以星航運 (ZIM) 2024 Q4 法說會逐字稿

(Operator instructions) I will now turn the conference over to Elana Holzman, Head of Investor Relation. Please go ahead.

（操作員指示）我現在將會議交給投資者關係主管 Elana Holzman。請繼續。

Thank you operator and welcome to the fourth quarter and full year 2023 financial results conference call. Joining me on the call today are Eli Glickman the President and CEO; and Xavier Destriau, CFO.

感謝營運商，歡迎參加 2023 年第四季和全年財務業績電話會議。今天和我一起參加電話會議的是總裁兼執行長 Eli Glickman；和財務長 Xavier Destriau。

Before we begin I would like to remind you that during the course of the call, we will make forward-looking statements regarding expectations, predictions, projections of future events or results. We believe that our expectations and assumptions are reasonable.

在我們開始之前，我想提醒您，在電話會議期間，我們將就未來事件或結果的預期、預測、預測做出前瞻性聲明。我們相信我們的期望和假設是合理的。

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.

我們希望提醒您，此類陳述僅反映公司目前的預期，實際事件或結果可能有所不同，包括重大差異。

You are kindly referred to consider the risk factors and cautionary language described in the documents the company files with the Securities and Exchange Commission, including our 2023 annual report filed today on Form 20-F.

請您考慮公司向美國證券交易委員會提交的文件中所述的風險因素和警示性語言，包括我們今天以 20-F 表格提交的 2023 年年度報告。

We undertake no obligation to update these forward-looking statements.

我們不承擔更新這些前瞻性陳述的義務。

Before turning the call over to Eli, one housekeeping point.

在將電話轉給一位客房服務員 Eli 之前。

Since announcing the relevant charter agreements, we have referred to the 18 smaller LNG vessels as 7,000 TEU vessels for their original design and prior to their construction, the nominal capacity of these vessels is approximately 8,000 TEU.

自從宣布相關租船協議以來，我們將這18艘小型液化天然氣船的原始設計稱為7,000 TEU船舶，在建造之前，這些船舶的名義容量約為8,000 TEU。

As such, going forward, we will refer to these vessels as 8,000 TEU vessels.

因此，今後我們將這些船舶稱為 8,000 TEU 船舶。

At this time, I would like to turn the call over to ZIM CEO, Eliyahu Glickman.

現在，我想將電話轉給以星集團執行長 Eliyahu Glickman。

Eli.

伊萊.

Thank you, Elana, and welcome, everyone to today's call, reflecting on the challenging game, we had ZIM have proven to be resilient and committed to excellence throughout our operation as we deliver the highest level of customer care, even in the face of the industry disruptions and other operational challenges.

謝謝你，Elana，歡迎大家參加今天的電話會議，回顧這場充滿挑戰的比賽，我們已經證明以星在整個運營過程中具有彈性並致力於卓越，因為我們提供最高水平的客戶服務，即使面對產業混亂和其他營運挑戰。

There was a situation in Israel is ongoing and continues to affect our employees here, (inaudible) the loss of all innocent slide, and we continue to play for the safe return of all Israelis who remain held hostage by Hamas in Gaza.

以色列的局勢正在持續，並繼續影響我們這裡的員工，（聽不清楚）所有無辜者的損失，我們將繼續努力爭取所有在加薩被哈馬斯扣為人質的以色列人安全返回。

Since, the tragic events of October 7, our priority has been to ensure the safety and well-being of our employees and to minimize any service disruptions to our customers.

自 10 月 7 日發生悲劇以來，我們的首要任務就是確保員工的安全和福祉，並盡量減少對客戶的服務幹擾。

I'm incredibly proud of the unwavering commitment that I've seen from our people throughout the organization during this challenging time and the collective spirit to continue to drive our business forward.

在這個充滿挑戰的時期，我看到整個組織的員工堅定不移的承諾以及繼續推動我們業務向前發展的集體精神，令我感到無比自豪。

Before discussing the current state of the market in ZIM strategically on transformation, I will briefly address our financial results.

在策略性地討論 ZIM 轉型的市場現況之前，我將簡要介紹我們的財務表現。

Consistent with our latest expectations, our full-year adjusted EBITDA was $1.05 billion and '23 adjusted EBIT loss was $422 million.

與我們最新的預期一致，我們全年調整後 EBITDA 為 10.5 億美元，23 年調整後 EBIT 損失為 4.22 億美元。

The results were in line with the outlook we provided in November 2023 and reflected the ongoing market weakness.

結果與我們在 2023 年 11 月提供的前景一致，反映了市場持續疲軟。

Importantly, we ended the year with substantial liquidity of approximately $2.7 billion.

重要的是，我們在年底擁有約 27 億美元的大量流動資金。

Turning to slide 4.

轉到投影片 4。

Turning to the market environment, we've seen dramatic changes in recent months, demonstrating the volatility and dynamic nature of our industry.

談到市場環境，近幾個月來我們看到了巨大的變化，反映了我們行業的波動性和動態性。

The escalating tensions in the Red Sea, Avid both implications for container lines.

紅海緊張局勢不斷升級，Avid 對貨櫃航運公司都有影響。

In late November '23 to ensure the safety of our seafarers, our customers cargo and the vessels we operate, we made the decision to divert all the investors queued to first, all the Red Sea around the Cape of Good Hope until further notice.

23 年 11 月下旬，為了確保我們的海員、客戶貨物和我們運營的船舶的安全，我們決定將所有排隊的投資者轉移到好望角周圍的所有紅海，直至另行通知。

These Red Sea diversions, which others have also implemented, have been a disruptive force across the industry, absorbing some of the overcapacity in the market and driving freight rates in certain trades, higher.

其他國家也實施了這些紅海改道，成為整個產業的顛覆性力量，吸收了市場上的部分過剩產能，並推高了某些產業的運費。

In January '24 circle that restriction enforcing the Panama Canal, including on container vessels, added to the supply squeeze we are currently experiencing.

24 年 1 月，巴拿馬運河實施的限制（包括對貨櫃船的限制）加劇了我們目前面臨的供應緊張。

While this disruption at a minimal impact on our Q4 results.

雖然這種幹擾對我們第四季業績的影響微乎其微。

We expect first quarter and potentially second quarter earnings in '24 to reflect the improved spot rates.

我們預計 24 年第一季和可能的第二季收益將反映即期匯率的改善。

Yet as we look to the remainder of the it is [world's loss] noting that there is a fundamental difference between the current disruptions and the prevailing market conditions during the COVID-19 pandemic.

然而，當我們審視其餘部分時，[世界的損失]注意到，當前的干擾與 COVID-19 大流行期間的普遍市場狀況之間存在根本差異。

The COVID era market was characterized by a significant increase in consumer demand accompanied by unprecedented supply chain disruptions.

新冠時代市場的特徵是消費者需求大幅成長，同時供應鏈也出現前所未有的中斷。

Current market conditions on the other hand, primarily supply-driven, and the significant force rate increases remain somewhat limited to trade more directly impacted by the disruption.

另一方面，當前的市場狀況主要是供應驅動的，而且強制費率的顯著增加仍然在一定程度上僅限於受中斷更直接影響的貿易。

Once the Red Sea crisis is resolved, will likely revert to the supply demand scenario that began to play out in '23, setting up a more challenging third and fourth quarter of '24 for the industry, including us.

一旦紅海危機得到解決，供應需求可能會恢復到 23 年開始出現的情況，為包括我們在內的產業帶來更具挑戰性的 24 年第三季和第四季。

Given that market dynamics in [US] depend largely on the duration of the Red Sea disruption, we are taking a cautious approach to establishing our '24 guidance.

鑑於[美國]的市場動態很大程度上取決於紅海中斷的持續時間，我們在製定 24 年指導時採取謹慎態度。

As such, in '24, we expect to generate adjusted EBITDA of $850 million to $1.45 billion and adjusted EBIT of negative $300 million to positive $300 million.

因此，24 年，我們預期調整後 EBITDA 為 8.5 億美元至 14.5 億美元，調整後 EBIT 為負 3 億美元至正 3 億美元。

Severe, our CFO will discuss the other line assumption for '24 guidance in his prepared comments.

嚴重的是，我們的財務長將在他準備好的評論中討論 24 年指導的其他假設。

Going to Slide number 5.

轉到投影片 5。

This strategic transformation is both progressing as planned and is already yielding the favorable outcomes we projected.

這項策略轉型正在按計劃進行，並且已經產生了我們預期的良好成果。

As we have communicated previously, '23 and '24 were always expected to be in transition period.

正如我們之前所傳達的，'23 和 '24 總是預計處於過渡期。

We are pleased with the decisive steps we have taken to enhance ZIM's, future commercial and operational resilience.

我們對為增強以星未來商業和營運彈性而採取的決定性步驟感到高興。

As a result of these actions, we expect ZIM to emerge in a stronger position than ever in '25 and beyond, as our strategic transformation continues to deliver gradual benefits.

由於這些行動，我們預計以星在 25 年及以後將處於比以往任何時候都更強大的地位，因為我們的策略轉型將繼續帶來逐步的效益。

Most importantly, we've executed the fuel renewal program that will enable ZIM to operate more efficiently and competitively, through a series of long-term charter agreement, we secured a total of 46 new build container ships, of which 28 are LNG power 24 vessels have already been delivered to us, and another 22 are expected to be delivered through the remainder of '24.

最重要的是，我們執行了燃料更新計劃，這將使以星能夠更有效率、更有競爭力地運營，透過一系列長期租船協議，我們總共獲得了46艘新建貨櫃船，其中28艘是液化天然氣動力船，24艘是液化天然氣動力船。已經向我們交付了 22 艘船隻，預計將在 2024 年剩餘時間內交付另外 22 艘。

The advantages of this fleet was highlighting, again.

這支艦隊的優勢再次凸顯。

The goal was to Shift ZIM reliance on older, less fuel efficient and less green capacity to a cost and fuel-efficient largely energy LNG-powered newbuild fleet.

其目標是將 ZIM 對老式、燃油效率較低和綠色產能的依賴轉變為成本低、燃油效率高、主要由液化天然氣驅動的新建船隊。

Our coal fleet will be modern, larger and better suited to the trades in which we operate.

我們的煤炭船隊將更加現代化、規模更大，並且更適合我們經營的產業。

Our cost per TEU is declining as we continue to take delivery of the cost effective newbuild tonnage and we deliver the expensive COVID era versus We expect further improvement moving forward.

隨著我們繼續交付具有成本效益的新船噸位，我們的每個標準箱成本正在下降，並且我們交付了昂貴的新冠時代的成本，而我們預計未來將進一步改善。

Forming the momentum perspective, we expect approximately one-third of our operated capacity will be LNG-powered in '25, establishing ZIM as a clear industry leader in terms of carbon intensity reduction, we are pleased to offer customers the best way to more eco-friendly shipping options and reduce carbon emissions.

從動力角度來看，我們預計到25 年我們營運產能的大約三分之一將由液化天然氣驅動，從而使以星成為碳強度降低方面明顯的行業領導者，我們很高興為客戶提供實現更生態的最佳方式- 友善的運輸選擇並減少碳排放。

Today ZIM is the only carrier to operate LNG vessels from Asia to the US East Coast.

如今，以星集團是唯一經營從亞洲到美國東海岸的液化天然氣船的承運商。

We are deploying 15,000 TEU and 8,000 TEU LNG-powered vessels on two different key services.

我們正在兩項不同的主要服務中部署 15,000 TEU 和 8,000 TEU 液化天然氣動力船舶。

We believe this further enhance our competitive position on this strategic trade for ZIM.

我們相信，這將進一步增強我們在以星集團這項策略貿易中的競爭地位。

As I already mentioned, during the remainder of days, we have 22 outstanding new build deliveries that once completed will further enhance our fleet and complete of fleet renewal program.

正如我已經提到的，在剩下的幾天裡，我們有 22 艘出色的新建交付，一旦完成，將進一步增強我們的機隊並完成機隊更新計劃。

Our decision to charter these LNG vessels was part of our long-term strategic plan to enhance our market position, particularly in the transport Pacific trade, partly in anticipation of the termination of the 2M alliance, which did in fact happen.

我們租用這些液化天然氣船的決定是我們增強市場地位的長期戰略計劃的一部分，特別是在太平洋運輸貿易方面，部分原因是預計 2M 聯盟將終止，而事實上這確實發生了。

We wanted to ensure that ZIM operate a competitive fleet, tool it would allow us to operate independently if needed and at the same time would also make us an attractive potential partner to other liners.

我們希望確保以星級運營一支有競爭力的船隊，這將使我們能夠在需要時獨立運營，同時也使我們成為對其他班輪公司有吸引力的潛在合作夥伴。

Our collaboration with the 2M will end at the end of January '25 as the determination of the 2M alliance.

根據 2M 聯盟的決定，我們與 2M 的合作將於 25 年 1 月底結束。

Yet, we are confident that our new cost and fuel efficient new build capacity better position us to reach new operational collaborations in the future.

然而，我們相信，我們新的成本和燃油效率高的新建產能將使我們能夠更好地在未來達成新的營運合作。

And we continue to believe in mutually beneficial operational partnership, which we'll continue to seek when possible.

我們仍然相信互惠互利的營運夥伴關係，我們將在可能的情況下繼續尋求這種夥伴關係。

We are focused on ensuring our fleet in the best align with demand levels.

我們致力於確保我們的機隊能夠最好地滿足需求水準。

To this end, we are committed to rationalizing our capacity whenever necessary to minimize cash burn.

為此，我們致力於在必要時合理化我們的產能，以最大程度地減少現金消耗。

In '23, we will deliver 32 vessels, and we have a total of 32 charter vessels up for renewal in '24.

23年，我們將交付32艘船，24年我們總共有32艘包租船需要更新。

Turning to our network.

轉向我們的網路。

We are constantly reviewing our services to best address customers evolving needs and take advantage of new commercial opportunities with growth and profitability potential.

我們不斷審查我們的服務，以最好地滿足客戶不斷變化的需求，並利用具有成長和獲利潛力的新商業機會。

Our decision to reinstate our ZTX service in late '23, connecting South China to Los Angeles was very time and we are now benefiting from volume growth reaching the US West Coast.

我們決定在 23 年底恢復 ZTX 服務，連接華南地區和洛杉磯，這項決定非常​​及時，我們現在正受益於到達美國西海岸的貨運量成長。

We prove our agility once again when we launch a second ZIM operated West Coast bond service early in the first quarter of '24, in addition to our Cologne was Asia with MSC on destroying, this service connects Asia, Canada and the US, via de Vancouver gateway and include extended rail connection across North America.

當我們在 2024 年第一季初推出第二個 ZIM 運營的西海岸債券服務時，我們再次證明了我們的敏捷性，除了我們的科隆是亞洲的 MSC 正在銷毀之外，該服務通過 de溫哥華門戶，包括橫跨北美的延伸鐵路連接。

This service is also benefiting from recent market tailwinds.

這項服務也受益於最近的市場順風。

Latin America, where we see long-term growth and profitability potential has been a focal point for us throughout '23.

我們看到拉丁美洲的長期成長和獲利潛力一直是我們整個 23 年關注的焦點。

We opened a number of different services and we are pleased we saw growing volume in this region.

我們開設了許多不同的服務，我們很高興看到該地區的業務量不斷增長。

We also made adjustments to services called East Mediterranean ports to address challenges resulting from the Red Sea crisis and capture market share.

我們也對東地中海港口等服務進行了調整，以應對紅海危機帶來的挑戰並搶佔市場份額。

We redeployed existing capacity to this service and did not charter additional capacity to maintain a weekly service on our Asia tourist made service.

我們將現有運力重新部署到該航線上，並且沒有租用額外的運力來維持亞洲旅遊航線的每週服務。

Delivering our signature Z Factor customer care, which combines personal touch with advanced digital tools remain a high focus, this year especially against the [ed] personal challenges, we are especially pleased to see better than ever results from our '23 annual customer experiences.

提供我們標誌性的Z Factor 客戶服務，將個人風格與先進的數位工具相結合，仍然是我們的高度關注點，今年特別是面對[ed] 個人挑戰，我們特別高興地看到我們的23 年度客戶體驗取得了比以往更好的結果。

We see positive trends in the important parameters such as satisfaction with ZIM customer loyalty and our customers view our service versus our competitors.

我們看到了重要參數的正面趨勢，例如對以星客戶忠誠度的滿意度，以及我們的客戶對我們的服務與競爭對手的看法。

Move into Slide number 6.

移至幻燈片 6。

Our capital allocation strategy for '24 remains unchanged and equally [cautious], we intend to invest our resources to enhance our long-term value for the benefit of shareholders, namely our fleet, our equipment as well as our growth engine.

我們24年的資本配置策略保持不變，同樣[謹慎]，我們打算投資我們的資源來提高我們的長期價值，以造福股東，即我們的機隊、我們的設備以及我們的成長引擎。

While at the same time, we continue to pursue cost savings and cost avoidance initiatives to preserve cash.

同時，我們繼續尋求節省成本和避免成本的舉措，以保留現金。

So preserving cash remains a top priority.

因此，保留現金仍然是首要任務。

We believe that continue to be a value in investing in growth engines, namely selectively investing in early-stage companies, developing disruptive technologies in our coal shipping activities and bolder logistic ecosystem and assisting these companies to which the potential as active is active strategic investors.

我們相信，投資成長引擎仍然具有價值，即選擇性地投資早期公司，在我們的煤炭運輸活動和更大膽的物流生態系統中開發顛覆性技術，並協助這些有潛力的公司是積極的策略投資者。

And that's an example, no recent announcement to install cutting edge tracking device on our dry van containers developed by persistent one of our portfolio companies.

這是一個例子，最近沒有宣佈在我們的乾貨集裝箱上安裝由我們的投資組合公司之一開發的尖端追蹤設備。

We are excited to see our investment in rubles, unique technological solution mature into what we believe is the most advanced tracking device for dry containers.

我們很高興看到我們對盧布的投資，獨特的技術解決方案成熟為我們認為最先進的乾貨貨櫃追蹤設備。

At ZIM, the use of technology and digital tools combined with our agility, our core strengths, which will promote operational and commercial resilience and efficiency.

在以星，科技和數位工具的使用與我們的敏捷性、我們的核心優勢相結合，將提高營運和商業的彈性和效率。

The upcoming months still represent and transition peer for our company, but we are excited about what the future holds.

接下來的幾個月仍然代表著我們公司的同行和過渡，但我們對未來感到興奮。

During this time while market conditions remain uncertain, our strong cash position will enable us to maintain a long-term view our entire organization is focused on returns into long-term sustainable profitability.

在此期間，儘管市場狀況仍然不確定，但我們強大的現金狀況將使我們能夠保持長期的觀點，我們整個組織都專注於長期可持續盈利能力的回報。

On this note, I will turn the call over to our CFO, Xavier for more detailed discussion of our financial results our '24 guidance, as well as additional comments on the market environment, please.

就此而言，我將把電話轉給我們的財務長 Xavier，以更詳細地討論我們的財務業績、我們的 24 年指導，以及對市場環境的其他評論。

Thank you, Eli and again, welcome, everyone.

謝謝你，伊萊，再次歡迎大家。

On this slide, we present our key financial and operational highlights and echoing Eli's earlier comments, 2023 marked a challenging year ZIM remains resilient.

在這張投影片中，我們展示了我們的主要財務和營運亮點，並呼應了 Eli 先前的評論：2023 年是充滿挑戰的一年，以星星仍保持韌性。

Due to the weak market ZIM generated revenue of $5.2 billion in 2023, 59% decrease compared to last year.

由於市場疲軟，ZIM 2023 年營收為 52 億美元，比去年下降 59%。

During the year, our average freight rate per TEU was $1,203 63% lower than in 2022, as were again adversely impacted by the continued decline in freight rates.

年內，我們的每標準箱平均運價為 1,203 美元，較 2022 年下降 63%，再次受到運價持續下降的不利影響。

In Q4, our average freight rate per TEU was $1,102 that is a 48% decline year over year and a 3% decline from the prior quarter.

第四季度，我們的每 TEU 平均運費為 1,102 美元，年減 48%，季減 3%。

Total revenue from non-containerized cargo, which reflects mostly our car carrier services totaled $534 million for the full year of 2023, and that is 73% increase compared to prior year.

2023 年全年非貨櫃貨運總收入（主要反映我們的汽車運輸服務）總計 5.34 億美元，比上年增長 73%。

This growth resulted from our expanded capacity in 2023 as well as underlying positive market dynamics.

這一成長源自於我們在 2023 年擴大產能以及潛在的正面市場動態。

As also Eli previously indicated, the Red Sea disruptions had minimal impact on our Q4 results.

正如 Eli 之前指出的那樣，紅海幹擾對我們第四季業績的影響微乎其微。

Our free cash flow in the fourth quarter totaled $128 million compared to $1.05 billion in the fourth quarter of 2022.

我們第四季的自由現金流總計 1.28 億美元，而 2022 年第四季為 10.5 億美元。

Turning to the balance sheet, total debt increased by $666 million since prior year end, mainly due to the net effect of the incoming larger vessels with longer term charter durations.

轉向資產負債表，自去年年底以來，總債務增加了 6.66 億美元，主要是由於租期較長的大型船舶的淨效應。

Regarding our fleet, we currently operate 150 vessels out of which 16 are car carriers.

關於我們的船隊，我們目前營運 150 艘船舶，其中 16 艘是汽車運輸船。

This increase from November resulted from the delivery of 12 vessels and the scheduled redelivery of seven ships.

較 11 月增加的原因是交付了 12 艘船以及計劃重新交付 7 艘船。

Excluding the new-build capacity, the average remaining duration of our current charter tonnage continues to trend down and is now 20.4 months compared to 22.7 months in mid-November.

不包括新建運力，我們目前租船噸位的平均剩餘期限持續呈下降趨勢，目前為 20.4 個月，而 11 月中旬為 22.7 個月。

And as of today's call, 24 of the 46 newbuild vessels being committed to have joined the fleet.

截至今天的電話會議，承諾建造的 46 艘新建船舶中，有 24 艘已加入船隊。

Since our last update in November, we received [3 15,000] TEU LNG vessels, [5 8,000] TEU LNG vessels to wide-beam 5,500 TEU vessels and 1 wide beam 5,300 TEU vessels.

自 11 月上次更新以來，我們收到了 [3 15,000] TEU 液化天然氣船、[5 8,000] TEU 液化天然氣船到寬梁 5,500 TEU 船和 1 艘寬梁 5,300 TEU 船。

February 2024, we also completed the purchase of five vessels for a consideration of $129 million following an early notice for the exercise of purchase options we have from the 2014 restructuring.

2024 年 2 月，我們也提前發出了行使 2014 年重組中的購買選擇權的通知，以 1.29 億美元的價格完成了對五艘船舶的購買。

These vessels range in size from 8,400 TEU to 10,000 TEU.

這些船舶的尺寸範圍為 8,400 TEU 至 10,000 TEU。

The decision to acquire these vessels does not mark a change in our vessels sourcing strategy, but rather it is us taking advantage of beneficial term to acquire the ships.

收購這些船舶的決定並不標誌著我們船舶採購策略的改變，而是我們利用有利條件來收購船舶。

We have a total of 30 vessels up for charter renewal in the remainder of 2024.

我們共有 30 艘船舶需要在 2024 年剩餘時間內進行續租。

As compared to the expected delivery of 22 newbuilds during this period.

與此期間預計交付的 22 艘新船相比。

In addition, we have another 37 vessels up for renewal in 2025.

此外，我們還有另外 37 艘船舶計劃在 2025 年進行更新。

This gives us ample flexibility to ensure our fleet size much is the market opportunities.

這給了我們足夠的靈活性，以確保我們的機隊規模很大程度上是市場機會。

Again, I would like to highlight that while we may continue to operate a similar number of vessels or even fewer vessels.

我想再次強調，雖然我們可能會繼續運作類似數量的船隻，甚至更少的船隻。

Our operated capacity has grown and will continue to grow in 2024.

我們的營運能力已經成長，並將在 2024 年繼續成長。

The newbuild are replacing smaller vessels, less cost effective tonnage with larger, more cost-efficient tonnage, thereby contributing to lowered unit cost per vessel.

新造船正在用更大、更具成本效益的噸位取代較小、成本效益較低的船舶，從而有助於降低每艘船的單位成本。

These vessels also better suited to the trades in which they are being deployed, again, improving our competitiveness.

這些船隻也更適合它們所部署的行業，再次提高了我們的競爭力。

Turning to our fourth quarter and full year financial performance.

轉向我們第四季和全年的財務表現。

Q4 revenue was $1.2 billion compared to $2.2 billion in the fourth quarter of last year.

第四季營收為 12 億美元，而去年第四季為 22 億美元。

Adjusted EBITDA in the fourth quarter was $190 million compared to $973 million in Q4 2022.

第四季調整後 EBITDA 為 1.9 億美元，而 2022 年第四季為 9.73 億美元。

And therefore, the full year net loss was $2.69 billion compared to a net income of $4.63 billion in 2022.

因此，全年淨虧損為 26.9 億美元，而 2022 年淨利為 46.3 億美元。

To remind you, our full year 2023 net loss includes a $2.1 billion impairment loss recorded in the third quarter.

需要提醒您的是，我們 2023 年全年淨虧損包括第三季記錄的 21 億美元減損損失。

Adjusted EBITDA in 2023 was at $1.05 billion compared to $7.54 billion in 2022.

2023 年調整後 EBITDA 為 10.5 億美元，而 2022 年為 75.4 億美元。

You can see that adjusted EBITDA and the EBIT margins were significantly lower this year versus last year.

您可以看到，今年調整後的 EBITDA 和 EBIT 利潤率明顯低於去年。

Turning to slide 10, we carried 786,000 TEUs in the fourth quarter compared to 823,000 TEUs during the same period last year.

轉向幻燈片 10，我們在第四季度運送了 786,000 個標準箱，而去年同期為 823,000 個標準箱。

That is a decrease of 5% compared to a market growth of 7%.

與 7% 的市場成長率相比，下降了 5%。

For the full year, we carried [$3.3 million] TEUs, a 3% decline compared to 2022 and overall market which was more as flat.

全年我們運載了 [330 萬美元] TEU，與 2022 年相比下降了 3%，整體市場基本持平。

Importantly, our transpacific volume grew 9% in 2023, and we expect to see growth in 2024 as we have size our capacity.

重要的是，我們的跨太平洋貨運量在 2023 年成長了 9%，隨著我們的運力規模擴大，我們預計 2024 年將會成長。

Growth in Latin America was driven by our extended presence industry.

拉丁美洲的成長是由我們的延伸產業所推動的。

And conversely, intra-Asia volume is down as we kept our capacity in this region, including services to Australia, New Zealand and also Africa due to weaker demand.

相反，由於需求疲軟，我們保留了在該地區的運力，包括飛往澳洲、紐西蘭和非洲的服務，因此亞洲內部的運量有所下降。

Next, we present our cash flow bridge for the full year our adjusted EBITDA of $1.05 billion converted into $1.02 billion of cash flow generated from operating activities.

接下來，我們介紹全年的現金流橋，調整後的 EBITDA 為 10.5 億美元，轉換為經營活動產生的 10.2 億美元現金流。

Other cash flow items for 2023 included dividend payments of $769 million made in April 2023, and the $2.09 billion of debt service, mostly related to our lease liability repayments.

2023 年的其他現金流項目包括 2023 年 4 月支付的 7.69 億美元股息，以及 20.9 億美元的債務償還，主要與我們的租賃負債償還有關。

Moving now to our 2024 guidance.

現在轉向我們的 2024 年指導。

We expect to generate adjusted EBITDA between head on $150 million and $1.45 billion in 2024 and adjusted EBIT between negative $300 million and a positive $300 million

我們預計 2024 年調整後 EBITDA 將在 1.5 億美元至 14.5 億美元之間，調整後 EBIT 將在負 3 億美元至正 3 億美元之間

Overall, we assume average freight rates to be slightly higher than in 2024 as compared to 2023.

整體而言，我們假設 2024 年平均運費略高於 2023 年。

We also expect first quarter and potentially second quarter to benefit from current higher spot rates in certain trades.

我們也預期第一季和第二季可能會受益於某些交易目前較高的即期匯率。

While the second half is expected to be weaker than the first half of the year.

而下半年預計將弱於上半年。

We also expect our volume to grow in 2024 versus 2023 as we receive our new-build capacity and are able to better optimize our fleet, coupled with potentially better demand than in 2023.

我們也預計 2024 年的銷售量將比 2023 年有所成長，因為我們獲得了新建產能並能夠更好地優化我們的機隊，再加上潛在的需求比 2023 年更好。

As for our bunker cost, we expect a lower cost per ton in 2024 versus the last year 2023, as we shift towards more LNG consumption.

至於我們的燃油成本，隨著我們轉向更多的液化天然氣消耗，我們預計 2024 年每噸成本將低於 2023 年。

As Eli had mentioned, the crisis that has evolved in the Red Sea over the past three months, which caused most global carriers to divert their vessels away from the Suez Canal and around the Cape demonstrated the fast pace at which market conditions can change in our industry.

正如伊萊所提到的，過去三個月紅海發生的危機導致大多數全球承運人將其船隻從蘇伊士運河和開普敦地區轉移，這表明我們的市場狀況變化速度之快。行業。

If in November 2023, we anticipated rates to remain flat through 2024, I made the supply demand imbalance.

如果在 2023 年 11 月，我們預計利率將在 2024 年之前保持平穩，我就提出了供需失衡。

Today, the SCFI is over 80% higher as the longer voyages around the Cape are estimated to have absorbed 67% of global capacity, creating a more balanced supply demand equilibrium.

如今，SCFI 上漲了 80% 以上，因為開普敦周圍的較長航程估計已吸收了全球 67% 的運力，創造了更平衡的供需平衡。

Yet the long-term impact of the Red Sea crisis remains unknown.

然而紅海危機的長期影響仍未知。

First, it remains unclear under what circumstances trades with Suez will resume.

首先，目前尚不清楚在什麼情況下將恢復與蘇伊士的貿易。

And although there are -- there does appear to be a military or political resolution of the crisis in sight that could change as quickly that could change sorry -- as quickly as the crisis itself has evolved, causing rates to drop quickly back to November, December 2023 levels.

儘管似乎確實有一種軍事或政治解決方案可以解決危機，但這種解決方案可能會像危機本身發展一樣快而改變，導致利率迅速回落至 11 月， 2023 年 12 月水準。

Moreover, even if the crisis persists, the long-term impact on rates also remains to be seen.

此外，即使危機持續存在，對利率的長期影響也有待觀察。

Rates January seemed to have peaked in conjunction with a seasonal cargo rush prior to Chinese New Year and have since abated.

一月份的運價似乎隨著農曆新年前的季節性貨運高峰達到頂峰，此後有所下降。

In other words, strong demand could potentially keep the rates higher.

換句話說，強勁的需求可能會導致利率走高。

But if demand is weak, as shippers remain cautious on inventory levels throughout 2024, rates could continue to slight down.

但如果需求疲軟，由於托運人在 2024 年全年對庫存水準保持謹慎，費率可能會繼續小幅下降。

The underlying supply demand balance in [2024 points] to clear oversupply with over $3 million TEUs or approximately 10% of current global capacity expected to be delivered during the year.

[2024 點] 基本供需平衡，以消除供應過剩，預計年內將交付超過 300 萬美元的標準箱，或約佔當前全球運力的 10%。

The rest of the crisis has created a more balanced markets.

危機的其餘部分創造了一個更平衡的市場。

However, it should be noted that of the expected deliveries of 2024 $1.9 million TEUs or 120 containerships are 10,000 TEU or larger in terms of size.

然而，值得注意的是，預計 2024 年交付的價值為 190 萬標準箱或 120 艘貨櫃船的尺寸為 10,000 標準箱或更大。

These are large capacity vessels that could be deployed on East-West trade that have been impacted by the Red Sea crisis.

這些是大容量船隻，可以部署在受紅海危機影響的東西方貿易中。

As such, newbuild deliveries could alleviate the supply pressure that currently exists on some vessel segments.

因此，新造船的交付可以緩解某些船舶領域目前存在的供應壓力。

The change in market conditions also impacted capacity management actions taken by carriers.

市場狀況的變化也影響了營運商採取的運力管理行動。

The simultaneous restrictive passage through both the Suez and Panama Canal, though, for different reasons, has sidelined slow steaming, which was used in 2023 to absorb some capacity as well as idling and blending, which were used more modesty.

不過，由於不同的原因，同時限制通過蘇伊士運河和巴拿馬運河，導致2023年用於吸收部分運力的慢航以及使用更為謹慎的空轉和混合航道被擱置。

Expectations for scrapping in 2024 also remain limited at only approximately 357,000 TEUs, less than 2% of current global capacity compared to the 10% scheduled deliveries.

2024 年報廢的預期也仍然有限，僅為約 357,000 標準箱，不到目前全球運力的 2%，而計畫交付量為 10%。

Although current market conditions may have to hold on the various capacity management actions available to carriers longer term, we believe IMO 2023 and the decarbonization agenda may motivate liners and vessel owners to retire older vessels earlier than in the past, resulting in a step-up in scrapping and helping the market to offset some of the new-build capacity.

儘管目前的市場狀況可能需要長期維持營運商可以採取的各種運力管理行動，但我們相信 IMO 2023 和脫碳議程可能會促使班輪公司和船東比過去更早退役舊船，從而加快報廢並幫助市場抵銷部分新建產能。

Short term however, the current market condition, we believe creates significant uncertainty for carriers in 2024 and warrant the cautious view of potential outcomes this year.

然而，從短期來看，我們認為當前的市場狀況為 2024 年的營運商帶來了巨大的不確定性，因此我們對今年的潛在結果持謹慎態度。

And on this note, we will open the call for questions.

在這一點上，我們將開始提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑弗里斯。

Good afternoon Eli, and Xavier, just a couple of questions for me.

下午好，伊萊和澤維爾，有幾個問題想問我。

Obviously first, I think on the guidance for 2024 you guys both discussed the kind of the backdrop of that, but just kind of getting that thinking into that just a bit deeper, it looks like the lion's share of the guidance range to be achieved in the first half of the year.

顯然，首先，我認為關於 2024 年的指導，你們都討論了這種背景，但只要更深入地思考一下，看起來指導範圍的大部分要在今年上半年。

But just in general, I wanted to see what's sort of baked in a bit for, say the second half.

但總的來說，我想看看下半場是為了什麼而烘烤的。

You mentioned being conservative in the second half of the year, the -- are you assuming basically a solid first half based off of what's going on the market?

您提到下半年會持保守態度，您是否根據市場狀況假設上半年基本上穩定？

And then in the second half, you assume EBIT, EBITDA did they fall to where they were in the second half of last year, or do they go much worse or are you assuming a moderation?

然後在下半年，你假設 EBIT、EBITDA 是否會跌至去年下半年的水平，還是會變得更糟，還是你假設會有所放緩？

Any color you can give basically on the second half would be helpful.

基本上你可以在後半部分給出的任何顏色都會有幫助。

Yes, I clearly today, we live in uncertain times and what we have seen already towards the end of last year and continuing into the beginning of this year 2024, that the spot market has been going up quite significantly on the trades that are very relevant to us.

是的，我今天很清楚，我們生活在一個不確定的時期，我們從去年底到 2024 年年初就已經看到，現貨市場在非常相關的交易中已經大幅上漲對我們來說。

Obviously, the cost save for one, but also the Transpacific as a ripple effect of the redeployment of some capacity.

顯然，節省下來的成本之一，也是跨太平洋航線重新部署一些運能的連鎖反應。

So spot market went up quite significantly.

因此現貨市場漲幅較大。

Let's not forget that we also are bound by some volume that are contracted that we are less benefiting from the surge in the spot market.

我們不要忘記，我們也受到一些合約量的約束，我們從現貨市場飆升中受益較少。

Now this is a fact for the first quarter, at least of 2024, we anticipate that it will continue to -- we will continue to be in a rate environment that is a better one compared to the one of last year towards the second quarter.

現在，這是第一季的事實，至少到 2024 年，我們預計這種情況將繼續——到第二季度，我們將繼續處於比去年更好的利率環境中。

And then I think what we are suggesting in our guidance is that there is a scenario according to which the minute the situation in the Red Sea gets solved, then most likely, obviously, liners will go back to crossing the Suez.

然後我認為我們在指導中建議的是，有一種情況，根據這種情況，一旦紅海局勢得到解決，那麼班輪顯然很可能會返回穿越蘇伊士運河。

And as a result, we will go back into the market dynamics fundamentals that prevailed before the Red Sea crisis started to erupt towards November of last year.

因此，我們將回到去年 11 月紅海危機開始爆發前盛行的市場動態基本面。

And with the significant threat of oversupply.

並且存在供應過剩的重大威脅。

And as we've seen already in the past, after the very good years of '21 and '22, when situations started to get better, the rates collapsed quite significantly and quite sharply, and quite quickly.

正如我們過去已經看到的那樣，在 21 和 22 年的美好歲月之後，當情況開始好轉時，利率大幅、急劇、快速地崩潰了。

So we think there is a scenario according to which the rates might go back clearly to where they were towards the October, November time frame of 2023, towards the second half of 2024.

因此，我們認為，在一種情況下，利率可能會顯著回到 2023 年 10 月、11 月時間範圍內，以及 2024 年下半年的水平。

Okay.

好的。

Thank you for that color.

謝謝你的那個顏色。

And then I guess just you've mentioned a few times that the first quarter is looking is going to be solid 2Q, but potentially also healthy.

然後我想您已經多次提到第一季的第二季將是穩健的，但也可能是健康的。

Do you think that there is potential for actual shift into positive earnings territory at least in 1Q?

您認為至少在第一季有可能真正轉向正收益區域嗎？

And then any color then on what that means for the dividend policy.

然後用任何顏色來說明這對股利政策意味著什麼。

I know there's no mention of that, I think in the release, but is there is the intention still if we have a profitable quarter to pay out 30% of earnings?

我知道新聞稿中沒有提及這一點，但如果我們有一個盈利的季度，我們是否還有意願支付 30% 的收益？

You start by saying that we would guide that, say Q1, Q2 will be healthy.

您首先說我們會指導第一季、第二季將是健康的。

I don't know what you mean by healthy, what we suggest is better than what we generated in the fourth quarter of 2023.

我不知道你所說的健康是什麼意思，我們建議的比我們 2023 年第四季產生的更好。

And as we did say, the second half going to be more challenging.

正如我們所說，下半年將更具挑戰性。

So clearly, in terms of the calendarization of the guidance.

就指導的日曆化而言，很明顯。

That's why we provide a shift towards the early part of the year is to be expected compared to the second part of the year.

這就是為什麼我們預計與今年下半年相比，今年早些時候會發生轉變。

Now when it comes to the dividend and maybe a little bit early to talk about dividend at this stage.

現在說到股息，現階段談股息可能有點早。

But our policy stance and the distribution dividend policy remains unchanged.

但我們的政策立場和分配股利政策並沒有改變。

And of course, the Board will continue to review every quarter, the capital allocation strategy and decide on the possible distribution to shareholders.

當然，董事會將繼續每季審查資本分配策略，並決定可能的股東分配。

Understood.

明白了。

Thank you.

謝謝。

And one final one for me.

最後一張是給我的。

Just on coming up here on contracting season in the transpacific.

剛剛在跨太平洋合約季節來到這裡。

I'm guessing it's probably a little early for you to give us a sense.

我猜你現在告訴我們可能還太早。

I wanted to ask you about that.

我想問你這個問題。

And just in general, no one of the things that we saw last year, perhaps with shippers being able to get out of contracts and leaving you and many operators in the spot market more so than anticipated, any kind of color on how things are developing?

總的來說，我們去年看到的任何一件事，也許是托運人能夠擺脫合同，讓你和許多運營商留在現貨市場，比預期的要多，對事態的發展沒有任何影響。 ？

And then is there any situation which if you were to enter into contracts this year that there would be more of a take-or-pay variety or would they still you think revert to the traditional way of contracting?

那麼，如果今年簽訂合同，是否會存在更多照付不議的情況，或者您仍然認為會恢復到傳統的合約方式？

Look, the discussions with our customers have started and really the kick-off during the TPM conference in -- on the West Coast that took place last week.

看，與我們客戶的討論已經開始，並且真正在上週於西海岸舉行的 TPM 會議上拉開序幕。

So what we clearly can say at this stage is that we have seen a lot of traction, a lot of interest from our existing customer base, but not only by the way, also new customers that are coming to see us and they are very interested by LNG proposition at the end of the day just to reemphasize that we are the only shipping line today deploying it to services that are mostly at LNG, LNG-powered on the US East Coast.

因此，現階段我們可以明確地說的是，我們已經從現有客戶群中看到了極大的吸引力和很大的興趣，但不僅如此，還有新客戶來找我們，他們也非常感興趣最後，我們再次強調，我們是當今唯一一家將其部署到美國東海岸主要以液化天然氣為動力的服務的航運公司。

So that's a trigger that clearly a stronger interest and a lot of questions around the this strategy of ours was being discussed with our customers and the new customers, potentially (inaudible) early, as you said to say or to assume as to where we will land when it comes to the contract volume and also the prevailing rates that we will manage to secure with our customer base.

因此，這顯然是一個觸發因素，我們正在與我們的客戶和新客戶討論圍繞我們這一策略的更強烈的興趣和很多問題，可能（聽不清楚）很早就，正如您所說或假設我們將在哪裡就合約量以及我們將設法與客戶群獲得的現行費率而言，土地。

Some are waiting a little bit as well as their potentially want to get more visibility as to what the spot market might be doing in the coming weeks.

有些人正在等待一段時間，他們可能希望更多地了解現貨市場在未來幾週內可能會發生什麼。

There still have a lot of weeks to go before we aim at concluding the discussions.

距離我們結束討論還有很長一段時間。

So the pace of our customers might vary from customer to customer.

因此，我們客戶的步伐可能因客戶而異。

We clearly have some internal objectives that we are willing to work to achieve in this respect.

我們顯然有一些願意在這方面努力實現的內在目標。

But a bit early to say where we will where we will close these contracts season.

但現在說我們將在哪裡結束這些合約賽季還為時過早。

Thank you.

謝謝。

Thanks, Xavier.

謝謝，澤維爾。

Thanks, Eli.

謝謝，伊萊。

I'll turn it over.

我會把它翻過來。

Alexia Dogani, Barclays.

亞歷克西婭·多加尼，巴克萊銀行。

Yes, thank you, gentlemen, for taking my questions.

是的，先生們，謝謝你們回答我的問題。

I also had three just firstly, on the volume outlook you've given.

首先，我也為您給的銷售前景提出了三個建議。

Can you help us a little bit understand the magnitude of volume growth and your peers have talked about global trades recovering to 3% to 4%.

您能否幫助我們稍微了解一下交易量成長的幅度，您的同業談到全球貿易復甦至 3% 至 4%。

Should we expect you significantly higher from this level because of your upsizing?

我們是否應該因為您的規模擴大而期望您的水平顯著提高？

Or how can how should we think about that and secondly, on the spot rate discussion, I mean, we've seen the spot rates, kind of speak already, if you like, as carriers are now adjusting their schedules around the Cape of Good Hope.

或者我們應該如何考慮這個問題，其次，關於即期費率的討論，我的意思是，我們已經看到了即期費率，如果你願意的話，已經可以說話了，因為承運商現在正在調整好德角周圍的時間表希望。

And can you help us understand at the upper end of your guidance?

您能幫助我們理解您指導的上限嗎？

What is really the trajectory you expect from here?

您真正期望的軌跡是什麼？

Is it that they stay flat from the current levels or and yeah, what is kind of the evolution?

是與目前的水平持平還是，是的，是怎樣的演變？

And then finally, I want to understand a little bit your comments around cash preservation in the current market.

最後，我想了解您對當前市場現金保值的看法。

Clearly financial leverage increased significantly at the end of the year.

顯然，年末財務槓桿大幅上升。

It's now 2.2 times net debt to EBITDA.

現在是 EBITDA 淨債務的 2.2 倍。

If I look at your guidance, which is broadly flat, let's say year over year at the midpoint, how should net debt evolve?

如果我看一下你們的指引，大致持平，假設逐年處於中點，那麼淨債務該如何演變？

And maybe you can give us a little bit of color around CapEx.

也許您可以給我們一些有關資本支出的資訊。

And I see you've bought some vessels have you done any more charters in this period to get capacity for the sailings around that could help Anything you can help us with that, that would be great.

我看到你已經購買了一些船隻，在此期間你是否還進行了更多的包租以獲得周圍航行的能力，這可以幫助我們。如果你能幫助我們，那就太好了。

Thank you.

謝謝。

Thank you, Alex.

謝謝你，亞歷克斯。

So I'll start with the first question around our volume assumptions for 2024.

因此，我將從關於 2024 年銷售假設的第一個問題開始。

Yes, we are also looking at the market growth expected to be around the numbers you quoted the 3% give or take in terms of the potential growth in demand.

是的，我們也在考慮市場成長預計約為您引用的 3% 的潛在需求成長的數字。

As far as we are concerned, we have more ambitious objectives in terms of the growing volume of carried the cavity use as a result of us at sizing the vessels that we are deploying in many of the trades where we operate a transpacific trade is clearly one where we have significant growth volume assumptions here we've opened -- we reopened the line that we suspended in 2023, our fast line between the South Asia to the US West Coast, South West Coast.

就我們而言，我們在不斷增長的空腔使用方面有更雄心勃勃的目標，因為我們調整了我們在許多我們經營跨太平洋貿易的行業中部署的船舶的規模，這顯然是我們在這裡開通了運量顯著增長的假設——我們重新開通了2023 年暫停的線路，即我們從南亞到美國西海岸、西南海岸之間的快速線路。

We've opened a new line on the Pacific Northwest.

我們在太平洋西北地區開闢了一條新路線。

We are upsizing the vessels that are currently being deployed on our trades between Asia to the US East Coast.

我們正在擴大目前部署在亞洲至美國東海岸航線上的船舶規模。

So we intend to fill those ships.

所以我們打算填滿這些船。

And as a result, we have gross volume assumptions on those trade lanes.

因此，我們對這些貿易航線的總量進行了假設。

Second, also on the backhaul back from the US to Asia.

其次，也是從美國返回亞洲的回程。

We also as opposed to repositioning empty containers.

我們也反對重新定位空容器。

We are putting a lot of commercial efforts in order to capture some of the full cargo that can be moved back from the US to Asia.

我們正在投入大量的商業努力，以便捕獲一些可以從美國運回亞洲的全部貨物。

That also will count in our volume growth assumptions as opposed to moving back an empty.

這也將計入我們的銷售成長假設，而不是回空。

And third in terms of region, we also growing quite rapidly in Latin America, we have redeployed capacity away from intarsia, also to the Latin America trade lanes, we see growth opportunity in the future.

第三，就地區而言，我們在拉丁美洲的成長也相當迅速，我們已將產能從嵌花重新部署到拉丁美洲貿易航線，我們看到了未來的成長機會。

And I think we're talking midterm, long term here as well, especially between the north of North America and South America as we see the patterns of our customers willing to diversify also there their sourcing base away from the predominance of China.

我認為我們在這裡談論的是中期和長期，特別是在北美北部和南美之間，因為我們看到我們的客戶願意將他們的採購基地多樣化，遠離中國的主導地位。

Ensure, you've seen Mexico taking a very strong position in terms of imports in the US this year, outperforming China.

當然，您已經看到墨西哥今年在美國的進口方面佔據了非常強勁的地位，超過了中國。

So we want also to make sure that we position ourselves early on those trade lanes where we believe that there is a significant growth potential.

因此，我們也希望確保我們儘早定位於那些我們認為具有巨大成長潛力的貿易通道。

Spot rates your second question in terms of what is our forecast in terms of evolution, I think we talked about two potential scenarios.

根據我們對演變的預測來評價你的第二個問題，我認為我們討論了兩種潛在的情況。

We should we think that yes, they may have a peak that they will potentially trend down.

我們應該認為，是的，它們可能有一個峰值，然後可能會下降。

And then now the pace as to which they will trend down and potentially go back to where they were before at the Red Sea crisis started to erupt will be in itself a function of when the disruptions in the Red Sea dissipate.

現在，它們的趨勢下降並有可能回到紅海危機開始爆發之前的水平，這本身就是紅海幹擾何時消散的函數。

And if the dissipate during 2024, we think the rate adjustment might be quite severe and quite rapid.

如果這種情況在 2024 年消失，我們認為利率調整可能會相當劇烈且相當迅速。

If the Red Sea situation continues, we expect that then the new capacity coming into the trade will put additional pressure on today's market where already some of the capacity has been absorbed by the redirection of tonnage around the Cape of Good Hope, but all the incoming vessels coming into the trade between now and the end of the year, even if the Red Sea situation was to last for longer, we'll put pressure on the supply demand equilibrium.

如果紅海局勢持續下去，我們預計進入貿易的新運力將給當今市場帶來額外壓力，因為好望角周圍的運力轉移已經吸收了部分運力，但所有運入的運力都將受到影響。從現在到年底，船舶進入貿易，即使紅海局勢持續更長時間，我們也會對供需平衡造成壓力。

And then I think you had a question on cash preservation and what is our objective or what is the capital structure or what is the trend of the capital structure of the company going forward?

然後我想你有一個關於現金保存的問題，我們的目標是什麼，或資本結構是什麼，或是公司未來資本結構的趨勢是什麼？

You're correct.

你是對的。

But we are closing 2023 with a leverage of 2.2 clearly are -- and we've mentioned that I think since quite a few quarters now, as a result of the 46 newbuild program that we initiated back in 2021 and 2022, we will see our debt continue to increase.

但我們將以 2.2 的槓桿率結束 2023 年，我們已經提到過，我認為自幾個季度以來，由於我們在 2021 年和 2022 年啟動了 46 個新建項目，我們將看到我們的債務繼續增加。

And as (inaudible) the balance sheet, the lease liability that we have on balance sheet will continue to go up until we get delivery of the last vessel towards the end of 2024, we should see an increase in our lease liability on balance sheet before it starts to trend back downwards in the years thereafter.

正如（聽不清楚）資產負債表一樣，我們資產負債表上的租賃負債將繼續增加，直到我們在 2024 年底交付最後一艘船為止，我們應該會看到資產負債表上的租賃負債增加。此後幾年，它開始呈下降趨勢。

Our objective today is indeed to return the vessels that are up for redelivery and we have 30 vessels for redelivery between now and the end of the year to make room for the 22 newbuilds, the tonnage that we are expecting to receive also between now and the rest of the year.

我們今天的目標確實是歸還準備重新交付的船舶，從現在到今年年底，我們有30 艘船舶需要重新交付，以便為22 艘新造船騰出空間，這也是我們預計從現在到今年年底將收到的噸位。今年剩下的時間。

So I think back to your last question in terms of charter assumptions, we don't intend to recharter vessels between now and the end of the year, rather we will redeliver vessels that are coming up for renewal in order to make room for our new build and cost-efficient vessels.

因此，我回想一下你關於租船假設的最後一個問題，我們不打算從現在到年底之間重新租船，而是我們將重新交付即將更新的船​​舶，以便為我們的新船舶騰出空間。建造具有成本效益的船舶。

Thank you.

謝謝。

And kind of just check a little bit of a follow-up on the volume growth assumptions.

只需檢查一下銷量成長假設的一些後續情況即可。

I mean, should we be thinking high single digits?

我的意思是，我們應該考慮高個位數嗎？

Or do you think you will might go to double digits because of your comments on new services on those routes.

或者您是否認為由於您對這些路線上的新服務的評論，您的收入可能會達到兩位數。

Thank you.

謝謝。

Look, we are like I said, quite ambitious here.

看，我們就像我說的，在這裡非常雄心勃勃。

We will grow our operated tonnage double digit and we will aim at growing our current quantities also a double digit.

我們的營運噸位將成長兩位數，我們的目標是將目前的數量也增加兩位數。

Thank you.

謝謝。

Satish Sivakumar, Citi.

薩蒂什·西瓦庫馬爾，花旗銀行。

Yes, thanks,

對了謝謝，

[Navya].

[納維亞]。

I got three questions here.

我在這裡有三個問題。

Maybe let's start off with car carriers right, what's happening there in terms of demand given that a lot of news flows on slowdown of like auto vehicles as such, if you could share some color on that, that would be helpful.

也許讓我們從汽車運輸公司開始吧，考慮到很多關於汽車減速的新聞報道，需求方面發生了什麼，如果你能分享一些關於這一點的信息，那將會有所幫助。

And then just going back to the contract season negotiation, obviously it is still too early to comment on why and but that to compare this year versus last year.

然後回到合約賽季談判，顯然現在評論原因還為時過早，但要比較今年與去年的情況。

What is the like, (inaudible) value are today versus last year?

今天的（聽不清楚）價值與去年相比如何？

Are you trying more volume or you sign less volumes?

您是嘗試增加交易量還是減少交易量？

any color like, say, year on year is it will how does it trending?

任何顏色，比如說，每年它的流行趨勢如何？

That will be really helpful.

這真的很有幫助。

And then the third one is more on the just to your point on the operated dominated like you likely to go on double digit.

然後第三個更符合你的觀點，即操作主導，就像你可能會達到兩位數一樣。

So what does it mean?

那麼這意味著什麼呢？

Would it come more on the based on contracted volumes so you go into the spot market and you're likely to prioritize volume of market share to make sure that you place the coming capacity?

是否會更多地基於合約數量，以便您進入現貨市場，並且您可能會優先考慮市場份額的數量，以確保您放置即將到來的產能？

And then can I add one more actually in terms of East Coast versus West Coast, there has been growing commentary that shippers are likely to see I'm volumes into the West Coast because of the labor negotiations coming up in the East Coast and you are asking a bigger player in East Coast, given that you're going to like almost (inaudible) double-digit capacity.

然後我可以再補充一點，實際上就東海岸與西海岸而言，越來越多的評論稱，托運人可能會看到我大量進入西海岸，因為東海岸即將進行勞工談判，而您是考慮到您會喜歡幾乎（聽不清楚）兩位數的容量，請詢問東海岸的更大玩家。

What does that mean in terms of volume.

就體積而言，這意味著什麼。

Okay.

好的。

Thank you.

謝謝。

(multiple speakers) yeah, thank you.

（多個發言者）是的，謝謝。

So starting with your first question on the car carriers.

那麼就從你關於汽車運輸公司的第一個問題開始。

So we operate today is 16 ships, and we did indeed grow our operated tonnage in the activity over the past few years, we always said that we saw an opportunity a window of opportunity and that window of opportunity quite aggressively over the past few years as we saw an imbalance in a way opposite to what's happening today on the container liner.

因此，我們今天運作著16 艘船，過去幾年我們的營運噸位確實有所增加，我們總是說，我們看到了一個機會，一個機會之窗，並且在過去幾年裡我們非常積極地看到了這個機會之窗：我們看到了與今天貨櫃班輪上發生的情況相反的不平衡。

But we saw an imbalance between the surge in demand of moving cars from Asia, mostly to the Western countries and limited available tonnage.

但我們看到，從亞洲（主要是西方國家）運輸汽車的需求激增與有限的可用噸位之間存在不平衡。

So we today see and expect to see, as we have seen in 2023, a continuation of those favorable dynamics in 2024.

因此，正如我們在 2023 年所看到的那樣，我們今天看到並期望看到這些有利動態在 2024 年延續。

Before more vessels are being in delivered and we know that a significant number of new tonnage will come into the trade in 2025 and beyond.

在更多船舶交付之前，我們知道 2025 年及以後將有大量新船進入貿易領域。

And this is why we will continue to monitor quarter after quarter, year after year.

這就是為什麼我們將繼續逐季、年復一年地進行監測。

What is happening in this sector and potentially limit our involvement if the market conditions were to change.

如果市場條件發生變化，該行業正在發生的事情可能會限制我們的參與。

But when it comes to 2024 for the coming year.

但說到來年的2024年。

We are quite optimistic that it should be a good place to be in just like it was in 2023.

我們非常樂觀地認為，它應該是一個像 2023 年一樣的好地方。

Going to your second question, the contract season?

問你的第二個問題，合約賽季？

Yes.

是的。

I mean today, it's still very early days for us to opine as to where we will conclude in terms of committed capacity and rates.

我的意思是，今天我們就承諾容量和費率得出結論還為時過早。

We used to tried to seek a 50%, 50% in a way, 50% exposure on spot and 50% of our intended volume secured via a contractual commitment.

我們曾經試圖尋求 50%，在某種程度上是 50%，50% 是現場曝光，50% 是透過合約承諾獲得的預期數量。

We don't know not at any price so we will clearly need to make the arbitrage and between the expectations of some of our customers and what are our own expectations.

我們不知道任何價格，因此我們顯然需要在一些客戶的期望和我們自己的期望之間進行套利。

We need to find the right balance between the various parties here.

我們需要在各方之間找到適當的平衡。

So we'll see and again, hopefully, we'll be able to give a little bit more color into that once we have finalized the discussions and we talk again in during our Q1 earnings call.

因此，我們將拭​​目以待，希望一旦我們完成討論並在第一季財報電話會議上再次討論，我們將能夠對此提供更多的色彩。

But the objective of the company remains to secure a significant percentage around the around 50% of contractor cargo.

但該公司的目標仍然是確保約 50% 左右的承包商貨物的大部分安全。

And like I said, very promising discussions already started with our customer base during the TPM conference a week ago.

正如我所說，在一周前的 TPM 會議上，我們的客戶群已經開始了非常有希望的討論。

I think the -- what was the third question?

我認為──第三個問題是什麼？

Now?

現在？

I can't remember the third question.

第三個問題我不記得了。

So going to the fourth

所以去第四個

(multiple speakers)

（多個發言者）

(inaudible) you likely to grow double digit?

（聽不清楚）您可能會成長兩位數嗎？

What does it mean?

這是什麼意思？

Like on contracted volumes, you productize those in the Indian market, i.e., more about volume than pricing?

就像合約數量一樣，你們在印度市場上生產這些產品，也就是更專注於數量而不是定價？

Yes, I think it's very linked to the second one.

是的，我認為這與第二個密切相關。

At the end of the day, we do not today aim at growing aggressively more than 50%, which has been pretty much the norm in the past for the company.

歸根究底，我們今天的目標並不是大幅成長超過 50%，而這在過去幾乎是公司的常態。

We don't have a here an objective to go and lock and secure a significantly higher percentage of contract cargo.

我們沒有一個目標是去鎖定並確保顯著更高比例的合約貨物。

We truly believe that the Transpacific we have a compelling proposition in terms of the lines that we operate, the services that we operate the deployment again of the unique deployments of LNG tonnage on the main trade between Asia to the US East Coast.

我們堅信，在跨太平洋航線上，我們在我們運營的航線、我們運營的服務以及在亞洲與美國東海岸之間的主要貿易上獨特的液化天然氣噸位部署方面擁有令人信服的主張。

That again are attracting a lot of attention from our customer base because, of course, they see that as a way for them to reduce their own carbon footprint.

這再次吸引了我們客戶群的大量關注，因為他們當然認為這是減少自己碳足跡的一種方式。

So we are hopeful that and quite optimistic in a way that we will have managed to deliver on our volume assumptions for next year without having to change the philosophy in terms of spot versus contract exposure.

因此，我們對此充滿希望，並且非常樂觀，我們將設法實現明年的交易量假設，而不必改變現貨與合約風險方面的理念。

And then I think your last question was what about the potential shift of cargo between the East Coast and the West Coast now that the discussions with the unions are taking place and for the terminals on the East Coast.

然後我認為你的最後一個問題是，既然正在與工會以及東海岸的碼頭進行討論，那麼東海岸和西海岸之間的貨物潛在轉移會如何。

So we don't know.

所以我們不知道。

I mean, there are clearly the discussions are ongoing as we speak, and we know that there are some timelines and deadlines that some of them are approaching as soon.

我的意思是，在我們發言時，顯然討論正在進行中，我們知道有一些時間表和最後期限，其中一些即將臨近。

We are today, do not feel that there is a panic from our customer base to move cargo away from the East Coast to the West Coast time will tell what happens and what is the outcome of the discussions.

今天，我們並不覺得我們的客戶群對將貨物從東海岸運送到西海岸感到恐慌，時間會告訴我們會發生什麼以及討論的結果是什麼。

But as we speak, as of today, we don't see -- we don't feel any significant movements from (inaudible) actions taken by our customers to Chicago from east to west.

但正如我們所說，截至今天，我們沒有看到——我們沒有感覺到我們的客戶從東到西對芝加哥採取的（聽不清楚）行動有任何重大變化。

Maybe I would add that we are now also increasingly present on the West Coast with now three services and we operate between Asia to the US West Coast.

也許我想補充一點，我們現在也越來越多地在西海岸開展業務，目前提供三項服務，並且我們在亞洲和美國西海岸之間運營。

To I mean to that, we operate one where we jointly operate with and with a partner.

我的意思是，我們與合作夥伴共同經營。

But that is also us increasing our footprint on the trade between Asia to the US and also Pacific Northwest.

但這也是我們在亞洲與美國以及太平洋西北地區之間的貿易中增加的足跡。

Thank you, Xavier, and that's quite helpful.

謝謝你，澤維爾，這很有幫助。

Yeah.

是的。

Øystein Vaagen, Fearnley Securities.

Éystein Vaagen，Fearnley 證券公司。

Øystein, perhaps your line is on mute?

埃伊斯坦，也許你的線處於靜音狀態？

(inaudible)

（聽不清楚）

Yes.

是的。

Hey, guys.

大家好。

Just a quick one from me, which kind of relates to the previous question, I see of the revenues or call it non containerized revenues are up quarter on quarter.

我簡單說一下，這與上一個問題有關，我看到收入或稱其為非貨櫃收入逐季增長。

Would you be able to give some kind of a split or color on how much car carriers that is and how much demurrage and other and if possible, how we should think about this going forward?

您能否對汽車承運商的費用、滯期費和其他費用進行某種劃分或區分？如果可能的話，我們今後應該如何考慮這個問題？

Yes, I think I can be quite precise as to the number, the revenue that we generated out of our car carrier activity, which is in excess slightly in excess of $500 million for the full year of 2023.

是的，我想我可以非常準確地描述我們從汽車運輸活動中產生的收入，2023 年全年的收入略高於 5 億美元。

And if we were to consider what will be the outlook for 2024 now, we're going to be in a similar ballpark that used to operate.

如果我們現在考慮 2024 年的前景，我們將處於與過去類似的情況。

It's the same capacity, which is 16 ships.

容量相同，為16艘船。

Perfect.

完美的。

Thank you.

謝謝。

This concludes our Q&A session.

我們的問答環節到此結束。

I will turn the call to Eli Glickman for closing remark.

我將把電話轉給 Eli Glickman 致結束語。

Yeah, during a challenging year, our employees across the globe maintains the first (inaudible) achieving the highest operational standards and delivering an exceptional level of customer care demonstrated by the better than ever results from our 23 Annual Customer Experience service.

是的，在充滿挑戰的一年裡，我們遍布全球的員工保持著第一（聽不清楚）達到最高營運標準，並提供卓越水準的客戶服務，這一點從我們第23 屆年度客戶體驗服務取得的比以往更好的結果可見一斑。

I'd like to personally thank the entire ZIM team for their commitment and dedication especially in light of the industry and operational challenges as well as the ongoing goal.

我個人要感謝整個以星團隊的承諾和奉獻，特別是考慮到產業和營運挑戰以及持續的目標。

In '23 we are advancing our strategic transformation (inaudible) plan and are pleased with the progress we've already made to ZIM's future commercial and operational industry position.

23 年，我們正在推動我們的策略轉型（聽不清楚）計劃，並對我們在 ZIM 未來商業和營運產業地位方面所取得的進展感到滿意。

Based on our strong liquidity, we'll maintain our long-term view and intend to continue to take decisive steps to further benefit from our strategic transformation and emerging a stronger position than ever in '25 (inaudible) Thank you again for joining us today, have a great day.

基於我們強大的流動性，我們將保持長期觀點，並打算繼續採取果斷措施，進一步從我們的戰略轉型中受益，並在25 年形成比以往任何時候都更強大的地位（聽不清楚）再次感謝您今天加入我們， 祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

We thank you for joining.

我們感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。