以星航運 (ZIM) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the ZIM Integrated Shipping Services first-quarter 2024 earnings conference call.

感謝您的支持，歡迎參加 ZIM Integrated Shipping Services 2024 年第一季財報電話會議。

(Operator Instructions) Thank you.

（操作員指示）謝謝。

I'd now like to turn the conference over to Elana Holzman, Head of Investor Relations.

現在，我想將會議交給投資者關係主管 Elana Holzman。

You may begin.

你可以開始了。

Thank you, operator, and welcome to ZIM's first-quarter 2024 financial results conference call.

謝謝接線員，歡迎參加 ZIM 2024 年第一季財務業績電話會議。

Joining me on the call today are Eli Glickman, ZIM's President and CEO; and Xavier Destriau, ZIM's CFO.

今天與我一起參加電話會議的還有 ZIM 總裁兼執行長 Eli Glickman；以及 ZIM 財務長 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 of future events or results.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將對未來事件或結果的預期、預測、預期做出前瞻性陳述。

We believe that our expectations and assumptions are reasonable.

我們相信我們的預期和假設是合理的。

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，此類聲明僅反映公司當前的預期，實際事件或結果可能存在差異，甚至存在重大差異。

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 on Form 20-F filed with the SEC in March 2024.

請您考慮本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語言，包括我們於 2024 年 3 月向美國證券交易委員會提交的 20-F 表 2023 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。

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

現在，我想將電話轉給 ZIM 的執行長 Eli Glickman。

Eli?

伊萊？

Thank you, Elana, and welcome everyone.

謝謝你，埃拉娜，歡迎大家。

Slide number 2.

投影片編號 2。

ZIM began 2024 with positive momentum.

ZIM 以積極的勢頭開啟了 2024 年。

We leveraged market conditions and coupled with the strong execution of the ZIM team globally, we delivered solid Q1 results.

我們利用市場條件，加上 ZIM 團隊在全球的強大執行力，取得了穩健的第一季業績。

Based on current market conditions, our outlook for the remainder of the year has improved.

根據目前的市場狀況，我們對今年剩餘時間的展望有所改善。

And as such, we now expect our full year '24 financial performance to be better than our '23 results.

因此，我們現在預計 24 年全年財務表現將優於 23 年業績。

Our strategic plan to upscale our fleet and operate larger vessels to improve our cost structure is paying off, and we believe that in '24, we will achieve our volume growth expectations outperforming the market.

我們擴大船隊規模、營運更大船隻以改善成本結構的策略計畫正在取得成效，我們相信，在24年，我們將實現超越市場的銷售成長預期。

ZIM earning in the first quarter reflects stronger spot rates, which resulted from disruption in the global logistics supply chain.

ZIM 第一季的獲利反映了現貨價格的上漲，這是全球物流供應鏈中斷造成的。

Slide number 4, we delivered revenue of $1.56 billion and net income of $92 million.

投影片 4，我們的收入為 15.6 億美元，淨收入為 9,200 萬美元。

Adjusted EBITDA was $427 million and adjusted EBIT was $167 million, reflecting adjusted EBITDA margin of 27% and adjusted EBIT margin of 11%.

調整後的 EBITDA 為 4.27 億美元，調整後的 EBIT 為 1.67 億美元，反映調整後的 EBITDA 利潤率為 27%，調整後的 EBIT 利潤率為 11%。

Our total cash position of $2.25 billion at quarter end remains strong.

截至季末，我們的總現金狀況為 22.5 億美元，依然強勁。

Our Q1 results reflect the dynamic nature of the container shipping industry.

我們第一季的業績反映了貨櫃航運業的動態特性。

To date, tensions in the Red Sea have not eased and continue to disrupt global trade.

截至目前，紅海緊張局勢仍未緩解，並持續擾亂全球貿易。

We've seen freight rates significantly increase from November '23 lows as overcapacity in the market is being absorbed.

隨著市場運力過剩被吸收，我們看到運費已從 23 年 11 月的低點大幅上漲。

As we look forward, we expect freight rates to remain higher for longer than originally anticipated.

展望未來，我們預期運費維持高位的時間將比原先預期的更長。

While we cannot predict when this disruption will end, there does not seem to be a solution inside.

雖然我們無法預測這種混亂何時會結束，但內部似乎還沒有解決方案。

Moreover, in recent weeks, we've seen spot rate increases leading to additional trades, which are not directly impacted by the Red Sea disruption, and which previously did not experience rate increases.

此外，最近幾週，我們看到現貨運費上漲，從而帶來了額外的交易，這些交易並未受到紅海中斷的直接影響，而且之前也沒有經歷過運費上漲。

Certain indications of increased demand and constraint on equipment added to the supply pressure may be the cause of this recent trend.

某些跡象顯示需求增加和設備受限增加了供應壓力，可能是造成這一最新趨勢的原因。

Going to slide number 5.

轉到第 5 張投影片。

Given this stronger rate environment now impacting more trades, our outlook for the year is more positive.

鑑於目前更強勁的利率環境正在影響更多的交易，我們對今年的前景更加樂觀。

Therefore, we are raising our full-year '24 guidance and now expect to generate adjusted EBITDA in the range of $1.15 billion to $1.55 billion and adjusted EBIT between 0 to $400 million.

因此，我們上調了 24 年全年業績預期，目前預計調整後 EBITDA 在 11.5 億美元至 15.5 億美元之間，調整後 EBIT 在 0 至 4 億美元之間。

As per our dividend policy, which provides for a payout of 30% of quarterly net income, our Board of Director has declared a dividend of $0.23 per share or a total of $28 million on account of Q1 results.

根據我們的股息政策，即支付季度淨收入的 30%，我們的董事會已宣布根據第一季業績派發每股 0.23 美元或總計 2800 萬美元的股息。

While the bear case scenario from a financial perspective has likely been avoided in '24, we'd like to remind you that our market is extremely volatile and that until recently, the disruptions which drove rates up were primarily supply driven.

雖然從財務角度來看，24 年熊市情景可能已經避免，但我們想提醒您，我們的市場極不穩定，直到最近，導致利率上漲的干擾主要是由供應驅動的。

It remains to be seen whether the improved demand we are currently witnessing is sustainable and whether it would support freight rates for the remainder of '24.

我們目前看到的需求改善是否可持續，以及是否能支撐24年剩餘時間的運費，仍有待觀察。

Overall market dynamics still point to supply growth significantly, outpacing demand growth with significant deliveries this year and to a lesser extent next year as well.

整體市場動態仍顯示供應量大幅成長，超過需求成長，今年交付量大，明年交付量也會較小。

As such, our longer-term expectation for the market has not changed.

因此，我們對市場的長期預期並沒有改變。

It remains our view that once the Red Sea crisis is resolved, we will likely revert to the supply demand scenario that had begun to play out in '23.

我們仍然認為，一旦紅海危機得到解決，我們可能會恢復到23年開始出現的供需局面。

We maintain the view that the industry will face a more challenging second half of this year, irrespective of the duration of the Red Sea crisis as more new builds, particularly large capacity vessels are delivered.

我們仍然認為，無論紅海危機持續多久，隨著更多新建船舶、特別是大容量船舶的交付，該行業今年下半年都將面臨更具挑戰性的挑戰。

This will likely adversely affect our results in the third and fourth quarters.

這可能會對我們第三季和第四季的業績產生不利影響。

We continue to assume that the second half of '24 might be weaker than the first half.

我們繼續假設24年下半年的表現可能會弱於上半年。

Xavier, our CFO, will discuss additional factors driving our '24 guidance in his prepared comments.

我們的財務長 Xavier 將在其準備好的評論中討論推動我們 24 年指引的其他因素。

Before I turn the call over to him, I would like to provide an operational and commercial update and highlight ZIM's progress, executing strategic objectives thus far in

在我將電話轉給他之前，我想提供營運和商業更新，並強調 ZIM 的進展，以及迄今為止在以下方面的策略目標的執行情況：

['24].

['24]。

Going to slide number 6, our transformation is well underway and has begun to produce tangible results.

請參閱第 6 張投影片，我們的轉型正在順利進行，並已開始產生實際的成果。

We are very pleased with our progress and are confident that with respect to our fleet and cost structure, ZIM will emerge in a stronger position in '25 and beyond as our transformation continues to deliver incremental benefits.

我們對我們的進展感到非常滿意，並相信，就我們的船隊和成本結構而言，隨著我們的轉型繼續帶來增量效益，ZIM 將在 25 年及以後佔據更強大的地位。

The final pillar of ZIM's transformation with our fleet renewal progress -- is our fleet renewal program executed to enable more efficient and competitive operations.

ZIM 轉型的最後一個支柱是隨著船隊更新而進行的船隊更新計劃，該計劃旨在實現更有效率、更具競爭力的營運。

We secured a total of 46 newbuild containers shipped, of which 28 are LNG powered.

我們總共運送了 46 個新建貨櫃，其中 28 個由 LNG 驅動。

Today, 13 newbuild vessels have already been delivered to us, including all 10, 15,000 TEU LNG vessels and 9 out of 18, 8,000 TEU LNG-powered vessels, which we are deploying on the strategic Asia to the US East Coast trade.

如今，我們已經接收了 13 艘新建船舶，包括所有 10 艘 15,000 TEU LNG 船舶和 18 艘 8,000 TEU LNG 動力船舶中的 9 艘，這些船舶正在部署於亞洲至美國東海岸的戰略貿易中。

Our new fleet, improve our cost structure and support long-term profitable growth.

我們的新機隊改善了我們的成本結構並支持長期獲利成長。

Importantly, these new vessels are more modern, fuel-efficient, larger, and better suited to the trades in which we operate.

重要的是，這些新船更加現代化、更加省油、更大，並且更適合我們經營的行業。

This continues to reduce our cost per TEU as this cost effective newbuild vessels are replacing older, less efficient, and more expensive charter capacity.

由於這些具有成本效益的新建船舶正在取代舊的、效率較低的、更昂貴的租船能力，因此這將繼續降低我們每個標準箱的成本。

Moving forward, we expect to continue seeing gradual cost per TEU improvement as we meet our volume growth targets.

展望未來，隨著我們實現運量成長目標，我們預期每 TEU 成本將繼續逐步改善。

In addition to improving our cost structure and enabling long-term sustainable growth, our fleet-renewal program addresses a central objective of our ESG roadmap, reduce the environmental impact of our operations, and help fight climate change.

除了改善我們的成本結構和實現長期永續成長之外，我們的機隊更新計畫還解決了我們 ESG 路線圖的核心目標，減少了我們營運對環境的影響，並幫助應對氣候變遷。

The benefit of our new fleet from an environmental perspective are worth mentioning again.

從環境角度來看，我們的新船隊帶來的益處值得再次一提。

Next year, once we receive all our newbuilds and we deliver existing charter tonnage, over 50% of our operated capacity is expected to be newbuild.

明年，一旦我們接收所有新建船舶並交付現有的租船噸位，預計我們營運運力的 50% 以上將是新建船舶。

Approximately 40% of our operated capacity is expected to be LNG-powered, making ZIM among the lowest carbon intensity carriers in the world.

預計我們營運運力的約 40% 將由液化天然氣驅動，這使 ZIM 成為世界上碳強度最低的運輸公司之一。

Already today, 30% of our capacity is LNG-powered, and we operate the greenest fleet in terms of use of alternative fuels.

如今，我們 30% 的運力均由液化天然氣驅動，並且就替代燃料的使用而言，我們經營最環保的船隊。

Sustainability is a core value for ZIM, and we are pleased to have recently publish our sixth annual ESG reports.

永續性是 ZIM 的核心價值，我們很高興最近發布了第六份年度 ESG 報告。

It outlines how ZIM has addressed the increasing demand from our various stakeholders for a more proactive ESG approach.

它概述了 ZIM 如何滿足各利害關係人對更積極主動的 ESG 方法日益增長的需求。

And then in '23, ZIM achieved a 23% drop in carbon intensity of our operation compared to the prior year.

23年，與前一年相比，ZIM的營運碳強度下降了23%。

This was driven in part by our new LNG vessels, which replaced older vessels and significantly cut our carbon emissions.

這在一定程度上得益於我們的新液化天然氣船舶，它取代了老舊船舶，並大幅減少了我們的碳排放。

We also decreased vessels speed and added vessels to routes to comply with emerging regulations.

我們還降低了船速並在航線上增加了船隻，以遵守新興法規。

We are proud of the progress we made in '23 and are well on our way to reaching our target of reducing carbon intensity by 30% by '25 versus our '21 baseline.

我們為2023年的進展感到自豪，並且正在順利實現2025年將碳強度以2021年為基準降低30%的目標。

We remain committed to reducing our GHG emissions to net zero by 2050, a more ambitious target than the one set by the IMO.

我們仍致力於在 2050 年將溫室氣體排放量減少到淨零，這是一個比國際海事組織設定的更雄心勃勃的目標。

We recognize that the implementation of ESG-focused strategies is an ongoing process, and we'll continue to prioritize, promoting responsible corporate practice to create long-term sustainable value for all our stakeholders.

我們認識到實施以 ESG 為重點的策略是一個持續的過程，我們將繼續優先考慮，促進負責任的企業實踐，為我們所有利害關係人創造長期可持續的價值。

Operationally, we also remain focused on aligning our fleet size with demand levels and rationalizing our fleet to minimize cash burn.

在營運方面，我們也將繼續致力於使機隊規模與需求水準保持一致，並合理化機隊以最大限度地減少現金消耗。

At the beginning of this year, we had a total of 32 vessels up for renewal in '24.

截至今年年初，我們共有 32 艘船舶需要在 24 年進行續保。

Thus far, we've redelivered 11 vessels and anticipate the remainder would be redelivered over the course of the year.

迄今為止，我們已經重新交付了 11 艘船隻，預計其餘船隻將在今年內重新交付。

Turning next to our network of services.

接下來談談我們的服務網絡。

The agile nature of our commercial strategy has continued to serve ZIM well.

我們的商業策略的敏捷性繼續為 ZIM 提供良好的服務。

During the first quarter, we continued to adapt our network to changing customer demand.

第一季度，我們繼續根據不斷變化的客戶需求調整我們的網路。

In Q1, we grew our volume on trans-pacific, leveraging our larger capacity vessels and new lines open to LA and Vancouver.

第一季度，我們利用更大容量的船舶和開闢至洛杉磯和溫哥華的新航線增加了跨太平洋航線的運力。

We maintained our unique commercial position on this strategic trade for ZIM as the only carrier to call the US East Coast with LNG-fueled vessels.

作為唯一一家使用 LNG 燃料船舶停靠美國東海岸的承運商，我們在這項戰略貿易中為 ZIM 保持了獨特的商業地位。

In fact, we operate LNG vessels on two different services in this trade.

事實上，我們在此貿易中在兩種不同的服務上使用液化天然氣船隻。

As the only carrier able to offer shippers a pathway to significantly reduce carbon emissions on this trade, we believe that our differentiated offering enhances our competitive position in support of volume growth target.

作為唯一能夠為托運人提供大幅減少此類貿易碳排放途徑的承運商，我們相信，我們的差異化服務將增強我們的競爭地位，以支持運量成長目標。

We are also pleased with our growing volume in Latin America.

我們也對我們在拉丁美洲的銷量不斷增長感到高興。

We opened several new lines in '23 in this trade and continue to expand our network in Q1.

我們於23年在該行業開闢了幾條新航線，並在第一季繼續擴展我們的網路。

As we have discussed previously, Latin America has been a focal point for us where we see long-term growth and profitability potential.

正如我們之前所討論的，拉丁美洲一直是我們的焦點，我們看到了長期成長和獲利潛力。

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

在此，我將把電話轉給我們的財務長 Xavier，以便更詳細地討論我們的財務業績、修訂後的 24 年指引以及對市場環境的補充評論。

Xavier, please.

請叫我澤維爾。

Thank you, Eli, and again, welcome, everyone.

謝謝你，Eli，再次歡迎大家。

On the slide 7, we present key financial and operational highlights.

在第 7 張投影片上，我們展示了關鍵的財務和營運亮點。

And as Eli mentioned, our first-quarter financial results reflect the improved freight rates that mostly ensued from the Red Sea disruptions.

正如 Eli 所提到的，我們的第一季財務表現反映了運費的上漲，這主要得益於紅海航運中斷。

Team generated revenue of $1.6 billion in the first quarter of 2024, a 14% increase compared to the first quarter of last year.

團隊在 2024 年第一季創造了 16 億美元的收入，比去年第一季成長了 14%。

Our average freight rate per TEU was $1,452, a year over year increase of 4% and a 32% increase from the prior quarter.

我們每標準箱的平均運費為 1,452 美元，年增 4%，較上季成長 32%。

Total revenue from non containerized cargo, which reflects mostly our car carrier services totaled $111 million for the quarter, compared to $106 million in the first quarter of 2023.

非貨櫃貨物總收入（主要反映我們的汽車運輸服務）本季總計 1.11 億美元，而 2023 年第一季為 1.06 億美元。

While we operated more vessels in the current quarter, revenues are only slightly up due to the longer voyages around the Cape of Good Hope in the current quarter.

雖然我們在本季度運營了更多船隻，但由於本季度繞好望角的航行距離更長，收入僅略有增加。

Our free cash flow in the first quarter totaled $303 million compared to $142 million in the first quarter of 2023.

我們第一季的自由現金流總計 3.03 億美元，而 2023 年第一季為 1.42 億美元。

Turning to the balance sheet, total debt increased by $359 million since prior year end, mainly due to the net effect of the incoming larger vessels with longer term charter durations.

從資產負債表來看，總債務自上年末以來增加了 3.59 億美元，主要原因是進入該市場的更大船舶和更長的租船期限帶來的淨效應。

Regarding our fleet, we currently operate 147 vessels, out of which 60 are car carriers as compared to 150 vessels as of our Q4 earnings call in mid-March.

就我們的船隊而言，我們目前運營 147 艘船隻，其中 60 艘為汽車運輸​​船，而截至 3 月中旬我們的第四季度財報電話會議，共有 150 艘船隻。

The slight decrease from March resulted from the delivery of six newbuilds and the scheduled redelivery of nine vessels.

與 3 月相比，船舶數量略有下降，因為交付了 6 艘新船，並按計劃重新交付了 9 艘船。

We'd like to remind you that while we may continue to operate a similar number of vessels or even fewer vessels, our operating capacity has grown in 2023 and will continue to grow this year.

我們想提醒您的是，雖然我們可能會繼續運營相似數量甚至更少的船隻，但我們的營運運力在 2023 年已經增長，並且今年還將繼續增長。

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

我們正在用更大、更具成本效益的新建噸位替換更小、更低成本的船舶，從而有助於降低每個標準箱的單位成本。

Moreover, these vessels are also better suited to the trade in which they are being deployed, again, enhancing our strategic positioning.

此外，這些船隻也更適合其所部署的貿易，從而再次增強了我們的戰略定位。

As of today's call, 30 of the 46 newbuild vessels ZIM has committed to have joined our fleet, including 10, 15,000 TEU LNG vessels; 4, 12,000 TEU vessels; 9, 8,000 TEU LNG vessels; and 7 of the smaller wide-beam 5,500 and 5,300 TEU ships.

截至今天的電話會議，ZIM 承諾建造的 46 艘新船中已有 30 艘加入我們的船隊，其中包括 10 艘 15,000 TEU LNG 船； 4艘12,000 TEU船舶； 9艘8000TEU液化天然氣船；以及 7 艘較小的寬梁 5,500 和 5,300 TEU 船。

Excluding the newbuild capacity, the average remaining duration of our charter tonnage continues to trend down and is now 19.7 months compared to 20.4 months in mid-March.

除新建運力外，我們的租船噸位平均剩餘期限持續呈下降趨勢，目前為 19.7 個月，而 3 月中旬為 20.4 個月。

We have a total of 21 vessels up for charter renewal in the remainder of 2024 as compared to the expected delivery of 16 newbuilds during this period.

2024 年剩餘時間內，我們共有 21 艘船舶需要續租，而預計在此期間將交付 16 艘新船。

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

此外，我們還有另外 37 艘船舶將於 2025 年更新。

And as we previously highlighted, this gives us ample flexibility to ensure our fleet size matches the market opportunities.

正如我們之前強調的那樣，這為我們提供了充足的靈活性，以確保我們的機隊規模與市場機會相匹配。

Turning now to additional Q1 financial metrics on slide 9.

現在轉到幻燈片 9 上的更多第一季財務指標。

Adjusted EBITDA in the first quarter was $427 million compared to $373 million in Q1 2023, reflecting an adjusted EBITDA margin of 27% in both periods.

第一季的調整後 EBITDA 為 4.27 億美元，而 2023 年第一季為 3.73 億美元，反映兩個期間的調整後 EBITDA 利潤率均為 27%。

Adjusted EBIT was $167 million or 11% margin, compared to an EBIT loss of $14 million in the same quarter of last year.

調整後的息稅前利潤為 1.67 億美元，利潤率為 11%，而去年同期的息稅前利潤虧損為 1,400 萬美元。

Net income for the first quarter was $92 million compared to a net loss of $58 million in Q1 2023.

第一季淨收入為 9,200 萬美元，而 2023 年第一季淨虧損為 5,800 萬美元。

We do remain committed to returning capital to shareholders.

我們確實仍然致力於向股東返還資本。

And as such, our Board of Directors declared a dividend to shareholders of $0.23 per share or a total of $28 million, which reflects a payout of 30% of Q1 net income as per our current dividend policy.

因此，我們的董事會宣布向股東派發每股 0.23 美元的股息，總計 2,800 萬美元，根據我們目前的股息政策，這反映了第一季淨收入的 30% 的派息。

Turning now to slide 10, we carried 846,000 TEUs in the first quarter compared to 769,000 TEUs during the same period last year.

現在翻到第 10 頁，我們在第一季的運輸量為 846,000 TEU，而去年同期為 769,000 TEU。

That is an increase of 10%, slightly ahead of market growth of 9%.

這一增幅為 10%，略高於 9% 的市場增幅。

As we discussed, we grew our volume on the transpacific in Q1, attributable to our larger capacity vessels and also new lines.

正如我們所討論的，由於我們的船舶容​​量更大以及有新航線，我們第一季的跨太平洋航線運量有所增長。

Transpacific volume grew 27% year over year, and we expect to see continued volume growth during the remainder of 2024 as we continue to upsize our capacity.

跨太平洋貨運量年增 27%，隨著我們繼續擴大運力，我們預計 2024 年剩餘時間內貨運量將持續成長。

Significant growth in Latin America volumes of 129% year over year was driven by our expanded presence in this trade.

由於我們在該貿易領域的擴張，拉丁美洲的貿易量比去年同期大幅增加了 129%。

We see additional opportunities to participate in the growth of that trade.

我們看到了參與該貿易成長的更多機會。

Next, we present our cash flow bridge.

接下來，我們展示我們的現金流橋。

For the quarter, our adjusted EBITDA of $427 million is converted into $326 million of cash flow generated from operating activities.

本季度，我們的調整後 EBITDA 為 4.27 億美元，轉化為經營活動產生的現金流 3.26 億美元。

Other cash flow of significant items for the quarter is obviously $740 million of debt service, mostly related to our lease liability repayments.

本季其他重要項目的現金流顯然是 7.4 億美元的債務償還，主要與我們的租賃負債償還有關。

It is here -- important, however, to remember that the lease liability repayments in Q1 included $235 million, reflecting down-payment for six LNG vessels that we received during the quarter and also payments for the five vessels following an early notice for the exercise of purchase options we have on these vessels as we already previously mentioned on our March call.

但要注意的是，第一季的租賃負債償還金額包括 2.35 億美元，這反映了我們在本季度收到的 6 艘液化天然氣船的首付款，以及提前通知後支付的 5 艘船的款項。正如我們在三月電話會議上提到的那樣，我們在這些船舶上擁有的購買選擇。

Moving now to our 2024 guidance, as you heard from Eli, our outlook for the remainder of 2024 is stronger than previously assumed, based on the evolving market and as a result, our financial performance in 2024 is now expected to be better than our 2023 results.

現在轉到我們的2024 年指引，正如您從Eli 那裡聽到的，基於不斷變化的市場，我們對2024 年剩餘時間的展望比之前假設的要強，因此，我們2024 年的財務業績現在預計會好於2023 年結果。

We are raising our full year guidance and now expect to generate adjusted EBITDA between $1.15 billion and $1.55 billion in 2024 and adjusted EBIT between 0 and $400 million.

我們正在上調全年業績預期，目前預計 2024 年調整後 EBITDA 在 11.5 億美元至 15.5 億美元之間，調整後 EBIT 在 0 至 4 億美元之間。

Our improved guidance is driven primarily by the strength we are seeing in spot rates.

我們改善的指引主要受到現貨價格走強的推動。

This in turn contributed to a higher freight rate assumptions incorporated into our current guidance as compared to the freight rate assumptions we incorporated into the guidance we provided back in March.

這反過來導致我們目前指導中納入的運費假設比我們在 3 月提供的指導中納入的運費假設更高。

Before touching on the volume and bunker cost assumptions, I'd like to briefly discuss the contract season and how it plays out.

在談到數量和燃油成本假設之前，我想先簡單討論一下合約季節及其進展。

It plays into our outlook for the remainder of the year.

這對我們對今年剩餘時間的展望有影響。

So for the year ahead, our spot exposure in the transpacific trade will remain relatively high as the new annual transpacific contract, which went into effect on May 1 represent approximately 35% of our expected transpacific volume.

因此，在未來的一年裡，我們在跨太平洋貿易中的現貨敞口將保持相對較高，因為 5 月 1 日生效的新年度跨太平洋合約約占我們預期跨太平洋運量的 35%。

We chose to revisit our commercial approach of roughly 50%-50% split between spot and contract volume, given our expectation that the average spot rates for transpacific for the next 12 months will likely outperform the prevailing contract rates, which were only slightly better than last year's rates.

我們選擇重新審視現貨和合約量大約各佔 50% 的商業方法，因為我們預計未來 12 個月跨太平洋航線的平均現貨運價可能會超過現行的合約運價，而合約運價僅略高於去年的利率。

Believe that our value proposition to customers operating LNG vessels on this trade will help us achieve our volume growth objectives while leveraging the stronger spot rate environment.

相信我們為在該貿易中營運液化天然氣船舶的客戶提供的價值主張將幫助我們實現銷售成長目標，同時利用更強勁的現貨價格環境。

Our volume assumptions for our 2024 guidance remain unchanged, and we expect our volume growth this year to outpace market growth as we continue to upsize our fleet and increase operated capacity.

我們對 2024 年指引的銷售假設保持不變，隨著我們繼續擴大船隊規模並增加營運運力，我們預計今年的銷售成長將超過市場成長。

Bunker cost on the other hand are slightly higher as compared to the underlying assumptions for the guidance we provided in March.

另一方面，燃油成本與我們 3 月提供的指導的基本假設相比略高。

Moving to our market discussion with some data point on our commentary so far, market evolution since November 2023 has demonstrated the volatile nature of our industry.

轉到我們的市場討論，根據我們迄今為止評論的一些數據點，自 2023 年 11 月以來的市場發展證明了我們行業的波動性。

The underlying supply demand balance for 2024 has been and remains one of significant oversupply as you can see in the graph on the left.

正如您在左側圖表中所看到的，2024 年的基本供需平衡一直是並且仍然是嚴重的供過於求。

Events external to our industry, namely the security concerns in the Red Sea, have caused most global carriers to redivert the ships around the Cape of Good Hope.

我們產業以外的事件，即紅海的安全問題，已經導致大多數全球承運商將船隻繞行好望角。

This has extended voyage durations to North Europe, the Mediterranean, and to a certain extent to the US East Coast, absorbing significant capacity, bringing the supply-demand balance to a certain equilibrium.

這延長了至北歐、地中海以及一定程度上至美國東海岸的航程，吸收了大量運力，使供需平衡達到一定程度。

Yet the strength in spot rates of recent weeks extends beyond these trades, which were directly impacted by the Red Sea diversions.

然而，近幾週現貨運費的強勢並不局限於這些交易，它們直接受到了紅海改道的影響。

As you can see, the improvement in spot rates in Asia to US East Coast, which we saw from December until mid-January, eased when the initial impact of the extended rotations was normalized.

正如您所看到的，從 12 月到 1 月中旬，亞洲至美國東海岸的現貨價格有所改善，但當延長輪換的最初影響恢復正常後，這種改善就有所減緩。

But as we mentioned earlier, we now see a second wave of spot rate hikes with the improvement in freight rates also spilling over to additional trades.

但正如我們之前提到的，我們現在看到第二波現貨運費上漲，運費的改善也蔓延到了其他貿易。

We show here SCFI rates for regional trades, including Africa, Latin America, and Oceania.

我們在此展示了包括非洲、拉丁美洲和大洋洲在內的區域貿易的 SCFI 匯率。

This recent, more widespread strength in rates is attributable to indications of equipment constraints, coupled with improved demand.

近期，利率普遍走強，可歸因於設備限制跡象，以及需求改善。

CTS data for Q1 2024 shows a healthy start of the year.

2024 年第一季的 CTS 數據顯示今年開局良好。

As already mentioned, global volume for Q1 2024 is up 9% compared to Q1 last year and tracking similar volume to Q1 in 2022 and Q1 2021.

如前所述，2024 年第一季的全球交易量與去年第一季相比成長了 9%，與 2022 年第一季和 2021 年第一季的交易量相似。

This suggests that the destocking cycle, which started in the second half of 2022 may have ended.

這表明，2022年下半年開始的去庫存週期可能已經結束。

However, on the right, you can see the recent increase in the Ocean Timeliness Indicator.

然而，在右側，您可以看到海洋及時性指標近期有所增加。

The OTI measures the journey of a container from the time it is set to leave a factory to the time it is picked up from its destination port.

OTI 測量貨櫃從出廠到從目的港提取的整個旅程。

This increase suggests some stress in the global supply chain.

這種成長顯示全球供應鏈存在一些壓力。

Therefore, it remains to be seen, If the current uptick in demand is in fact the beginning of a restocking cycle that would translate into a more prolonged and sustainable improvement in demand and that could continue to support freight rates or whether this increase is simply shippers, erring on the side of caution and ordering peak season cargo early to ensure they have it available for the holiday season, signaling only a shift in the timing of peak season demand.

因此，目前尚待觀察的是，目前需求的上升是否實際上是補貨週期的開始，從而轉化為更持久和可持續的需求改善，並可能繼續支撐運費，或者這種增長是否僅僅是托運人，寧可謹慎行事，也提前訂購旺季貨物，以確保假期有貨，這僅顯示旺季需求時間的轉變。

On this note, we will open the call for questions.

在此，我們將開始提問。

Thank you.

謝謝。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員指示）奧馬爾·諾克塔（Omar Nokta），傑富瑞（Jefferies）。

Thank you.

謝謝。

Hi, Eli and Xavier.

你好，Eli 和 Xavier。

Good afternoon.

午安.

Just three questions from me.

我只有三個問題。

And maybe the first one, just wanted to ask, clearly the market's taken off.

也許是第一個，只是想問一下，顯然市場已經起飛。

It seems much more broad stroke than what we saw earlier this year as you're just highlighting Xavier.

由於您只是突出強調了 Xavier，因此它看起來比我們今年早些時候看到的更廣泛。

And on slide 14, we've got multiple geographies that are now seeing higher rates.

在第 14 張投影片上，我們看到多個地區的利率正在上升。

And it's not just Asia, Europe, and a little bit of the transpacific like we saw at the beginning of the year.

而且這不僅僅是亞洲、歐洲和一小部分跨太平洋地區，就像我們在今年年初看到的那樣。

How would you characterize what's really behind this?

您如何描述背後的真正原因？

Is this a supply-driven dynamic or demand?

這是供給驅動的動態還是需求驅動的？

You mentioned just now that it's due to a shortage in equipment.

您剛才提到這是由於設備短缺造成的。

From your perspective and your lens, what has caused this equipment shortage to take place?

從您的角度來看，是什麼原因導致了這種設備短缺？

And is it a sudden occurrence or is it something that's been gradually building up since the beginning of the year?

這是突然發生的還是從今年年初開始逐漸形成的？

We see both, supply side effect and demand side effect.

我們看到了供給面效應和需求面效應。

As for the supply side, as a result of the Houthis crisis and bubble mandate, Suez Canal versus going through the Cape of Good Hope, Africa, much longer many more days.

從供給方面來看，由於胡塞武裝危機和泡沫授權，蘇伊士運河相對於穿越非洲好望角要長得多，耗時也多。

In order to keep our weekly services, we made about 50% more vessels to keep the weekly service.

為了維持每週的服務，我們多製造了約 50% 的船隻以維持每週的服務。

As I said, this affect the supply side.

正如我所說，這會影響供應方。

In order to keep the service because we spend more time on the way, we need more containers.

由於我們在途中花了更多時間，為了維持服務，我們需要更多的貨櫃。

Because of that, not in ZIM, in the industry, we feel there is shortage in the container.

正因為如此，我們感覺不僅在 ZIM，在整個產業中，都存在著貨櫃短缺的情況。

We've seen full capacity, and we plan it in advance, and we are ready to serve this high effect of the supply side.

我們已經看到了滿載的產能，我們也提前做好了規劃，準備去服務這種供給面的高效應。

On top of that, there is the demand side.

除此之外，還有需求方面。

We see in the last few weeks, early than we expected, high demand side, mainly from the US.

我們發現，在過去幾週，需求量比我們預期的要高，主要來自美國。

This time, compared to the beginning of the Houthis crisis, high rates and the high demand is not coming from the US or the services from Asia to the US only or the Asia to the Mediterranean, but we see it all over.

這一次，與胡塞武裝危機開始時相比，高費率和高需求不再僅僅來自美國，也不再僅僅來自亞洲到美國或亞洲到地中海的服務，而是我們在各處都看到了這種現象。

Asia to West Coast Africa, Asia to India, Asia to Oceania.

亞洲到非洲西海岸，亞洲到印度，亞洲到大洋洲。

We see it, Asia to South America.

我們看到了它，從亞洲到南美洲。

We see it from Asia to the West Coast of Central America, Mexico, and West Coast of South America.

我們從亞洲到中美洲西海岸、墨西哥和南美洲西海岸都可以看到它。

And as I said, Asia to the US, both East Cost and West Coast.

正如我所說的，從亞洲到美國，包括東海岸和西海岸。

So this is the real question.

所以這是真正的問題。

In the past, let's say -- speaking about the US market, we see a very interesting case.

比如說，過去談到美國市場，我們看到一個非常有趣的案例。

We see unemployment, very low, historical level.

我們看到失業率非常低，處於歷史水準。

We see high inflation.

我們看到高通膨。

In the past, these two, high inflation and low unemployment did not live together because low unemployment bring lower demand for employees, and we see the effect of low inflation.

在過去，高通膨和低失業率這兩者並不共存，因為低失業率帶來對僱員的較低需求，而我們看到的是低通膨的影響。

Here, we see both low unemployment and high inflation probably, so more companies trying to attract employees really to pay them high salaries.

在這裡，我們可能同時看到低失業率和高通貨膨脹，因此更多的公司試圖吸引員工，並向他們支付高薪。

And the people, the consumer in the US have more money to spend.

美國人民和消費者有更多的錢可以消費。

We didn't -- we really don't know if this early demand coming, as I said, because of the early demand for the season, Thanksgiving, and Christmas holidays, this is because of low inventory.

我們真的不知道這種早期需求是否會出現，正如我所說，由於季節、感恩節和聖誕節假期的早期需求，這是因為庫存不足。

As you remember, after the COVID, the inventory level in the US was on the high side and companies reduced the orders because of that.

大家還記得，疫情爆發後，美國的庫存水準偏高，企業因此減少了訂單。

As of today and what we understand, the inventories there was in the US in the low side.

據我們了解，截至今天，美國的庫存處於較低水準。

And because of that, we see high demand.

正因為如此，我們看到了很高的需求。

The real question, if this demand is going to stay with us until after the holiday season or this is a short season high demand because of what I described.

真正的問題是，這種需求是否會持續到假期結束，或者正如我所描述的那樣，這只是一個短季的高需求。

Xavier, if you would like to add.

澤維爾，如果你想補充的話。

No, I guess that addresses your question, Omar.

不，我想這回答了你的問題，奧馬爾。

Unless it doesn't, let me know.

除非沒有，否則請告訴我。

But clearly, the vessel shortage triggered equipment shortage.

但顯然，船舶短缺引發了設備短缺。

And now, as Eli mentioned, we also see the uptick in demand in the US which is a providing further support at the end of the day to the right environment.

現在，正如 Eli 所提到的，我們也看到美國的需求上升，這最終為正確的環境提供了進一步的支持。

Yeah, makes sense.

是的，有道理。

Thank you for the detail.

感謝您的詳細說明。

And maybe as a second question, follow-up perhaps to that dynamic is, there's a shortage in vessel capacity.

也許第二個問題是，對這一動態的後續關注可能是，船舶運力短缺。

We've seen a big jump in appetite on the part of other ocean carriers to secure ships on charter.

我們看到其他遠洋運輸公司對於租賃船舶的興趣大增。

ZIM has been focused on returning ships back to their owners.

ZIM 一直致力於將船舶歸還給船主。

You highlighted the 21 that remained for this year and 37 that roll off in '25.

您強調了今年剩餘的 21 個席位和 25 年淘汰的 37 個席位。

What's your plan you think with those?

您認為您對此有何計劃？

Has your thought changed at all about returning all of them?

您對歸還所有這些物品的想法有任何改變嗎？

Or do you look to retain some given the change in market dynamics?

或者考慮到市場動態的變化，您是否希望保留一些？

Look, I would say, first, unlike other shipping line, as far as we are concerned, we had already or we expected a significant increase in our operating tonnage throughout 2024 by just simply taking delivery of all the newbuild that we ordered back in '21, '22.

首先，我想說，與其他航運公司不同，就我們而言，我們已經或預計在 2024 年，我們的營運噸位將大幅增加，只需接收我們在 2019 年訂購的所有新船即可。 '22。

Reminding that our operating capacity is expected to increase more than the double-digit compared to end of 2023, if we look at what our capacity will be by the end of 2024 and we compare it with what it was at the end of 2023, by just taking all the 46 ships that we ordered and redelivering all the vessels that came up for renewal, we would de facto increase our operating tonnage meaningfully and significantly.

提醒一下，與 2023 年底相比，我們的營運能力預計將增加兩位數以上，如果我們看看 2024 年底的產能，並將其與 2023 年底的產能進行比較，只要接收我們訂購的全部46 艘船舶並重新交付所有需要續約的船舶，我們實際上就會大幅增加我們的營運噸位。

I think, by and large, as we speak today, our long-term view or mid-term view has not changed.

我認為，總的來說，正如我們今天所談論的，我們的長期觀點或中期觀點並沒有改變。

So we are redelivering the vessels that come up for renewal in order to make room for still 16 ships that we are awaiting between now and the end of the year.

因此，我們正在重新交付需要續約的船隻，以便為從現在到年底我們還在等待的 16 艘船騰出空間。

On a case-by-case basis, we will reassess, and we always reassess at every single occasion, whether we might want to keep or renew for a short period some of the ship.

我們將根據具體情況重新評估，並且我們總是在每個場合重新評估我們是否可能要保留或短時間內更新部分船舶。

But high and large, the objective and the strategy, I think, remain unchanged.

但從整體來看，我認為目標和策略沒有改變。

Got it.

知道了。

Thank you.

謝謝。

And final one from me.

這是我最後一個。

And you discussed this a bit in the cash bridge in your slides, the $235 million of upfront payments that you've made during the quarter.

您在幻燈片中的現金橋部分討論過這個問題，即本季度您已支付的 2.35 億美元預付款。

If I recall there maybe $340 million in total for those Seaspan leases due this year, is that roughly the math?

我記得今年到期的 Seaspan 租約總額大概是 3.4 億美元，大概是這樣嗎？

And how much should we expect will be spent in the, say, next quarter or over the next three quarters?

我們預計下個季度或未來三個季度將花費多少？

Yes, you have the numbers more or less right.

是的，您的數字基本上正確。

There's one, maybe, clarification I should give.

也許我應該做一點澄清。

So for the full 2024, so from January 1 up until December 31, yes, the expectation is or is going to be an overall total payment of $339 million for the delivery of all those new building.

因此，對於整個 2024 年，即從 1 月 1 日到 12 月 31 日，預計所有這些新建築的交付總支出為 3.39 億美元。

In the first quarter, so looking at the cash flow statement in Q1, we incurred $106 million of down payment as we took delivery of two, 15,000 TEU ships and four, 8,000 TEU ships.

在第一季度，從第一季的現金流量表來看，我們在接收兩艘 15,000 TEU 船舶和四艘 8,000 TEU 船舶時支付了 1.06 億美元的首付款。

So that's 4 times 20 plus 2 times 13, that's the 106.

所以 4 乘以 20 加上 2 乘以 13，等於 106。

And then, $130 million we paid as well as we exercised the right to acquire the option that we had on the five large capacity vessels, a three 10,000 TEU and a two 8,500 that we acquired in Q1.

然後，我們支付了 1.3 億美元，並行使了收購我們在第一季度收購的五艘大容量船舶（三艘 10,000 TEU 船舶和兩艘 8,500 TEU 船舶）的選擇權的權利。

So the $235 million this quarter is the combination of both, $106 million down payment and a $129 million of exercising the option on the five vessels.

因此，本季的 2.35 億美元是兩項費用的總和，包括 1.06 億美元的首付款和 1.29 億美元的行使五艘船選擇權的費用。

Okay, got it.

好的，明白了。

The remaining $233 million is, I would assume, just evenly split for the rest of the year.

我認為，剩下的 2.33 億美元將在今年剩餘時間內平均分配。

Give or take, yes.

是的，或多或少。

Okay, very good.

好的，非常好。

Thank you very much for the time.

非常感謝您抽出時間。

I'll turn it over.

我把它翻過來。

Muneeba Kayani, Bank of America.

美國銀行的 Muneeba Kayani。

Thank you for taking my questions.

感謝您回答我的問題。

So firstly, I just wanted to understand your EBITDA guidance and the phasing of it.

所以首先，我只是想了解您的 EBITDA 指導及其分階段實施情況。

We've heard from some of the other liners that 2Q EBITDA could be better than the first quarter.

我們從其他一些航空公司獲悉，第二季的 EBITDA 可能比第一季好。

So firstly, is that your expectation, given what you've seen so far in the second quarter?

那麼首先，根據您對第二季目前的情況的了解，這是您的預期嗎？

And then if that's the case, that would imply, you're assuming fairly low profitability in the third quarter and fourth quarter.

如果是這樣的話，那就意味著第三季和第四季的獲利能力相當低。

So if you -- can you please help us understand how you're [talking] about the phasing this year?

所以如果您—您能幫助我們理解您今年是如何實施分階段的嗎？

Yes, I will begin.

是的，我會開始。

Xavier will follow.

澤維爾將緊隨其後。

First, we are very positive.

首先，我們非常積極。

And as we said, we are in positive momentum.

正如我們所說，我們正處於積極的勢頭。

As we said, '24 results are going to be better than '23 result as we see the forecast of today.

正如我們所說，根據今天的預測，24 年的結果將比 23 年的結果更好。

As for your question for quarter, we don't -- we try to keep not to go to quarterly results, but we're speaking about guidance for the year, not for the quarters.

至於您關於季度的問題，我們盡量不公佈季度業績，但我們談論的是年度指引，而不是季度指引。

You can understand and I give you the credit to understand and to take the conclusion that we believe that and we said it in the past that the first half is going to be stronger than the second half.

您可以理解，我相信您能夠理解並得出結論，我們相信這一點，我們過去也說過，上半年將比下半年更強勁。

And this is because we are trying to be cautious as we don't know yet when the Houthis crisis is going to be ended.

這是因為我們試圖保持謹慎，因為我們還不知道胡塞武裝危機何時會結束。

Ad in order to be conservative and we don't know to expect in advance what will be with the Houthis and the supply side effect, we are trying to be conservative for the second half.

為了保持保守，我們無法提前預料胡塞武裝和供應的影響，因此我們試圖對下半年保持保守。

As of result and what we can see today, as I said before, the first half is going to be strong and '24 result are going to be stronger than '23.

從結果來看，以及我們今天所看到的，正如我之前所說，上半年將會表現強勁，2024 年的結果將比 2023 年更強勁。

Yeah.

是的。

So I'd believe.

所以我相信。

I'd just indeed add that it is, I'm sure everybody understand, very difficult to forecast and predict what's going to happen and how the situation will unfold in the coming quarters as there are a lot of events that, at the end of the day, drive the current uptick in the market that are potentially also the results of geopolitical event that nobody has a clear control over.

我只是想補充一點，我相信大家都明白，預測未來幾季會發生什麼以及情況將如何發展是非常困難的，因為到年底，有很多事件可能會發生。是無人能明確控制的地緣政治事件的結果。

So clearly, what we can say at this stage is that, as Eli just said, the beginning of the year is much better than what we initially anticipated.

因此顯然，現階段我們可以說的是，正如 Eli 剛才所說，今年年初的情況比我們最初預期的要好得多。

But if we look at the fundamental dynamics of our industry, if we leave aside for a second the disruptions that we talked about just now, but if we look at the fundamental supply-demand dynamic of our industry, we are still in a situation whereby the threat of overcapacity is still around there -- around us.

但如果我們看看我們行業的基本動態，如果我們暫時不考慮我們剛才談到的干擾，而是看看我們行業的基本供需動態，我們仍然處於這樣一種境地：產能過剩的威脅仍然存在——就在我們身邊。

I mean, there is a lot of newbuild tonnage that is expected to be delivered towards the second half of the year and vessel size that are precisely designed to get into the east west trade that are today very strong performer in terms of earnings generation.

我的意思是，預計今年下半年將有大量新建噸位船舶交付，這些船舶專為進入東西方貿易而設計，目前在盈利方面表現非常強勁。

So that supply risk is there.

因此存在供應風險。

And there is, I think, a good and positive sign today when it comes to the demand.

我認為，今天就需求而言，有一個好的、正面的跡象。

Whether the demand will be good enough to absorb that extra capacity is where we need to be a little bit more cautious.

我們需要更謹慎地判斷需求是否足以吸收多餘的產能。

Hence why, today, we still feel that it is a likely scenario that the second half of 2024 might be a bit weaker than the first

因此，我們今天仍然認為，2024 年下半年可能會比上半年略弱。

Thank you.

謝謝。

Totally understand that.

完全理解。

And given what you've seen so far in 2Q and the spot rates we've seen and just looking at your working capital and the trade receivables, is it fair to assume that 2Q could be higher than 1Q?

鑑於您目前在第二季看到的情況和我們看到的現貨匯率，並僅查看您的營運資金和貿易應收款，是否可以合理地假設第二季可能高於第一季？

It could.

有可能。

Okay.

好的。

And just then if I may ask another question on following up from the previous questions around lease payments.

就在那時，我可以問另一個問題，以跟進前面關於租賃付款的問題。

So thank you for the explanation there.

感謝您的解釋。

Just in terms of overall lease payments for 2024 and 2025, can you remind us what could be the cash outflows for that and just other CapEx this year and next year, please?

就 2024 年和 2025 年的整體租賃付款而言，您能否提醒我們今年和明年的現金流出量以及其他資本支出是多少？

So in terms of lease payments, we are and we always said indeed that 2024 is going to be a challenging year for us, mostly because we continue to pay the charter that we secured during the COVID era days that were more expensive than the one that could be secured today to some extent.

因此，就租賃付款而言，我們確實一直說 2024 年對我們來說將是充滿挑戰的一年，主要是因為我們繼續支付在 COVID 時代獲得的租船費用，這些費用比今天可以獲得一定程度的保障。

And so for that purpose, 2024, just like 2023 was, by the way, is quite heavy on that front.

因此，出於這個目的，2024 年，就像 2023 年一樣，在這方面相當繁重。

But as we are redelivering those more expensive shifts and bringing in the ones that we've ordered, the newbuilds that we've ordered for, which we have a clear view, there is no debate, no question, no variable here.

但是，當我們重新交付那些更昂貴的班次並引入我們已經訂購的班次時，我們對此有明確的看法，這裡沒有爭論，沒有問題，沒有變數。

We have a fixed agreed-upon rate that we're going to be paying for the foreseeable future, which again was a price as per the newbuild -- the shipyards newbuild price at the time we ordered the ships.

我們有一個在可預見的未來將要支付的固定約定費率，這個費率也是按照新建船舶的價格——我們訂購船舶時船廠的新建船舶價格。

So completely decorrelated from what was the charter bucket prevailing during those days.

因此，這與當時盛行的憲章桶完全無關。

We are going to go back to a far more reasonable charter payment if we bring that down to per operated TEU.

如果我們將其降至按營運標準箱計算，我們將恢復更為合理的租船費用。

So that's for the charter payment.

這就是租船費用。

When it comes to CapEx, in terms of vessel CapEx, we should not have -- today we don't anticipate any of those in 2024, unless you consider the down payment that we are making at delivery of the ship as CapEx related.

就資本支出而言，就船舶資本支出而言，我們不應該——今天我們預計 2024 年不會有任何資本支出，除非你將我們在交付船舶時支付的首付款視為與資本支出相關的。

Just to be clear, in our cash flow statement, it is not.

需要明確的是，在我們的現金流量表中，情況並非如此。

It is a prepayment of rentals.

這是租金的預付款。

It goes in the lease liability repayment line.

它屬於租賃負債償還範圍。

But -- so as -- I think we previously said that we still have $230 million of cash payments in 2024 that we relate to the delivery of those new ships.

但是 — — 我想我們之前說過，我們仍有 2.3 億美元的現金支付用於 2024 年交付這些新船。

And what may change a little bit is us having to, maybe, continue to invest a bit more on equipment.

而可能會發生一點變化的是，我們可能必須繼續在設備上投入更多。

We just talked about the equipment shortages that resulted from the current market dynamics.

我們剛才談到了當前市場動態導致的設備短缺。

And we want to anticipate and make sure that we are not taken short on our equipment requirement in order to meet our customers' expectations.

我們希望預測並確保我們的設備需求不會不足，以滿足客戶的期望。

So we might invest a little bit on that front and bring in new boxes, mostly dry 40 foot high cubes, which are the hot commodity right now when we talk about equipment.

因此，我們可能會在這方面投入一點資金，引進新的箱子，大部分是乾燥的40英尺高的立方體，這是我們談論設備時的熱門商品。

And if I may ask a third question on dividends, please.

我可以問第三個問題，關於股利。

How did you think about the quarterly dividend for 1Q?

您對於第一季的季度股息有何看法？

I understand the payout ratio, but I think if I remember correctly, it was subject to Board review and what has made the Board comfortable with paying the dividend, given your comments around the threat of oversupply in the industry?

我了解派息率，但如果我記得正確的話，它需要經過董事會的審查，考慮到您對行業供應過剩威脅的評論，是什麼讓董事會願意支付股息？

Thank you.

謝謝。

Look, I think on this front, you're right.

看，我認為在這一點上你是對的。

We have a dividend policy, which we intend to adhere to unless there are good reasons for us to deviate from that dividend policy.

我們有一個股利政策，我們打算堅持該政策，除非有充分的理由偏離該股利政策。

And the Board looking at this question felt confident that by adhering to the dividend policy, we were not putting the company at risk in terms of outlook, what do we see looking ahead going forward.

董事會在研究這個問題時確信，透過堅持股利政策，我們不會在前景方面面臨風險，我們對未來的前景有何看法。

From a corporate law perspective in Israel, we have to meet and satisfy several criteria and test that we did satisfy.

從以色列的公司法角度來看，我們必須滿足並驗證我們確實滿足的幾項標準和測試。

And as a result, the Board felt comfortable in agreeing to this dividend distribution.

因此，董事會放心地同意了此項股利分配。

Keep our policy.

遵守我們的政策。

To adhere by the policy.

遵守政策。

Thank you.

謝謝。

Sathish Sivakumar, Citigroup.

花旗集團的 Sathish Sivakumar。

Thanks for the presentation.

感謝您的演講。

I got three questions here.

我這裡有三個問題。

So firstly, on the box shortages/equipment shortages, if you could just color, which trade lanes are you seeing there?

那麼首先，關於箱子短缺/設備短缺的問題，如果您能用顏色標示出來，您看到的是哪些貿易航線？

Is it mainly on the backhaul or on the fronthaul?

主要是在回程還是前程？

And then, Asia to Europe, any color on that or North South would be helpful.

然後，從亞洲到歐洲，任何有關那裡或南北的顏色都會有幫助。

And then, last year in Q3, you took an impairment on your lease liabilities based on assuming the rates would be depressed for longer.

然後，去年第三季度，您根據利率將在較長時間內保持低迷的假設，對租賃負債進行了減值。

Given the recent rebound in rates, how does that impairment provision would work?

鑑於近期利率反彈，減損準備將如何發揮作用？

Could you see that being unwind?

您能看到那正在放鬆嗎？

Or is it done for now.

或者現在就完成了。

You are not going to go and revisit that.

你不會去再回顧那件事。

And then, the contract rates, in your Q1, have you had like any contract rates coming in?

然後，合約利率，在您的第一季度，有任何合約利率嗎？

Or is it all like 35% contracted?

還是全部都收縮了 35%？

You're just starting off only in May?

你五月才剛開始嗎？

And how should we think about the exit rate on your freight rates versus March versus what you are seeing in April and May, that would be helpful?

我們應該如何看待你們 3 月份的運費出口率與 4 月份和 5 月份的運費出口率之間的比較，這會有所幫助嗎？

Thank you.

謝謝。

Okay.

好的。

On your first question, when it comes to equipment constraints or shortages, we clearly see the pressure rising in Asia for us to be able to get the equipment positions on time, to bring the cargo to the US.

關於您的第一個問題，當涉及設備限製或短缺時，我們清楚地看到亞洲面臨的壓力越來越大，要求我們能夠按時獲得設備位置，將貨物運往美國。

So for us, it's really Asia to the US trade, which is in tension.

因此對我們來說，亞洲與美國的貿易確實處於緊張狀態。

And by the way, when we say Asia to the US because it's our most significant trade.

順便說一句，我們說亞洲是針對美國，因為這是我們最重要的貿易。

But from all the place of origin in Asia to destination elsewhere, for as long as -- for example, Ningbo is a place where we have a shortage of equipment, and we need to make sure that we reposition that equipment as timely as possible.

但從亞洲的所有原產地到其他地方的目的地，只要——例如，寧波是我們缺少設備的地方，我們就需要確保盡快重新定位這些設備。

And as I mentioned earlier on, potentially also envisage acquiring and increasing our fleet of equipment, which by the way was -- it doesn't come also as a surprise.

正如我之前提到的，我們還可能設想收購和增加我們的設備數量，順便說一句，這並不令人驚訝。

And this is why I think Eli mentioned that we got prepared for that but need maybe to add a little bit more due to the increase in our operating tonnage.

這就是為什麼我認為 Eli 提到我們已經為此做好了準備，但由於我們的營運噸位增加，可能需要增加一點點。

The more we operate capacity from a vessel perspective, the more de facto we need also additional equipment.

從船舶角度來看，我們的營運容量越大，事實上我們就越需要額外的設備。

So here we see still some pressure.

因此我們仍看到一些壓力。

But main -- mostly, this is a shortage of equipment availability in Asia, China, more specifically, that we need to monitor very closely.

但最主要的是，這是亞洲、更具體地說是中國設備短缺的問題，我們需要密切注意。

The second question, I think on the impairment, the impairment is on the asset side and not on the lease liability side.

第二個問題，我認為關於減損，減損是在資產方面，而不是在租賃負債方面。

But the rationale for the impairment, again, what is it?

但造成這種損害的原因又是什麼呢？

It is us looking at our long-term forecast.

我們正在看我們的長期預測。

And we say long-term here, it's not one quarter or even one year.

我們這裡說的長期，不是一個季度，甚至不是一年。

We're looking at four to five years ahead and try to come with a fair assessment as to what could be the cash generation of the company.

我們正在展望未來四到五年，並試圖對公司的現金創造能力做出公平的評估。

Then we use discounting rate, which is already the average cost of capital.

然後我們使用折現率，這已經是平均資本成本。

And then come to a number, which is the future discounted cash flow that we think we might be generating.

然後得出一個數字，這就是我們認為可能產生的未來折現現金流。

And then we compare that to the book value of our assets.

然後我們將其與資產的帳面價值進行比較。

And that's -- when we did that exercise last year in Q3, this is where we saw the de-correlation between those two numbers and allocated and accounted for this large impairment amount.

這就是——當我們去年第三季進行這項練習時，我們看到了這兩個數字之間的不相關性，並分配和核算了這一大筆減值金額。

So now, every quarter, we ask ourselves the same question and need to consider whether there are impairment indicators in both directions, by the way, worsening of our forecast or an improvement that is material and meaningful that could or should lead us to revisiting that impairment analysis.

因此，現在，每個季度，我們都會問自己同樣的問題，需要考慮是否存在雙向的減值指標，順便說一句，我們的預測是否惡化，或者是否存在實質性和有意義的改善，可能或應該讓我們重新審視這一點減損分析。

Up until today, we felt that the recent change in the market, which are still -- from a timing perspective, we cannot safely say that this is the new normal.

直到今天，我們感覺到市場最近的變化仍然——從時間角度來看，我們不能安全地說這是新常態。

We are still, I think, in a very volatile environment.

我認為，我們仍然處於一個非常不穩定的環境。

So the long-term view for us is still today pretty much unchained when we look ahead into future use.

因此，當我們展望未來使用時，我們的長期觀點仍然基本上不受約束。

But again, if we are to see or to think at some point in time that we had to revisit those assumptions, we would.

但是，如果我們在某個時間點看到或想到我們必須重新審視這些假設，我們就會這麼做。

And it could lead to a reassessment of the impairment.

這可能會導致對損害的重新評估。

Again, both potential directions either add to it or write back some of it.

同樣，兩個潛在的方向要么增加它，要么寫回其中的一部分。

And last, your question relating to the contract rates, clearly for us, when we refer to the 35% rate or percentage that we secured for the next contract season.

最後，您關於合約費率的問題，對於我們來說，很明顯，我們指的是我們為下一個合約季節獲得​​的 35% 的費率或百分比。

So we talk here about as from the May 1, 2024, up until the April 30, 2025.

因此，我們在這裡討論的是從 2024 年 5 月 1 日到 2025 年 4 月 30 日。

We anticipate or expect that out of our volume objective on the transpacific, 35% give or take of that volume objective will come from contract cargo and de facto 65%, the difference will come from spot.

我們預計或期望，在跨太平洋航線的運輸量目標中，大約 35% 將來自合約貨物，而實際上 65% 的差額將來自現貨貨物。

And that is, I think, very much as we tried to explain driven by the fact that, yes, we see the spot market today.

我認為，這非常像我們試圖解釋的那樣，因為今天我們看到了現貨市場。

The contract rates that we managed to agree with our customers, we are not meaningfully different from what they were doing the past season.

我們與客戶達成的合約價格與上個季度的價格並沒有什麼差異。

So for the first quarter, in a way of 2024, slightly higher but not meaningfully higher.

因此，就 2024 年第一季而言，成長率會略高，但不會顯著提高。

And we felt that on average, if we look at what we think will happen in our market environments for the next 12 months, on average, we think that we will earn better income per TEU on the spot market that we will on the contract cargo.

我們認為，平均而言，如果我們看看未來 12 個月的市場環境會發生什麼，我們認為，平均而言，我們在現貨市場上每標準箱的收入將比合約貨物市場上的收入更高。

Okay, got it.

好的，明白了。

Thanks for your answers.

謝謝您的回答。

So maybe one more if I could.

如果可以的話，也許再多一個。

In terms of the cost, obviously, you do have higher proportion of LNG, now that the additional voyage length, does it put you in a disadvantage versus, say, the liners who will operate on traditional bunker?

從成本方面來看，顯然你們的液化天然氣比例更高，現在航程增加了，這是否會使你們與使用傳統燃料的班輪相比處於劣勢？

I would say quite the opposite.

我想說的恰恰相反。

Today, we feel the benefit of switching and gradually transitioning more and more towards LNG bunkering, which is, from both from a consumption perspective and then from cost per ton perspective, cheaper for us to run the vessels on energy than it is, to run those ship or similar ships on traditional diesel fuel.

今天，我們感受到了逐漸轉向 LNG 加註的好處，無論是從消耗角度還是從每噸成本角度來看，使用能源來運行船舶都比使用其他燃料更便宜。

So as you know, our all of our LNG vessels are dual-fuel.

如您所知，我們所有的液化天然氣船隻都是雙燃料的。

We could decide to run them on the LSFO if we wanted to.

如果我們願意的話，我們可以決定在 LSFO 上運行它們。

First, we don't want, because they are meant to achieve an ESG objective, a decarbonization objective and trajectory.

首先，我們不要，因為它們是為了實現ESG目標、脫碳目標和軌跡。

But even beyond that one reason, from a pure cost of operation perspective, it is cheaper for us to run those ships on LNG than it would be to run them on LSFO.

但除了這個原因之外，從純粹的營運成本角度來看，使用 LNG 來運行這些船舶比使用 LSFO 來運行它們更便宜。

Marco Limite, Barclays.

巴克萊銀行的 Marco Limite。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您回答我的問題。

My first question is on leverage.

我的第一個問題是關於槓桿。

So as you state, you have 2.8 times net debt EBITDA as of Q1.

正如您所說，截至第一季度，您的淨債務 EBITDA 是 2.8 倍。

Just wondering what's your level of comfortability around leverage and if there are covenants going forward that we should think of.

只是想知道您對槓桿的接受程度如何，以及我們是否應該考慮未來的契約。

My second question is on costs.

我的第二個問題是關於成本。

So clearly, you do have some charters that come up for renewal this year.

因此顯然，今年確實有一些章程需要續約。

And my question is, to what extent chartering costs are now taking into effect the Red Sea disruption?

我的問題是，現在租船成本在多大程度上受到了紅海中斷的影響？

So are chartering costs becoming more expensive than what they were a couple of months ago, for example, and by how much?

那麼，租船費用是否比幾個月前貴了，貴了多少呢？

A

一個

nd my third question, just a follow-up to the previous question but on the CapEx side.

這是我的第三個問題，只是上一個問題的後續，但涉及資本支出方面。

So in your view, how more expensive are these LNG vessels compared to, let’s say, standard fuel power vessels?

那麼，您認為這些 LNG 船舶與標準燃料動力船舶相比貴多少？

Thank you.

謝謝。

Okay.

好的。

So maybe starting with the last one, those vessels that we ordered, we ordered them via a third party in the middle.

所以也許從最後一個開始，我們訂購的那些船隻，都是透過中間的第三方訂購的。

So it's a long-term charter commitment, although those vessels were ordered for us with a back to back charter.

因此，這是一個長期的租船承諾，儘管我們是透過背對背租船的方式訂購的。

So if you take about the LNG fueled vessels, all of them, the 15,000 TEU were secured with Seaspan as a vessel owner.

因此，如果您考慮液化天然氣燃料船隻，那麼所有這些 15,000 TEU 船隻均由 Seaspan 作為船東進行擔保。

And then on a back-to-back charter with us, the 8,000 TEU ships, 15 of them were also secured with Seaspan and the 3 remaining with another vessel owner.

然後，在我們背對背租船中，這些 8,000 TEU 船舶中 15 艘也由 Seaspan 租用，其餘 3 艘由另一家船東租用。

So at the time, what we did was we knew what was the shipyard price for those new building.

所以當時我們所做的就是了解這些新船的船廠價格是多少。

And if you were to ask me, let's take the example of the 15,000 TEU ships back in 2021, the average value of those ships was maybe around $140 million apiece.

如果你問我，讓我們以 2021 年的 15,000 TEU 船舶為例，這些船舶的平均價值可能在每艘 1.4 億美元左右。

Today, it is -- it would be closer to $200 million.

如今，該數字將接近 2 億美元。

And what we got was a charter rate.

我們得到的是租船費率。

So the Seaspan is acting as the financial lessor, ultimately, to us.

因此，對我們來說，Seaspan 最終充當的是融資出租人的角色。

And so the charter rates that we secured for those ships is to be looked at a finance lease provided by a financial [biggor], in this instance, Seaspan.

因此，我們為這些船舶獲得的租船費率將被視為由一家金融機構（這裡是 Seaspan）提供的融資租賃。

So we feel that we got very good from a timing perspective that we went out to secure those efficient tonnage at the exact right time where the shipyard price was still not at the level of what we see today.

因此，我們認為，從時機的角度來看，我們做得非常好，我們在恰當的時機確保了這些高效噸位，而當時船廠的價格尚未達到我們今天所看到的水平。

So that's why we are saying with absolute confidence that our cost per TEU is going to improve as a simple result of us replacing the older tonnage that we chartered of the vessel owners and that we return to make room for these newbuilds, which is a far more cost friendly to us, which leads to your second question today.

因此，我們非常有信心地說，我們的每標準箱成本將會改善，這僅僅是因為我們替換了從船東那裡租用的舊噸位，並為這些新船騰出了空間，這是一個很大的進步。

The company is not exposed to the charter market whatsoever.

該公司尚未涉足任何租船市場。

We are not discussing, renewing a charter contract because quite the contrary, like I said, we make room for the new buildings that are coming our way for which we negotiated already three years ago, what would be the rates that we would be paid.

我們不會討論續簽租船合同，因為恰恰相反，就像我說的，我們為即將到來的新建築騰出空間，我們三年前就已經就此進行了談判，我們將獲得的費率是多少。

And what we do is that we deliver all the vessels that we have secured before and that come up for renewal at the end of the charter period.

我們的做法是，交付先前已租下的以及租期結束時需要續租的所有船隻。

We don't renew.

我們不續約。

We give back.

我們回饋。

We redeliver to the vessel owner.

我們將貨物重新交付給船東。

So this is why, clearly, we can say safely that as far as our cost structure is concerned, there is no exposure to the current charter market environment.

因此，我們可以肯定地說，就我們的成本結構而言，我們不會受到目前租船市場環境的影響。

And then to your first question in terms of leverage and covenant, first, there is no financial covenants or EBITDA-related covenants in any of our financing facility.

然後回答您關於槓桿和契約的第一個問題，首先，我們的任何融資工具都沒有財務契約或 EBITDA 相關契約。

We only have one financial covenant in a small facility, a container facility, which is a minimum cash of $250 million.

我們只有一個小型設施（貨櫃設施）的財務契約，其最低現金額為 2.5 億美元。

So we don't have any leverage or coverage or gearing type of covenant obligations vis-a-vis any of our financial content.

因此，對於我們的任何財務內容，我們都不承擔任何槓桿、覆蓋或負債類型的契約義務。

Okay, thank you.

好的，謝謝。

If I could add one more.

如果我可以再增加一個。

Just wondering, as you have just said that you expect, let’s say, spot rates to be throughout the year a bit stronger compared to the contract rate of the transpacific on average.

只是想知道，正如您剛才所說，您預計全年的現貨價格將比跨太平洋平均合約價格略高一些。

Just wondering whether the higher percentage of spot rate on the transpacific versus contract is already in the guidance.

我只是想知道跨太平洋航線的現貨價格相對於合約價格的更高百分比是否已經在指導範圍內了。

And therefore, you have been cautious in the second half just because you are anticipating the possibility of a steep correction in spot rates?

因此，您在下半年之所以如此謹慎，只是因為您預計現貨價格可能會大幅回檔？

Thank you.

謝謝。

Look, I mean, I will let you be the judge of whether we are conservative or not.

聽著，我的意思是，我讓你來判斷我們是否保守。

But, yes, the short answer to your question, when we provided our guidance, we took into consideration where we ended up from a contract discussion perspective and the outcome that we discussed of us willing to take a larger exposure to the spot market, which is us taking a risk.

但是，是的，對你的問題的簡短回答是，當我們提供指導時，我們考慮到了從合約討論的角度最終得出的結果，以及我們願意在現貨市場上承擔更大風險的討論結果，這我們是在冒險嗎？

But we think it's the right risk for us to take as opposed to lock in at a low rate a significant amount of cargos.

但我們認為，與以低利率鎖定大量貨物相比，這是我們應該承擔的正確風險。

We take the more difficult avenue on that front.

在這方面，我們選擇了一條更為艱難的路。

But we have to be also mindful of the fact that the spot rate that we see today, might not prevail for the whole of the year and it is indeed factored in our guidance that we anticipate a likely scenario that the spot rate will trend downwards, then the slope of the trend is to be determined then we will monitor the situation, obviously, quarter after quarter.

但我們也必須牢記，我們今天看到的即期匯率可能不會在全年都有效，而且我們的指導中確實考慮到了即期匯率可能出現下降趨勢的情況，然後需要確定趨勢的斜率，然後我們將逐季監測情況。

Thank you.

謝謝。

And this concludes our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back over to Eli Glickman for closing remarks.

現在我將把電話轉回給 Eli Glickman，請他作結束語。

We are pleased with our progress thus far in '24, both advancing ZIM transformation through fleet renewal and capitalizing on stronger than anticipated market conditions to deliver a profit in the first quarter.

我們對 24 年迄今的進展感到滿意，既透過船隊更新推進了 ZIM 轉型，又利用強於預期的市場條件在第一季實現了盈利。

Our cost structure continues to improve in tandem with the delivery of our highly competitive fuel efficient newbuild tonnage that will include 28 LNG-powered vessels once our fleet renewal program is complete.

隨著我們極具競爭力的燃油效率型新建船舶的交付，我們的成本結構持續改善，一旦我們的船隊更新計劃完成，這些船舶將包括 28 艘液化天然氣動力船舶。

As we transform our fleet profile and maintain our boost network backed by exceptional customer service, we are on track to drive long-term sustainable growth.

隨著我們轉變機隊結構、維持以卓越客戶服務為後盾的航空網絡，我們正朝著長期可持續成長的方向前進。

In light of improved market conditions, we've increased our full year '24 guidance, while [halls] remains and market conditions are constantly evolving, we are confident in the exceptional team we have in place and our strategic positioning as an agile container shipping player as a revamp fleet.

鑑於市場狀況的改善，我們提高了全年 24 年的預期，儘管 [大廳] 保持不變且市場狀況在不斷發展，但我們對現有的優秀團隊以及作為敏捷集裝箱航運的戰略定位充滿信心玩家作為改造艦隊。

We look forward to continuing to capitalize on positive near-term market dynamics and further implement our differentiated strategy to best serve our customers and generate enduring value for shareholders.

我們期待繼續利用積極的短期市場動態，進一步實施我們的差異化策略，以更好地服務我們的客戶並為股東創造持久的價值。

Thank you very much to all of you.

非常感謝大家。

This concludes the conference call.

本次電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。