以星航運 (ZIM) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the ZIM Integrated Shipping Services second-quarter 2024 earnings conference call. (Operator Instructions) I'd now like to turn the call over to Elana Holzman. You may begin.

感謝您的支持，歡迎參加 ZIM Integrated Shipping Services 2024 年第二季財報電話會議。（操作員指示）現在我想將電話轉給 Elana Holzman。你可以開始了。

Thank you, operator, and welcome to ZIM's second-quarter 2024 financial results conference call. Joining me on the call today are Eli Glickman, ZIM's President and CEO; and Xavier Destriau, ZIM's CFO.

謝謝接線員，歡迎參加 ZIM 2024 年第二季財務業績電話會議。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 or future events or results. We believe that our expectations and assumptions are reasonable. We wish to caution you that such statements reflect only the company's current expectations, and that actual events or results may differ, including materially. We are kindly referred to consider the risk factors and cautionary language described in the documents the company filed with the Securities and Exchange Commission, including our 2023 annual report on Form 20-F filed with the SEC in March 2024. We undertake no obligation to update these forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將對預期、預測、預期或未來事件或結果做出前瞻性陳述。我們相信我們的預期和假設是合理的。我們希望提醒您，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，甚至可能存在重大差異。請我們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。我們不承擔更新這些前瞻性陳述的義務。

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

現在，我想將電話轉給 ZIM 的執行長 Eli Glickman。伊萊？

Thank you, Elana, and welcome, everyone. ZIM's positive momentum continued in the second quarter, and we are pleased to report strong Q2 results today, highlighted by double-digit volume growth to a record high carried volume and increased guidance for the full year.

謝謝你，埃拉娜，歡迎大家。ZIM 的積極勢頭在第二季度得以延續，我們很高興今天報告強勁的第二季度業績，其中突出的是兩位數的貨運量增長，達到創紀錄的高載運量，並且提高了全年的預期。

ZIM generated net income of $373 million and revenue of $1.9 billion in the second quarter. Adjusted EBITDA was $766 million and adjusted EBIT was $488 million, reflecting adjusted EBITDA margin of 40% and adjusted EBIT margin of 25%. We maintain a total liquidity of $2.3 billion at quarter end. I'm particularly proud of the record we set this quarter in terms of our carried volume which totaled of 952,000 TEU. We achieved double-digit growth as planned, significantly outpacing global container market growth. This achievement is, of course, a direct outcome of our strategic decision to upscale our capacity, but not less important has been the exceptional execution of our employees globally. For that, I would like to thank them.

ZIM 第二季淨收入為 3.73 億美元，營收為 19 億美元。調整後的 EBITDA 為 7.66 億美元，調整後的 EBIT 為 4.88 億美元，調整後的 EBITDA 利潤率為 40%，調整後的 EBIT 利潤率為 25%。季度末我們的總流動資金為 23 億美元。我對我們本季創下的運輸量記錄特別感到自豪，總運輸量達到 952,000 TEU。我們按計劃實現了兩位數成長，大幅超過全球貨櫃市場的成長速度。當然，這項成就是我們提升產能的策略決策的直接結果，但同樣重要的是我們全球員工的優異表現。為此，我要感謝他們。

Slide number 5. Turning to now performance. To date and continued market strengths, we have raised our '24 guidance ranges. We anticipate full year adjusted EBITDA between $2.6 billion to $3 billion and adjusted EBIT between $1.45 billion to $1.85 billion. Xavier, our CFO will discuss additional factors driving our '24 guidance in his prepared comments.

投影片編號 5。轉向現在的表現。迄今為止，由於市場持續走強，我們提高了 24 年的指導範圍。我們預計全年調整後的 EBITDA 在 26 億美元至 30 億美元之間，調整後的 EBIT 在 14.5 億美元至 18.5 億美元之間。我們的財務長澤維爾 (Xavier) 將在其準備好的評論中討論推動我們 24 年指導的其他因素。

We remain committed to returning capital to shareholders. As such, per our dividend policy, which calls for a payout representing 30% of quarterly net income, our Board of Directors has declared a dividend of $0.93 per share or a total of $112 million on account of Q2 results. As we look toward the remainder of the year, our outlook for the second half has improved, reflected in our new guidance. We now expect a stronger back half of '24 as compared to the first half.

我們仍然致力於向股東返還資本。因此，根據我們的股息政策，即派息額佔季度淨收入的 30%，我們的董事會宣布根據第二季度業績派發每股 0.93 美元或總計 1.12 億美元的股息。展望今年剩餘時間，我們對下半年的展望已經有所改善，這反映在我們的新指引中。我們現在預計 2024 年下半年的表現將比上半年更加強勁。

To date, the Red Sea crisis has not improved. Ongoing supply constraints, including port congestion and equipment shortages, coupled with strong demand have continued to put upward pressure on spot rates that we anticipate enduring through the third quarter.

截至目前，紅海危機仍未改善。持續的供應限制（包括港口擁塞和設備短缺）加上強勁的需求繼續對現貨價格造成上行壓力，我們預計這種壓力將持續到第三季。

However, taking a longer-term view, market dynamics still point to supply grow significantly outpacing demand, setting up for a reversion following recent peak rates. While the container shipping industry has always been volatile, our objective at ZIM was to build a resilient business with a transformed fleet. Importantly, we have maintained flexibility to adjust the size of our fleet depending on how market conditions evolve moving forward and to match our commercial strategy.

然而，從長期來看，市場動態仍顯示供應成長遠遠超過需求，為近期高峰之後的回歸做好準備。儘管貨櫃航運業一直都不穩定，但 ZIM 的目標是透過轉型後的船隊來打造具有彈性的業務。重要的是，我們保持了靈活性，可以根據市場狀況的未來發展來調整船隊規模，以配合我們的商業策略。

Slide number 6. The primary pillar of ZIM transformation is our fleet renewal program, and we continue to make tangible progress as new vessels are delivered. Thus far, 38 of our 46 newbuild containerships have been added to ZIM fleet, including all 10, 15,000 TEU LNG-powered vessels and 12 out of 18, 8,000 TEU LNG-powered vessels. As we previously highlighted, our newbuild vessels are more modern, fuel-efficient, larger, and better suited to the trades in which we operate.

投影片編號 6。ZIM 轉型的主要支柱是我們的船隊更新計劃，隨著新船的交付，我們繼續取得實際進展。到目前為止，我們 46 艘新建貨櫃船中已有 38 艘加入 ZIM 船隊，其中包括所有 10 艘 15,000 TEU LNG 動力船和 18 艘 8,000 TEU LNG 動力船中的 12 艘。正如我們之前強調的那樣，我們的新建船舶更加現代化、更省油、更大，並且更適合我們經營的行業。

Our cost per TEU continued to decline as this cost effective and fuel-efficient newbuild vessels replace older, less efficient, and more expensive charter capacity, which we continue to redeliver back to the vessels -- to the vessel owners as planned. We have also seen financial benefit from our utilization of LNG since it has proven to be more cost-effective than LSFO. We are also pleased to see that other shipping companies are increasingly recognizing the advantages of LNG-powered vessels. ZIM is proud to have been an early adopter and advocate for LNG as a key solution to drive the transition to lower carbon mine fuels. This decision has enabled us today to be the first and only line to operate two separate services on the Asia to US East Coast trade with LNG-fueled vessels.

由於這些成本效益高、燃料效率高的新建船舶取代了老舊、效率低下、價格更高的租船能力，我們的每標準箱成本持續下降，我們繼續按計劃將這些租船能力重新交付給船舶——船東。我們也看到了使用 LNG 所帶來的經濟效益，因為事實證明它比 LSFO 更具成本效益。我們也很高興看到其他航運公司也越來越認識到LNG動力船舶的優勢。ZIM 很自豪能夠成為 LNG 的早期採用者和倡導者，將其作為推動低碳礦山燃料轉型的關鍵解決方案。這項決定使我們今天成為第一家也是唯一一家在亞洲至美國東海岸航線上使用液化天然氣燃料船舶來營運兩條獨立航線的航運公司。

As already mentioned, our upscale fleet has delivered commercial benefit as we carried a record of 952,000 TEU this quarter, an increase of 11% compared to Q2 last year and 13% compared to the first quarter. Specifically, our Transpacific, our main trade, we grew our carried volume in Q2 by 29% compared to the Q2 last year and 22% compared to the first quarter. We remain agile in our fleet deployment and focus on adopting the services we offer as customer demand shifts.

如前文所述，我們的高端船隊已帶來商業效益，本季我們的運能達到創紀錄的 952,000 TEU，較去年第二季成長 11%，較第一季成長 13%。具體來說，我們的主要貿易航線——跨太平洋航線，第二季度的運輸量與去年同期相比增長了 29%，與第一季相比增長了 22%。我們在機隊部署方面保持靈活，並專注於隨著客戶需求的變化而採用我們提供的服務。

As such, at the end of the second quarter, we launched a second premium service from China to the US West Coast to meet strong demand on this trade. Also contributing to our Q2 results and improved guidance is the decision we made earlier this year to revisit our commercial approach of an approximately 50 to 50 fleet between spot and contract volume. Instead, our spot exposure in the Transpacific trade is approximately 65%, enabling ZIM to benefit more significantly from the upward pressure we have seen on spot freight.

因此，在第二季末，我們推出了第二條從中國到美國西海岸的優質服務，以滿足這項貿易的強勁需求。我們今年稍早所做的決定也有助於我們第二季的業績和更好的指導，即重新審視我們的商業方法，即現貨量和合約量之間大約各佔一半。相反，我們在跨太平洋貿易中的現貨敞口約為 65%，這使得 ZIM 能夠從現貨運費上漲的壓力中獲益更多。

I would like also to highlight our growing volume in the Latin America trade as we have taken steps to launch new lines and extend our market share in this region. We grew our volume this quarter in Latin America by 90% compared to Q2 last year and 8% versus Q1 '24. As we have discussed previously, Latin America has been a focal point for us where we see long-term growth and profitability potential as we are pleased with the progress we are making in increasing our market share.

我還想強調我們在拉丁美洲貿易中的成長量，因為我們已經採取措施推出新的航線並擴大我們在該地區的市場份額。與去年第二季相比，本季我們在拉丁美洲的銷售量成長了 90%，與 2024 年第一季相比成長了 8%。正如我們之前所討論的，拉丁美洲一直是我們的焦點，我們在那裡看到了長期成長和獲利潛力，我們對在增加市場份額方面取得的進展感到滿意。

Slide number 7. Before I turn the call over to Xavier, I would like to briefly touch on our tech investments. We believe there continues to be value in investing in companies developing disruptive technologies complementary to our core shipping business as potential growth engine. We recently added two very interesting companies to our portfolio. The first, CarbonBlue, our first investment in a climate-related technology. We participated in their seed-funding round alongside other financial and strategic investors.

投影片編號 7。在將電話轉給澤維爾之前，我想簡單談談我們的技術投資。我們相信，投資開發與我們的核心航運業務互補的顛覆性技術的公司作為潛在的成長引擎仍然有價值。我們最近將兩家非常有趣的公司加入我們的投資組合。第一個是CarbonBlue，這是我們對氣候相關技術的第一筆投資。我們與其他金融和策略投資者一起參與了他們的種子融資。

CarbonBlue develops groundbreaking water-based carbon dioxide removal technology that is unique in its ability to utilize any type of water in its environmentally friendly process. As such, CarbonBlue's technology has the potential to convert any existing water infrastructure into an asset capable of removing CO2 from any water source, bring the water up to absorb more CO2 from the atmosphere.

CarbonBlue 開發了突破性的水性二氧化碳去除技術，該技術的獨特之處在於能夠在環保過程中利用任何類型的水。因此，CarbonBlue 的技術有可能將任何現有的水基礎設施轉化為能夠從任何水源中去除二氧化碳的資產，並使水從大氣中吸收更多的二氧化碳。

The second investment is in Pickommerce, a startup developing an innovative robotic grasping technology. Pickommerce Solution combines advanced robotics and artificial intelligence to transform how logistics centers and warehouses handle packaging processes, overcoming the difficulty robots have in identifying items with different weight or shapes. Pickommerce unique solution enhance efficiency, reduce operational costs, and ensure accuracy setting new standards in the logistics industry.

第二筆投資是針對 Pickommerce，一家開發創新機器人抓取技術的新創公司。Pickommerce 解決方案結合了先進的機器人技術和人工智慧，改變了物流中心和倉庫處理包裝流程的方式，克服了機器人識別不同重量或形狀的物品的困難。Pickommerce 獨特的解決方案提高了效率、降低了營運成本並確保了準確性，為物流行業樹立了新的標準。

As we previously indicated, while these investments are small, they are consistent with our organizational culture, which promotes in nature, innovation and creativity. We are proud to have these companies address critical market needs and fulfill their potential as active strategic investors.

正如我們之前指出的，雖然這些投資規模較小，但它們符合我們組織文化，即本質上提倡創新和創造力。我們很榮幸這些公司能夠滿足關鍵的市場需求並發揮其作為積極策略投資者的潛力。

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

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、我們的更新 24 指引以及對市場環境的補充評論。請澤維爾。

Thank you, Eli, and again, welcome everyone. On slide 8, we present key financial and operational highlights. Our second quarter financial results are indicative of continued market strength based on elevated freight rates and strong demand. Our second quarter average freight rate per TEU was $1,674, a 40% year-over-year increase and a 15% increase from the prior quarter.

謝謝你，Eli，再次歡迎大家。在第 8 張投影片上，我們展示了主要的財務和營運亮點。我們第二季的財務結果表明，在運費上漲和需求強勁的推動下，市場持續保持強勁。我們第二季每標準箱的平均運費為 1,674 美元，年增 40%，較上季成長 15%。

During the first six months of the year, our average freight weight per TEU of $1,569 was 22% higher than in the first half of 2023. At the same time, we continue to see the positive impact on carried volumes. As Eli just mentioned, our Q2 carried quantities of 952,000 TEUs was a record and 11% higher year over year. ZIM's growth compares favorably to market growth of 6%.

今年上半年，我們每標準箱的平均貨運重量為 1,569 美元，比 2023 年上半年高出 22%。同時，我們繼續看到對運輸量的正面影響。正如 Eli 剛才提到的，我們第二季的運輸量達到 952,000 TEU，創下了歷史新高，年增 11%。ZIM 的成長與 6% 的市場成長相比表現良好。

Revenues from non-containerized cargo, which reflects mostly our car carrier services, totaled $128 million for the quarter compared to $136 million in the second quarter of 2023. Total revenues in the first half of 2024, of $3.5 billion were up $811 million or 30% year over year. Our free cash flow in the second quarter totaled $712 million compared to $321 million in the second quarter of 2023. And turning now to the balance sheet. Total debt increased by $585 million since prior year end, mainly due to the net effect of the incoming of larger vessels with longer-term charter durations attached.

非貨櫃貨物收入（主要反映我們的汽車運輸服務）本季總計 1.28 億美元，而 2023 年第二季為 1.36 億美元。2024 年上半年總營收為 35 億美元，年增 8.11 億美元，成長 30%。我們第二季的自由現金流總計 7.12 億美元，而 2023 年第二季為 3.21 億美元。現在來看資產負債表。自上年末以來，總債務增加了 5.85 億美元，主要原因是更大船舶和更長租期的進入帶來的淨效應。

Turning to our fleet. We currently operate 148 vessels, including 132 containerships with total capacity of approximately 755,000 TEUs as well as 16 car carriers. This compares to the overall fleet of 147 vessels as of our prior earnings calls in May. The change from three months ago resulted from the delivery of eight newbuilds and the redelivery of seven vessels. However, it is worth noting again that while we continue to operate a similar number of vessels, our operating capacity continues to grow. And this is the result of ZIM replacing a smaller, less cost-effective tonnage with larger, more cost-efficient newbuild capacity.

轉向我們的艦隊。我們目前營運 148 艘船舶，其中包括 132 艘貨櫃船（總容量約為 755,000 TEU）以及 16 艘汽車運輸船。相較之下，截至我們 5 月的財報電話會議，船隊總船舶數量為 147 艘。與三個月前相比，這項變更是由於八艘新船的交付和七艘船隻的重新交付所造成的。然而，值得再次注意的是，雖然我們繼續運營類似數量的船隻，但我們的營運能力卻不斷增長。這是因為 ZIM 用容量更大、成本效益更高的新船取代了容量更小、成本效益更低的船。

As of today's call, 38 of the 46 newbuild vessels Zim has committed to have joined our fleet, including all 10, 15,000 TEU LNG vessels; 4, 12,000 TEU vessels; 12 of the 8,000 TEU LNG vessels; and 12 of the smaller wide beam 5,500 and 5,300 TEU ships.

截至今天的電話會議，以星號承諾建造的 46 艘新船中已有 38 艘加入我們的船隊，其中包括所有 10 艘 15,000 TEU LNG 船； 4艘12,000 TEU船舶； 12艘8,000 TEU LNG 船；以及 12 艘 500 和 12 艘載 500 和 12 的寬載船；

Excluding the newbuild capacity, the average remaining duration of our chartered tonnage continues to trend down and is now 18 months compared to 19.7 months in late May. We have a total of 15 vessels up for charter renewal in the remainder of 2024 as compared to the expected delivery of eight newbuilds during this period. In addition, we have another 36 vessels up for renewal in 2025. As previously highlighted, this gives us ample flexibility to ensure our fleet size matches the market opportunities.

不包括新建運力，我們的租船噸位平均剩餘期限持續呈下降趨勢，目前為 18 個月，而 5 月底為 19.7 個月。2024 年剩餘時間內，我們共有 15 艘船舶需要續租，而預計在此期間將交付 8 艘新船。此外，我們還有另外 36 艘船舶將於 2025 年續約。正如先前強調的，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符。

Next, moving on to slide 10. We present ZIM's second quarter and six months 2024, financial results compared to last year's Q2 and first half. Adjusted EBITDA in this year's second quarter was $766 million and adjusted EBIT was $488 million. Adjusted EBITDA and EBIT margins for the second quarter were 40% and 25%, respectively, as compared to 21% and a negative 11% in the second quarter of last year. For the first six months of 2024, adjusted EBITDA margin was 34%, and adjusted EBIT margin was 19%. This is compared to 24% and a negative 6% in 2023. Net income in the second quarter was $373 million compared to a net loss of $213 million in the same quarter of last year.

接下來，請翻到第 10 張投影片。我們展示了 ZIM 2024 年第二季和六個月的財務業績，與去年第二季和上半年進行了比較。今年第二季調整後EBITDA為7.66億美元，調整後EBIT為4.88億美元。第二季調整後的 EBITDA 和 EBIT 利潤率分別為 40% 和 25%，而去年同期分別為 21% 和-11%。2024 年前六個月，調整後的 EBITDA 利潤率為 34%，調整後的 EBIT 利潤率為 19%。相較之下，2023 年這一比例為 24%，為負 6%。第二季淨收入為 3.73 億美元，去年同期淨虧損為 2.13 億美元。

Turning now to slide 11. We present our carried volumes broken out by trade zone. As you can see, we saw significant growth on the Transpacific and Latin America trade in the second quarter, attributable to our larger capacity vessels and also to new lines. Transpacific and Latin America volume grew 29% and 19%, respectively, year over year. We expect to see continued volume growth during the remainder of 2024 as we continue to upsize our capacity and remain on track to achieve our double-digit volumes growth target this year.

現在翻到第 11 張投影片。我們按貿易區列出我們的承運量。正如您所看到的，由於我們的船舶容​​量更大以及新航線的開通，我們在第二季度看到了跨太平洋和拉丁美洲貿易的顯著增長。跨太平洋和拉丁美洲的貨運量分別較去年同期成長29％和19％。隨著我們繼續擴大產能並有望實現今年兩位數的銷售成長目標，我們預計 2024 年剩餘時間內銷量將繼續成長。

On slide 12 is our cash flow bridge. So for the quarter, our adjusted EBITDA of $766 million converted into $777 million of cash flow generated from operating activities. Other cash flow significant item for the quarter is at $598 million of debt service, mostly related to our lease liability repayments. In Q2, we paid $73 million as down payment on the delivery of our LNG vessels.

幻燈片 12 是我們的現金流橋。因此，本季我們的調整後 EBITDA 為 7.66 億美元，轉化為經營活動產生的現金流 7.77 億美元。本季其他重要的現金流項目是 5.98 億美元的債務償還，主要與我們的租賃負債償還有關。第二季度，我們支付了 7,300 萬美元作為液化天然氣船舶交付的首付款。

Moving now to our 2024 guidance. As you already heard from Eli, our outlook for the remainder of 2024 is now significantly stronger than previously assumed. With the second half of 2024, now expected to be better than the first. As such, we are raising our full year 2024 guidance and now expect to generate adjusted EBITDA between $2.6 billion and $3 billion. Adjusted EBIT between $1.45 billion and $1.85 billion.

現在轉向我們的 2024 年指導。正如您從 Eli 那裡聽到的，我們對 2024 年剩餘時間的展望現在比之前假設的要強勁得多。隨著2024年下半年的到來，現在預計情況會比上半年更好。因此，我們上調了 2024 年全年業績預期，目前預計調整後的 EBITDA 將達到 26 億美元至 30 億美元之間。調整後的息稅前利潤在 14.5 億美元至 18.5 億美元之間。

Our improved guidance is driven almost entirely by the strengths we are seeing in spot rates, which we now expect will continue at least through the third quarter. This in turn contributed to a higher freight rate assumptions incorporated into our current guidance as compared to the freight rate assumptions we did incorporate into the guidance we provided back in May.

我們改善的指導幾乎完全是由我們看到的現貨價格的強勢所驅動，我們現在預計這種強勢至少會持續到第三季。這反過來又導致我們目前指導中納入的運費假設比我們 5 月提供的指導中納入的運費假設更高。

Our volume assumptions for our 2024 guidance remain unchanged and we continue to expect to achieve double-digit volume growth in 2024 versus 2023. This is consistent with the assumptions driving our initial guidance in March. Our fleet renewal program continues to give us very good visibility into our cost structure this year. And as we redeliver chartered capacity as planned, and we see the newbuilds we secured in 2021 and 2022. As previously indicated, we did not need to turn to the charter market to secure additional tonnage to address the Red Sea crisis. And therefore, our 2024 results are not impacted by the elevated rates currently observed in the charter market. Our bunker costs assumptions are largely unchanged in our current guidance as compared to the underlying assumptions for the guidance we provided in May.

我們對 2024 年預期銷量的假設保持不變，我們仍然預計 2024 年銷量將較 2023 年實現兩位數增長。這與我們三月初步指引的假設一致。我們的機隊更新計劃繼續讓我們很好地了解今年的成本結構。隨著我們按計劃重新交付租賃運力，我們將看到 2021 年和 2022 年獲得的新建造量。如前所述，我們不需要轉向租船市場來確保額外的噸位以應對紅海危機。因此，我們的 2024 年業績不會受到目前租船市場高費率的影響。與我們 5 月提供的指引的基本假設相比，我們目前指引中的燃油成本假設基本上沒有變化。

Moving to some data point, which we believe on the score are expectations for the remainder of 2024. The underlying supply-demand balance for the near to midterm has been and remains one of significant oversupply. Yet, as you all know, security concerns of a safe transit through the Arab sea and straits of Bab-el-Mandeb have dramatically changed this reality into a certain equilibrium as extended voyage durations around the Cape of Good Hope have absorbed significant nominal capacity.

轉到某些數據點，我們認為這些分數是對 2024 年剩餘時間的預期。近期至中期的基本供需平衡一直是、且仍是嚴重的供過於求。然而，眾所周知，對穿越阿拉伯海和曼德海峽的安全擔憂已將這一現實急劇轉變為某種平衡，因為繞過好望角的航行時間延長已消耗了大量的名義運力。

From May onwards, congestion mostly in Asian and West Med ports along with equipment constraints put additional pressure on the global supply chain. You can see the continued upward trend in the ocean timeless indicator or OTI on the right. To remind you, the OTI measures the journey of a container from the time it is set to lead a factory to the time it is picked up from its destination port. These longer journeys on the main deep sea trades point to added pressure on the supply side. And the outcome of this pressure is evident in the next slide where we show the spot rate development in four regional trades in which we operate.

從五月開始，亞洲和西地中海港口的擁擠以及設備限制給全球供應鏈帶來了額外的壓力。您可以在右側看到海洋永恆指標或OTI的持續上升趨勢。提醒您，OTI 測量的是貨櫃從被安排到工廠到從目的港被提取的旅程。主要深海貿易的這些更長的航程意味著供應方面的壓力增加。這種壓力的結果在下一張投影片中顯而易見，其中我們展示了我們經營的四個區域貿易的現貨匯率發展。

We first saw signs of this rate improvement in May when a second wave of spot rate increases began and spilled over to trade not directly impacted by the Red Sea crisis. Nevertheless, the magnitude of the increases we have seen was unforeseen. At this point in time, though we've witnessed the SCFI decline since in mid-July peak, these declines are not unexpected as new vessel deliveries continue, particularly of large capacity vessels, allegating the pressure on supply.

我們首次看到運費上漲的跡像是在五月份，當時第二波現貨運費上漲開始，並蔓延至未受紅海危機直接影響的貿易。然而，我們看到的成長幅度是無法預見的。目前，儘管我們已經看到 SCFI 自 7 月中旬高峰以來出現下降，但這些下降並不意外，因為新船交付仍在繼續，特別是大容量船舶，這表明供應面臨壓力。

Now on the demand side, we also saw in May an uptick in demand, which compared with the supply pressure and contributed to the magnitude of the spot rate increases we've experienced. Container volume from Asia to the US, our main trade have been strong in the first half of the year. Yet there is still a question as to whether the strengths in demand we are witnessing is a pull forward in peak season demand or longer term more sustainable uptick demand.

現在從需求方面來看，我們在五月也看到需求上升，這與供應壓力相比，導致了我們經歷的現貨價格大幅上漲。我們主要的貿易業務－從亞洲到美國的貨櫃運輸量在今年上半年表現強勁。然而，仍然存在一個問題：我們所看到的需求強勁是旺季需求的提前拉動還是長期更可持續的上升需求。

While this has been and still is a positive peak season, the buildup in inventory levels in the US, which we can see on the right suggests that we will likely see no more seasonality trends this year. The uncertainty with respect to the rate environment for Q4 remains high with the duration of the Red Sea crisis a critical unknown. While the less likely scenario in the short term, if the Red Sea crisis ends and sailing through the Suez Canal resumes, oversupply will likely put significant pressure on rates. On the other hand, as long as significant supply demand tied up in the extended voyages around the Cape, rates are likely -- are still likely to continue to slide at a slower risk given the added capacity and typical seasonality.

雖然這已經是並且仍然是一個積極的旺季，但我們在右側看到的美國庫存水平的增加表明，今年我們可能不會再看到季節性趨勢。第四季利率環境的不確定性仍然很高，紅海危機的持續時間是一個關鍵的未知數。雖然短期內出現這種情況的可能性較小，但如果紅海危機結束，蘇伊士運河航行恢復，供應過剩可能會對運費造成巨大壓力。另一方面，只要大量的供應需求與好望角周圍的長途航行掛鉤，考慮到增加的運力和典型的季節性，運費仍有可能繼續下滑，但風險會有所減緩。

Thank you. And on that note, we will open the call to your questions.

謝謝。關於這一點，我們將開始回答你們的問題。

(Operator Instructions) Omar Nokta, Jefferies.

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

Thank you. Hi, Eli and Xavier. Good afternoon. Congrats on a obviously very, very strong quarter and a big guidance revision for the year. Nice to see double-digit growth in the volumes but also at the same time to see that in the freight rates, which many times that doesn't go hand in hand.

謝謝。嗨，Eli 和 Xavier。午安.恭喜您本季業績表現非常強勁，並且對今年的業績指引進行了重大修訂。很高興看到貨運量呈現兩位數成長，但同時也看到運費也出現成長，但很多時候這兩者並不同步。

Wanted to ask -- I have a couple of questions, but I just wanted to ask on the volumes. You've highlighted several times in your comments about your target of double-digit growth for the full year. The figure for the second quarter of 952,000 TEUs, there's obviously a big jump in a gap up from what you've done over the past several quarters. I know you've taken delivery of some bigger ships, and so that's helped. But just as we think about volumes going forward, do you think this level is a new maybe baseline or run rate for ZIM? And is there any color you can give us on the third quarter and how these volumes have fared thus far?

想問一下——我有幾個問題，但我只是想問一下卷數。您在評論中多次強調全年實現兩位數成長的目標。第二季的數字是 952,000 TEU，與過去幾季相比，顯然有很大的差距。我知道你們已經接收了一些更大的船隻，所以這很有幫助。但是，當我們考慮未來的交易量時，您是否認為這個水準是 ZIM 的新基準或運行率？您能否向我們介紹一下第三季的情況以及迄今為止銷售表現如何？

Yes. Omar, it's a good question. And the short answer is we basically hope so. Clearly, as we've been upgrading and upsizing our capacity, we keep on increasing our operated tonnage. There, we operate, give or take, 750,000 TEUs by the end of the year, when we will have received the remaining eight ships that are yet to be delivered and albeit we turned 15 smaller vessels, we will end up operating an equivalent capacity close to 800,000 TEU.

是的。奧馬爾，這是個好問題。簡短的回答是，我們基本上希望如此。顯然，隨著我們不斷升級和擴大運力，我們的營運噸位也在不斷增加。到今年年底，我們將在那裡運營約 750,000 TEU 的貨櫃運力，屆時我們將接收剩餘的 8 艘尚未交付的船舶，儘管我們更換了 15 艘較小的船舶，但我們最終將運營接近 800,000 TEU 的等效運力。

So for us to really benefit from the lower cost per TEU carried, we need to make sure that at the same time, we increased the volume that we end up carrying. So we set a new record this quarter with this 952,000 TEUs. We expect to continue to grow quarter-after-quarter and reach 1 million TEU per quarter in the not-so-distant future.

因此，為了真正從降低每標準箱運輸成本中獲益，我們需要確保同時增加最終運輸的數量。因此，我們本季以 952,000 TEU 創下了新紀錄。我們預計，這一數字將繼續逐季成長，並在不久的將來達到每季 100 萬 TEU 的目標。

Okay. Thank you. Interesting. And I guess, maybe big picture, obviously, on free cash flow. 2024 has turned out to be much stronger than you initially, and we all initially expected and free cash flow has now turned positive quite meaningfully. How do you think about the uses of this excess cash flow that you're now bringing in into them? Whether it's strategically or with respect to the balance sheet, any thoughts you can give on the uses of that additional free cash?

好的。謝謝。有趣的。我想，也許整體情況顯然與自由現金流有關。 2024 年的表現比我們最初的預期要強勁得多，而且自由現金流現在已經顯著轉為正值。您如何看待現在為他們帶來的這些過剩現金流的用途？無論是從策略角度或資產負債表角度，您對於這些額外自由現金的用途有何看法？

Look, I think the first comment that I would want to make is that we are very happy and very pleased with the -- how the quarter did turnout and the outlook for the remainder of the year. So continuing to strengthen at the end of the day, the balance sheet of the company. And the more the balance sheet and the capital structure is strong, the work opportunities we have in terms of capital allocation.

聽著，我想我首先要說的是，我們對本季的結果以及今年剩餘時間的前景感到非常高興和滿意。因此，最終公司的資產負債表將繼續加強。資產負債表和資本結構越強勁，我們在資本配置方面的工作機會就越多。

So I think in terms of prioritization, we will continue to make sure that we allocate capital to our asset vessels and containers. We will continue to rejuvenate the fleet of containers that we operate. From a vessel perspective, we see significant completing (technical difficulty) we are completing our significant transformation that was initiated back in 2021, '22. So maybe less pressure on that front. And as importantly, I think we want to continue to return capital to shareholders. So we've done so since the IPO. I think we are consistently bid by our dividend policy in terms of dividend paid to our shareholders, and we tend to continue to do so as well in the foreseeable future.

因此，我認為在優先順序方面，我們將繼續確保將資金分配給我們的資產船和貨櫃。我們將繼續更新我們運營的貨櫃船隊。從船舶的角度來看，我們看到了重大的完成（技術難度），我們正在完成我們在 2021 年、2022 年啟動的重大轉型。因此這方面的壓力可能較小。同樣重要的是，我認為我們希望繼續向股東返還資本。自首次公開募股以來，我們就一直這樣做。我認為，就向股東支付股利而言，我們的股利政策始終如一，而且在可預見的未來，我們也傾向於繼續這樣做。

Got it. Thank you. And then just maybe a final one for me and a follow-up to just the last one on the dividend. Obviously, you paid another -- or you've declared a 30% payout for this quarter, your second one this year and presumably another one significantly is coming in the third quarter. How do you think or how is perhaps maybe the Board viewing the potential of the full 50% at year end?

知道了。謝謝。這對我來說也許只是最後一個問題，也是關於股利的最後一個問題的後續問題。顯然，您又支付了一筆款項——或者您已宣布本季支付 30%，這是您今年的第二筆款項，並且大概在第三季還會支付另一筆款項。您認為如何，或董事會如何看待年底全部 50% 的潛力？

I know it's obviously at the discussion of the Board. But do you think it's as simple as if the market remains above long-term averages, then 50% is realistic? Or do you think -- or is the mindset to prefer to hold on to the excess cash given maybe the uncertainty and as you highlighted the order book or the deliveries of the capacity is outpacing demand growth. How are you thinking about that in terms of that true up to 50%? Is it -- I guess I'm trying to ask is the mentality of the company to hold on to cash or pay it out if the market remains firm? Any color you can give there?

我知道這顯然是董事會正在討論的事情。但您是否認為只要市場保持高於長期平均水平，那麼 50% 就是現實的呢？或者您認為—或考慮到不確定性，人們的心態是傾向於持有多餘的現金，正如您所強調的，訂單或產能交付速度超過了需求成長。您如何看待這高達 50% 的真實情況？是嗎－我想問的是，如果市場保持堅挺，公司的心態是持有現金還是支付現金？您能給什麼顏色嗎？

Look, I think maybe today, it's a little bit early for us to give a clear answer to that question. I think the Board and the company will closely look when the times come, and that will be as far as the potential true-up towards March next year. What do we think the following years will look like? Where will we be as an industry in terms of maybe going back to a more normal way of operating? The Red Sea discussion today are blurring a little bit the perception of what the new normal may look like.

聽著，我想也許今天我們就明確回答這個問題還為時過早。我認為董事會和公司將會密切關注時機的到來，而這將取決於明年 3 月的潛在結果。我們預計未來幾年會是什麼樣子？就我們這個行業可能恢復到更正常的運作方式而言，我們將處於什麼位置？今天的紅海討論有點模糊了人們對新常態的看法。

So I think this question will be obviously very much on the agenda at the time. And the answer will be very much a function of what we have delivered on a full year basis in 2024 to start with, but also as importantly, how do we project ourselves in the coming years, depending on where the market dynamics and the being when we make that consideration again towards March next year.

所以我認為這個問題顯然將成為當時議程上的重點議題。答案很大程度上取決於我們在 2024 年全年的交付情況，但同樣重要的是，我們如何規劃未來幾年，這取決於市場動態以及我們在明年 3 月再次考慮時的情況。

Yeah, understood. That makes a lot of sense and appreciate you giving that framework. That's it for me. Thanks, Xav.

是的，明白了。這非常有意義，感謝您提供這個框架。對我來說就是這樣。謝謝，Xav。

Sathish Sivakumar, Citi.

花旗銀行的 Sathish Sivakumar。

Thanks, Xavier. Thanks Eli. I got three questions here. Maybe just to start off with on the tax rate. If you look at in quarter two, you had a plus $2 million. How should we think about going forward into quarter three and quarter four, i.e., maybe for the full year in terms of the tax charges on the P&L?

謝謝，澤維爾。謝謝 Eli。我這裡有三個問題。也許只是從稅率開始。如果你看一下第二季度，你會發現獲利了 200 萬美元。我們應該如何考慮進入第三季和第四季度，即全年損益表中的稅費？

And then the second one is around the vessels that are coming up for renewal. So you got about 51 vessels that are coming up for renewal, including '24 and '25. Given where the rates are today, would you still be interested in like giving those vessels back? Or would you look to renew them?

第二個是關於即將更新的船​​隻。因此大約有 51 艘船需要更新，包括 24 號和 25 號。考慮到目前的費率，您是否仍有興趣歸還這些船隻？或是您想續簽嗎？

And then the third one, you did have a slide there on the cash flow bridge view, you pointed about $380 million down payments for 10 LNG vessels and also payments for five vessels. How should we think about for the remaining eight vessels? And do you expect to take another debt service charge in the coming quarters? Or it will be mostly in '25? Thank you.

然後第三個，你確實在現金流橋視圖上有一張幻燈片，你指出 10 艘液化天然氣船的首付約為 3.8 億美元，還有 5 艘船的付款。對於剩下的八艘船我們該如何考慮呢？您是否預計未來幾季還會收取另一筆債務服務費用？或主要在 '25 年？謝謝。

Thank you, Sathish. I'll try to take your questions one after the other. So the first one with respect to tax rates for the quarter 2024. We don't expect to incur significant tax charge in 2024 as we will still be able to benefit in a way from the tax losses that we generated in 2023 and that we can carry forward in front of the profits that we are making or expect to make in 2024. So you should not expect a significant tax charge in our yearly year P&L.

謝謝你，薩蒂什。我會盡力逐一回答你們的問題。第一個問題與 2024 年季度的稅率有關。我們預計 2024 年不會產生重大稅費，因為我們仍然能夠從 2023 年產生的稅收損失中獲益，並且可以在 2024 年我們正在賺取或預計賺取的利潤之前結轉。因此，您不應該預期我們的年度損益表中會出現大量稅金。

With respect to the vessel, the fleet plan. Clearly, when it comes to 2024, we intend to continue to execute on the strategy that we laid out already a few quarters back, which is redelivering the vessels that come up for renewal. Those are smaller vessels, somewhat expensive capacity as well that was secured in the times of the COVID-era days during which the chartering rates were at elevated levels.

關於船舶，船隊計劃。顯然，談到 2024 年，我們打算繼續執行幾個季度前製定的策略，即重新交付需要續約的船隻。這些都是較小的船隻，運力也有些昂貴，是在新冠疫情時期租船費率較高時獲得的。

And we continue to need to make room for these new ships that are yet to be delivered. The eight ships that are coming between now and the end of the year, and as I was saying also earlier on; by doing just that, we will continue to increase our operating capacity from 750,000 TEU today to 800,000 TEU by the end of the year.

我們仍然需要為這些尚未交付的新船騰出空間。從現在到年底將有 8 艘船抵達，正如我之前所說的那樣；通過這樣做，我們將繼續提高我們的運營能力，從目前的 750,000 TEU 到今年年底的 800,000 TEU。

Then comes 2025, and then we do not have any newbuild delivery expected, but we have indeed 36 ships that will come up for renewal in 2025. And we would need to make the determination as to whether we want to recharter some or all of this capacity to continue to operate on the 800,000 TEU equivalent tonnage or less, depending on where the market will be in 2025 on a monthly basis when we have to make those decision to let go of the ship or to potentially seek rechartering of the capacity.

然後是 2025 年，我們預計不會有任何新建船舶交付，但確實有 36 艘船舶將在 2025 年進行更新。我們需要確定是否要重新租用部分或全部運力，以繼續以 800,000 TEU 當量噸位或更低的噸位運營，這取決於 2025 年的月度市場狀況，屆時我們必須做出放棄船舶或可能尋求重新租用運力的決定。

And to be frank, that will be very much a function of where the market is in terms of rate environment where are we in terms of the congestion that we've experienced over the past few quarters, where are we in terms of supply-demand dynamics. So it gives us a lot of flexibility to potentially downsize if the market was to turn to the negative or to continue as is and even expand if we were to see that as a preferred option. But those 35 ships represent, give or take 130,000, 140,000 TEUs. So from 800,000 TEUs at year-end, we could end up if we had to downsize closer to 650,000 by the end of 2025.

坦白說，這很大程度上取決於市場的利率環境、過去幾季我們經歷的擁塞情況以及供需動態情況。因此，如果市場轉為負面狀態，我們可以有很大的彈性來縮減規模，或繼續維持現狀，如果我們認為這是首選，我們甚至可以擴大規模。但這 35 艘船的運力大約是 13 萬至 14 萬個標準箱。因此，如果我們必須從年底的 80 萬標準箱規模削減至 2025 年底的 65 萬標準箱，那麼最終的規模可能會達到。

And with respect to your last question on the down payment for the eight ships that are yet to be delivered. We now expect two of the remaining 8,000 TEU ships and six of the -- sorry, I think it's the opposite. By the way, let me just double check quickly. Yes. We -- sorry, we expect six, 8,000 TEU ships and two of the smaller 5,000 TEU vessels, we only have down payment commitment for the 8,000 TEU ships. So those are six vessels, $20 million each, we represent $120 million between now and the end of the year.

關於您最後一個問題，關於尚未交付的八艘船的首付款。我們現在預計剩下的 8,000 TEU 船舶中會有兩艘，而剩下的六艘——抱歉，我認為情況恰恰相反。順便說一句，讓我快速再檢查一下。是的。抱歉，我們預計將有六艘 8,000 TEU 船舶和兩艘較小的 5,000 TEU 船舶，我們只對 8,000 TEU 船舶有首付承諾。所以這六艘船每艘價值 2000 萬美元，從現在到年底我們的總價值為 1.2 億美元。

Okay. Thank you. you mentioned about, like, say, the freight levels would determine whether you wanted to renew them. So just to clarify, so you -- it's mainly about the freight rates rather than the charter rates, right? Or would you still --?

好的。謝謝。您提到過，比如說，貨運水平將決定您是否想要續約。所以只是為了澄清一下，你——這主要與運費有關，而不是租船費率，對嗎？或者你仍然會--？

I guess, Sathish, it's -- I mean, the two are somewhat linked. If we are in a situation where the charter environment continues to be elevating, I guess that's a translation of there is a still shortage of capacity and the shortage of capacity is normally a good factor to sustain elevated freight rates. So if we are to be in this environment, we might want, nevertheless, to take some charter in order to continue to capture this good market conditions. What I think we will be very mindful about at that time, if we were to be opportunistic, bearing in mind that the long-term view -- the longer-term view still points towards a potential significant overcapacity.

我想，薩蒂什，這——我的意思是，這兩者在某種程度上是聯繫在一起的。如果我們處於租船環境持續改善的境地，我想這意味著運力仍然短缺，而運力短缺通常是維持高運價的一個好因素。因此，如果我們要處於這種環境中，我們可能仍然需要採取一些措施，以繼續抓住這種良好的市場條件。我認為，如果我們要抓住機會，那麼我們到時候會非常謹慎，牢記長期觀點——長期觀點仍然指向潛在的嚴重產能過剩。

We would want to limit our commitment in terms of charter duration to a short-term charter. So I think the charge will be on the duration. And if we decide to reach out to some of the capacity if the rates -- the charter rates are perceived elevated, we would not want to lock ourselves for a long period but potentially recharter on an ongoing basis for as long as we see the freight and the demand supporting this type of commitment.

我們希望將租船期限方面的承諾限制為短期租船。所以我認為費用將根據持續時間而定。如果我們決定擴大部分運力，如果費率——租船費率被認為過高，我們不想長期鎖定自己，但只要我們看到貨運和需求支持這種承諾，我們就有可能持續重新租船。

Got it. Thank you. Thanks, Xavier.

知道了。謝謝。謝謝，澤維爾。

Nils Thommessen, Fearnley Securities.

尼爾斯‧湯姆森 (Nils Thommessen)，費恩利證券 (Fearnley Securities)。

Hi, thanks for taking my question. It's just -- so we understand you correctly, I think you alluded that freight rates will be higher in Q3 and then they will trend downwards in Q4, and that's baked into your guidance. But can you tell us something what you expect in terms of the container demand? Do you expect a normalization of the year-on-year growth that we've seen so far towards the end of the year? Or is that based on continued growth in the container's throughput throughout the year?

你好，謝謝你回答我的問題。只是——所以我們正確理解了您的意思，我認為您暗示運費在第三季度會更高，然後在第四季度會呈下降趨勢，這已經包含在您的指導中。但是您能否告訴我們您對貨櫃需求有何預期？您是否預計到今年年底，我們迄今為止看到的同比增長將恢復正常？還是基於全年貨櫃吞吐量的持續成長？

Look, I think we believe that 2024 overall in terms of growth in demand will be better than what we initially planned when we entered into 2024. So clearly, we are with a stronger -- strong start of the year. We talked about maybe this is because in the second quarter, we had a little bit of an early peak season, in which case some of the volume that would have been expected to come later in the year may have been a little bit front loaded.

看起來，我認為我們相信 2024 年總體需求成長將比我們進入 2024 年時最初計劃的要好。顯然，我們今年的開局更加強勁。我們討論過，這可能是因為第二季度我們迎來了提前到來的旺季，在這種情況下，原本預計在今年晚些時候到來的銷量可能會提前到來。

What we think is still the second half should be okay from an overall demand perspective. What we are monitoring, obviously, is the inventory level in the US. And if that was to pick up meaningfully, then that would suggest that maybe the underlying demand is not as strong. But today, although those inventories have started to pick up from lower levels of earlier this year. They are still not yet at alarming levels.

我們認為從整體需求角度來看下半年應該還是不錯的。顯然，我們正在監控美國的庫存水準。如果這一數字大幅上升，則表示潛在需求可能不那麼強勁。但如今，儘管這些庫存已開始從今年稍早的較低水準回升。它們尚未達到令人擔憂的水平。

So it will very much be a function of whether the demand continues to be okay, that will potentially lead to rates continuing or sliding or reducing at a (technical difficulty) lower pace. That will really much be a function. This is why it's very difficult to forecast the fourth quarter because the two will be most probably linked. And in terms of capacity, there is no surprise to be expected here. If we assume that the Red Sea disruption continue towards the second half, then the newbuild tonnage that is going to be delivered in terms of overall TEU equivalent is known.

因此，這很大程度上取決於需求是否持續良好，這有可能導致利率繼續下降或以（技術難度）較低的速度下降。這確實是一個功能。這就是為什麼預測第四季非常困難，因為兩者很可能是相關的。就容量而言，這並不令人意外。如果我們假設紅海的混亂持續到下半年，那麼以 TEU 為單位的新建船舶噸位是可以計算的。

So the unknown is to which extent the demand will soften in the second half compared to the first. But today, we don't have any clear alarm signals that the demand in the second half would collapse.

因此，尚不清楚下半年的需求與上半年相比將在多大程度上減弱。但今天，我們沒有任何明確的警報信號表明下半年需求將崩潰。

Okay. Thank you.

好的。謝謝。

And this concludes our question-and-answer session. I will now turn the call back over to Eli Glickman, ZIM President and CEO for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回 ZIM 總裁兼執行長 Eli Glickman 作最後發言。

Thank you. We are very pleased to report strong Q2 financial and operational results today. This performance illustrates ZIM continued success in advancing our fleet transformation, our commercial agility, and outstanding execution while capitalizing on a rate environment that has remained stronger for longer than anticipated. We are confident the steps we have taken to enhance our operational and commercial resilience will continue to drive long-term sustainable growth.

謝謝。我們非常高興今天報告強勁的第二季財務和營運業績。這項業績表明，ZIM 在推進船隊轉型、商業敏捷性和出色執行方面取得了持續成功，同時充分利用了持續時間比預期更久的強勁運費環境。我們相信，我們為增強營運和商業彈性所採取的措施將繼續推動長期永續成長。

As we look towards the remainder of '24 we increased our full year guidance and now believe that back half of '24 will be stronger as compared to the first half. In the second quarter, we achieved record carried volume as a direct result of ZIM's strategic decision to upscale and modernize our fleet, and we expect to continue to see incremental benefits as new larger cost-effective vessels join the fleet.

展望 24 年剩餘時間，我們提高了全年業績預期，並相信 24 年下半年的業績將比上半年更加強勁。在第二季度，我們實現了創紀錄的運量，這是 ZIM 做出的擴大和現代化船隊的戰略決策的直接結果，並且隨著新的、更大、更具成本效益的船舶加入船隊，我們預計將繼續看到增量收益。

We are committed to further implementing our differentiated strategy, best serving our loyal customer, and maximizing value for all our stakeholders. Thank you again for joining us today. We look forward to sharing with you our continued progress.

我們致力於進一步實施差異化策略，為忠實客戶提供最好的服務，並為所有利害關係人實現價值最大化。再次感謝您今天加入我們。我們期待與您分享我們不斷取得的進步。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。