed. I mean, are you slowing down as many other carriers are in terms of average (inaudible) adding more business to loops in order to keep the savings schedule?

好的。然後最後1個關於速度。我的意思是，您是否像許多其他運營商一樣放慢速度，平均（聽不清）向循環中添加更多業務，以保持節省計劃？

Yes. We have done that. So a slow steaming is something that has been the strategy of the company for really quite some time. And as a result, we, indeed, in some of the trades have added vessels in order to maintain a weekly schedule. That has happened at least on more than 2 occasions where we have added a vessel to a given service. So without, at the end of the day, increasing our offering on the trade, but absorbing some of the capacity and allowing for us to steaming, which is also for us a way to make sure that we meet the IMO 2023 regulation as well when it comes to calculating the carbon intensity index.

是的。我們已經做到了。因此，緩慢航行是該公司相當長一段時間以來的戰略。因此，我們確實在某些行業增加了船隻，以維持每週的時間表。當我們向特定服務添加船隻時，這種情況至少發生過兩次以上。因此，歸根結底，我們不會增加我們的貿易供應，而是吸收一些產能並允許我們航行，這對我們來說也是確保我們滿足 IMO 2023 法規的一種方式涉及計算碳強度指數。

And this concludes the Q&A session. I will now turn the call back over to Mr. Glickman for some final closing remarks.

問答環節到此結束。現在，我將把電話轉回格利克曼先生，讓他做最後的總結髮言。

Thank you. While we are clearly in the midst for challenging period for our industry, ZIM continue to take proactive steps in response to these market realities. Beginning early 2021, ZIM began securing through a series of charter agreement, a highly competitive fleet that is optimally suited for our commercial strategy and continue to take delivery of these new build vessels this year and next year will improve our cost structure and build further commercial resilience. We are in transition time. We remain committed to minimize cost in the near term continues to review our network and services to rationalize our existing capacity.

謝謝。雖然我們的行業顯然正處於充滿挑戰的時期，但以星繼續採取積極措施來應對這些市場現實。從2021 年初開始，以星開始通過一系列包租協議來確保擁有一支極具競爭力的船隊，最適合我們的商業戰略，並在今年和明年繼續接收這些新建船舶，這將改善我們的成本結構並建造更多的商業船彈力。我們正處於過渡時期。我們仍然致力於在短期內最大限度地降低成本，繼續審查我們的網絡和服務，以合理化我們的現有產能。

Additionally, ample liquidity and solid balance sheet, including a total cash position of $3.2 billion at quarter end, we enabled ZIM to operate from a position of strength and maintain a long-term view. As we look to the future, we believe ZIM is well positioned to further implement our differentiated strategy to best serve our customers and generate sustainable value for shareholders. Thank you to all of you.

此外，充足的流動性和穩健的資產負債表，包括季末總現金頭寸 32 億美元，我們使以星能夠保持強勢運營並保持長遠眼光。展望未來，我們相信以星有能力進一步實施差異化戰略，為客戶提供最佳服務，並為股東創造可持續價值。謝謝大家。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。