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.

感謝您的耐心等待，歡迎參加以星綜合航運服務 2024 年第二季財報電話會議。 （接線生說明）我現在想將電話轉給 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.

謝謝業者，歡迎參加以星 2024 年第二季財務業績電話會議。今天和我一起參加電話會議的是以星 (ZIM) 總裁兼執行長 Eli Glickman；以及以星集團財務長 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，我們將就期望、預測、預測或未來事件或結果做出前瞻性陳述。我們相信我們的期望和假設是合理的。我們希望提醒您，此類陳述僅反映公司目前的預期，實際事件或結果可能有所不同，包括重大差異。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 表格中的2023 年年度報告。更新的義務這些前瞻性陳述。

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 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。以星集團第二季度繼續保持積極勢頭，我們很高興今天報告強勁的第二季度業績，其中以兩位數的銷量增長至歷史新高的持倉量以及全年指導的增加為亮點。

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 第二季淨利為 3.73 億美元，營收為 19 億美元。調整後 EBITDA 為 7.66 億美元，調整後 EBIT 為 4.88 億美元，調整後 EBITDA 利潤率為 40%，調整後 EBIT 利潤率為 25%。截至季末，我們的流動性總額維持在 23 億美元。我對我們本季創下的總計 952,000 TEU 的運輸量記錄感到特別自豪。我們按計劃實現了兩位數的成長，大大超過了全球貨櫃市場的成長。當然，這項成就是我們擴大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卓越執行力。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.

第 5 張投影片。迄今為止，鑑於持續的市場優勢，我們提高了「24 年指導範圍」。我們預計全年調整後 EBITDA 在 26 億美元至 30 億美元之間，調整後 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) 將在他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（要求支付佔季度淨利潤 30% 的股息），我們的董事會已根據第二季度業績宣布派發每股 0.93 美元的股息，即總計 1.12 億美元。當我們展望今年剩餘時間時，我們對下半年的前景有所改善，這反映在我們的新指導中。我們現在預計 24 年後半段將比上半年更強勁。

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.

迄今為止，紅海危機仍未改善。持續的供應限制，包括港口擁堵和設備短缺，加上強勁的需求，繼續對即期運價構成上行壓力，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，從長遠來看，市場動態仍然顯示供應成長明顯超過需求，為近期高峰利率後的回歸做好準備。雖然貨櫃運輸業一直不穩定，但我們在以星的目標是透過轉型後的船隊建立一個有彈性的業務。重要的是，我們保持了靈活性，可以根據未來市場狀況的變化調整機隊規模，並與我們的商業策略相符。

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.

幻燈片 6。到目前為止，我們的 46 艘新建貨櫃船中的 38 艘已加入以星船隊，包括全部 10 艘 15,000 TEU 液化天然氣動力船舶和 18 艘 8,000 TEU 液化天然氣動力船舶中的 12 艘。正如我們之前所強調的，我們的新建船舶更加現代化、燃油效率更高、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.

我們的每個標準箱成本持續下降，因為這種具有成本效益和燃油效率的新建船舶取代了舊的、效率較低且更昂貴的包租運力，我們繼續按計劃將其重新交付給船舶——船東。我們也看到了利用液化天然氣帶來的經濟效益，因為事實證明它比低硫燃料更具成本效益。我們也很高興看到其他航運公司越來越認識到液化天然氣動力船舶的優勢。以星很自豪能夠成為液化天然氣的早期採用者和倡導者，將其作為推動向低碳礦山燃料過渡的關鍵解決方案。這項決定使我們今天成為第一家也是唯一一家使用液化天然氣燃料船舶在亞洲至美國東海岸貿易上運營兩條獨立服務的航運公司。

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.

正如已經提到的，我們的高端船隊已經帶來了商業效益，本季度我們的貨運量達到了952,000 標準箱的創紀錄水平，比去年第二季度增長了11%，比第一季度增長了13%。具體來說，我們的主要貿易——跨太平洋航線，我們第二季度的載貨量比去年第二季度增長了 29%，比第一季增長了 22%。我們在車隊部署方面保持敏捷，並專注於隨著客戶需求的變化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，我們在第二季末推出了第二條從中國到美國西海岸的優質服務，以滿足該貿易的強勁需求。我們今年早些時候做出的決定也有助於我們第二季度的業績和改進的指導，即重新審視我們的商業方法，即在現貨量和合約量之間建立大約 50 到 50 艘船隊。相反，我們在跨太平洋貿易中的現貨敞口約為 65%，這使得以星能夠從我們看到的現貨運費上漲壓力中獲得更顯著的收益。

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量的不斷增長，因為我們已採取措施推出新航線並擴大我們在該地區的市場份額。本季我們在拉丁美洲的銷售量與去年第二季相比成長了 90%，與 2024 年第一季相比成長了 8%。正如我們之前討論的那樣，拉丁美洲一直是我們的重點，我們看到了長期成長和獲利潛力，因為我們對增加市場份額所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.

第 7 張投影片。我們相信，投資開發顛覆性技術的公司仍然具有價值，這些技術與我們的核心航運業務互補，作為潛在的成長引擎。我們最近在我們的投資組合中添加了兩家非常有趣的公司。第一個是 CarbonBlue，這是我們對氣候相關技術的第一個投資。我們與其他金融和策略投資者一起參與了他們的種子輪融資。

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 的技術有潛力將任何現有的水基礎設施轉變為能夠從任何水源中去除二氧化碳的資產，使水吸收更多大氣中的二氧化碳。

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 Pickommerce，這是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，但它們符合我們提倡本質、創新和創造力的組織文化。我們很自豪能夠讓這些公司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.

在這一點上，我將把電話轉給我們的財務長 Xavier，以更詳細地討論我們的財務業績、更新的 24 年指導以及對市場環境的其他評論。澤維爾，請。

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，伊萊，再次歡迎大家。在幻燈片 8 中，我們展示了主要的財務和營運亮點。我們第二季的財務表現表明，由於運費上漲和需求強勁，市場持續走強。我們第二季每 TEU 平均運費為 1,674 美元，較去年同期成長 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%.

今年前六個月，我們每 TEU 的平均貨運重量為 1,569 美元，比 2023 年上半年增加了 22%。正如 Eli 剛才提到的，我們第二季的貨運量達到了創紀錄的 952,000 TEU，年增 11%。 ZIM 的成長優於 6% 的市場成長。

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.

非貨櫃貨運收入（主要反映了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 年上半年的總收入為35 億美元，增加了8.11 億美元，即30 億美元。我們第二季的自由現金流總計為 7.12 億美元，而 2023 年第二季為 3.21 億美元。自去年年底以來，總債務增加了 5.85 億美元，這主要是由於租期較長的大型船舶入港帶來的淨效應。

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。目前，我們營運 148 艘船舶，其中包括 132 艘貨櫃船，總運力約為 755,000 TEU，以及 16 艘汽車運輸船。相較之下，截至我們 5 月之前的財報電話會議，船隊總數為 147 艘。與三個月前相比，這項變更是由於交付了八艘新船和重新交付了七艘船。然而，值得注意的是，儘管我們繼續運營類似數量的船舶，但我們的營運能力仍在持續成長。這是以星以更大、更具成本效益的新產能取代更小、成本效益更低的噸位的結果。

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，Zim 承諾加入的 46 艘新建船舶中，有 38 艘加入我們的船隊，包括全部 10 艘 15,000 TEU 液化天然氣船； 4、12000TEU船舶； 8,000 TEU 液化天然氣船中的 12 艘；以及 12 艘較小的寬梁 5,500 和 5,300 TEU 船舶。

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，我們租船的平均剩餘期限繼續呈下降趨勢，目前為 18 個月，而 5 月底為 19.7 個月。我們共有 15 艘船舶需要在 2024 年剩餘時間內進行續租，而在此期間預計交付 8 艘新船。此外，我們還有另外 36 艘船舶計劃在 2025 年進行更新。

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，轉到投影片 10。 我們介紹以星 2024 年第二季和六個月的財務表現與去年第二季和上半年的比較。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 EBITDA 和 EBIT 利潤率分別為 40% 和 25%，而去年第二季為 21% 和負 11%。 2024 年前六個月，調整後 EBITDA 利潤率為 34%，調整後 EBIT 利潤率為 19%。相較之下，2023 年為 24%，負 6%。

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.

現在轉向投影片 11。正如您所看到的，我們看到第二季度跨太平洋和拉丁美洲貿易顯著成長，這要歸功於我們更大容量的船舶和新航線。跨太平洋航線和拉丁美洲航線的運量較去年同期分別成長 29% 和 19%。隨著我們繼續擴大產能，並繼續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持續成長。

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.

第 12 張投影片是我們的現金流橋。因此，本季度，我們調整後的 EBITDA 為 7.66 億美元，轉換為經營活動產生的 7.77 億美元現金流。本季其他重要的現金流項目是 5.98 億美元的償債，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 萬美元作為交付液化天然氣船的首付。

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 那裡聽到的那樣，我們對 2024 年剩餘時間的展望現在明顯強於先前的假設。現在預計 2024 年下半年會好於上半年。因此，我們提高了 2024 年全年指引，預計調整後 EBITDA 將在 26 億美元至 30 億美元之間。調整後息稅前利潤在 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.

我們改進的指引幾乎完全是由我們所看到的即期匯率的優勢所推動的，我們現在預計這種優勢將至少持續到第三季。與我們在 5 月提供的指導中納入的運費假設相比，這反過來又導致我們當前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 年指引的銷售假設保持不變，我們繼續預期 2024 年銷售量將比 2023 年達到兩位數成長。我們的機隊更新計劃繼續讓我們能夠很好地了解今年的成本結構。當我們按計劃重新交付包租運力時，我們會看到我們在 2021 年和 2022 年獲得的新船。因此，我們 2024 年的業績不會受到目前包機市場上觀察到的費率上漲的影響。與我們 5 月提供的指導的基本假設相比，我們目前指導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.

轉向一些數據點，我們認為這是對 2024 年剩餘時間的預期。然而，眾所周知，安全通過阿拉伯海和曼德海峽的安全擔憂已將這一現實戲劇性地改變為某種平衡，因為好望角周圍航行時間的延長已經吸收了大量的名義運力。

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5月開始，主要發生在亞洲和西地中海港口的擁塞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。需要提醒您的是，O​​TI 衡量的是貨櫃從被安排運往工廠到從目的港被提走的整個過程。主要深海貿易的這些更長的航程表明供應方面的壓力增加。這種壓力的結果在下一張投影片中很明顯，我們展示了我們經營的四個區域貿易的即期匯率發展。

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.

我們第一次看到這種利率改善的跡像是在五月份，當時第二波即期利率上漲開始並蔓延到未直接受到紅海危機影響的貿易。然而，我們所看到的成長幅度是無法預見的。目前，儘管我們目睹了 SCFI 自 7 月中旬峰值以來的下降，但隨著新船交付的繼續，特別是大容量船舶的繼續交付，這些下降並不意外，表明供應壓力。

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.

現在在需求方面，我們在 5 月也看到需求上升，與供應壓力相比，這導致了我們所經歷的即期利率大幅上漲。上半年，我們的主要貿易從亞洲到美國的貨櫃量表現強勁。然而，仍然存在一個問題，即我們所看到的需求優勢是旺季需求的拉動還是長期更可持續的需求上升。

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.

雖然這一直是並且仍然是一個積極的旺季，但美國庫存水準的增加（我們可以在右側看到）表明，今年我們可能不會再看到季節性趨勢。由於紅海危機的持續時間仍是一個重大未知數，第四季度利率環境的不確定性仍然很高。雖然短期內不太可能出現這種情況，但如果紅海危機結束並恢復通過蘇伊士運河的航行，供應過剩可能會對運價造成巨大壓力。另一方面，只要大量的供應需求與開普敦附近的長途航行有關，考慮到運力的增加和典型的季節性，運價就可能繼續以較慢的風險下滑。

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

謝謝。就此而言，我們將開始回答您的問題。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，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，伊萊和澤維爾。午安.祝賀一個明顯非常非常強勁的季度和對今年指導的重大修訂。很高興看到銷量實現兩位數增長，但同時也看到運費的增長，但很多時候這並不是齊頭並進的。

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?

我想問—我有幾個問題，但我只想問有關卷的問題。您在評論中多次強調了全年兩位數成長的目標。第二季的數據為952,000 TEU，與過去幾季的數據相比，差距顯然有很大的躍升。我知道你已經接收了一些更大的船隻，所以這很有幫助。但正如我們考慮未來的銷售量一樣，您認為這個水平是 ZIM 的新基準或運行率嗎？您能為我們介紹一下第三季的情況嗎？

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。簡而言之，我們基本上希望如此。顯然，隨著我們不斷升級和擴大產能，我們的營運噸位也在增加。到今年年底，我們在那裡運營、提供或接收 750,000 個標準箱，屆時我們將收到其餘 8 艘尚未交付的船舶，儘管我們改造了 15 艘較小的船舶，但我們最終將運營同等容量的船舶至800,000 TEU。

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，為了讓我們真正受益於較低的每 TEU 運輸成本，我們需要確保同時增加最終的運輸量。因此，我們本季創下了 952,000 TEU 的新紀錄。我們預計在不久的將來將繼續逐季成長並達到每季 100 萬個標準箱。

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，顯然，自由現金流可能是大局。事實證明，2024 年比你最初的預期要強得多，我們都最初預期，自由現金流現在已經轉為正值，意義重大。您如何看待您現在引入的多餘現金流的用途？無論是策略上還是資產負債表方面，您對額外自由現金的使用有何想法？

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，我想我想說的第一句話是，我們對本季的投票率和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繼續加強。資產負債表和資本結構越強大，我們在資本配置方面就有更多的工作機會。

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，我認為就優先順序而言，我們將繼續確保將資本分配給我們的資產船舶和貨櫃。我們將繼續振興我們營運的貨櫃船隊。從船舶角度來看，我們看到重大完成（技術難度），我們正在完成早在 2021 年 22 月就開始的重大轉型。所以這方面的壓力可能會較小。同樣重要的是，我認為我們希望繼續向股東返還資本。自從首次公開募股以來我們就這樣做了。我認為，就向股東支付的股利而言，我們始終堅持我們的股利政策，並且在可預見的未來，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。然後對我來說可能是最後一次，也是最後一次股息的後續行動。顯然，您又支付了另一筆費用，或者您已宣布本季支付 30% 的費用，這是您今年的第二筆費用，並可能在第三季支付另一筆費用。您如何看待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?

我知道這顯然是在董事會的討論中。但您是否認為這就像市場保持在長期平均水平之上那麼 50% 是現實的那麼簡單？或者您是否認為，考慮到不確定性，或者正如您所強調的那樣，訂單簿或產能交付超過了需求增長，您更願意持有多餘的現金。您如何看待高達 50% 的真實率？我想我想問的是，如果市場保持堅挺，公司的心態是持有現金還是支付現金？你能給那裡什麼顏色嗎？

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，我想也許今天我們對這個問題給出明確的答案還為時過早。我認為董事會和公司將在時機成熟時密切關注，並盡可能在明年 3 月之前進行調整。我們認為接下來的幾年會是什麼樣子？作為一個行業，我們將回到更正常的營運方式嗎？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會在當時的議程上佔有重要地位。答案將在很大程度上取決於我們在 2024 年全年交付的成果，但同樣重要的是，我們如何在未來幾年規劃自己，這取決於市場動態和情況。這一點。

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。這很有意義，感謝您提供該框架。對我來說就是這樣。謝謝，哈夫。

Sathish Sivakumar, Citi.

薩蒂什‧西瓦庫瑪 (Sathish Sivakumar)，花旗銀行。

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。謝謝伊萊。我在這裡有三個問題。也許只是從稅率開始。如果你看看第二季度，你就會多賺 200 萬美元。我們應該如何考慮進入第三季度和第四季度，即全年的損益表稅費？

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?

第二個是圍繞著即將更新的船​​隻。因此，大約有 51 艘船舶即將進行更新，其中包括 '24 和 '25。考慮到目前的費率，您是否仍然有興趣歸還這些船隻？或者您想更新它們嗎？

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.

第三張幻燈片顯示了現金流橋視圖，您指出 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。剩下的八艘船我們該如何思考？您是否預計在未來幾季再次收取償債費用？或主要是在 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。我會嘗試一一回答你們的問題。第一個是關於 2024 年季度的稅率。利潤之前結轉。

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.

關於船隻，艦隊計畫。顯然，到 2024 年，我們打算繼續執行幾個季度前製定的策略，即重新交付需要更新的船舶。這些船舶規模較小，運能也比較昂貴，而且是在新冠疫情時期租船費率處於較高水準時獲得的。

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。從現在到年底之間將有八艘船，正如我早些時候所說的那樣；透過這樣做，我們將繼續將營運能力從現在的 750,000 TEU 增加到年底的 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，然後我們預計不會有任何新船交付，但我們確實有 36 艘船將在 2025 年進行更新。營運的運力，取決於2025 年每月的市場狀況，屆時我們必須做出放棄船舶或可能尋求運力重新租用的決定。

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，這在很大程度上取決於市場在利率環境方面的狀況、我們在過去幾季經歷的擁堵情況以及供需方面的情況動力學。因此，它為我們提供了很大的靈活性，可以在市場轉向負面影響時縮小規模，或者繼續保持現狀，如果我們將其視為首選選擇，甚至可以擴大規模。但這 35 艘船代表了 130,000、140,000 個 TEU。因此，從年底的 80 萬個 TEU 來看，如果我們必須在 2025 年底之前將規模縮小到接近 65 萬個標準箱，那麼我們最終可能會面臨這樣的局面。

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.

關於你最後一個關於尚未交付的八艘船的首付款的問題。我們現在預計剩餘 8,000 TEU 船舶中的兩艘和六艘——抱歉，我認為情況恰恰相反。順便說一下，讓我快速檢查一下。是的。抱歉，我們預計有六艘 8,000 TEU 船舶和兩艘較小的 5,000 TEU 船舶，我們只承諾支付 8,000 TEU 船舶的首付。因此，這就是六艘船，每艘價值 2000 萬美元，從現在到今年年底，我們的價值為 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，例如，運費等級將決定您是否要續訂。澄清一下，這主要是關於運費而不是包機費率，對吧？或者你還會——？

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，這兩者有些聯繫。如果我們處於包機環境持續上升的情況，我想這意味著運力仍然短缺，而運力短缺通常是維持運費上漲的好因素。因此，如果我們要處於這種環境中，我們可能希望獲得一些特許權，以便繼續捕捉這種良好的市場條件。我認為，如果我們持機會主義態度，屆時我們將非常注意，並牢記長期觀點——更長期的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.

我們希望將我們在租船期限方面的承諾限制為短期租船。所以我認為收費將按持續時​​間進行。如果我們決定接觸部分運力，如果費率——包機費率被認為升高，我們不想長期鎖定自己，但只要我們看到運費，就可能會持續重新包機。

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?

您好，感謝您提出我的問題。只是 - 所以我們正確地理解了您的意思，我認為您提到第三季度的運費將會更高，然後第四季度的運費將呈下降趨勢，這已納入您的指導中。但您能告訴我們您對貨櫃需求的預期嗎？您預計今年年底我們所看到的年成長會正常化嗎？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，我認為我們相信 2024 年總體需求增長將比我們進入 2024 年時最初計劃的要好。我們談到這可能是因為在第二季度，我們的旺季提前了一些，在這種情況下，預計今年稍後出現的一些銷售可能會提前加載。

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.

我們認為下半年從整體需求角度來看應該還可以。顯然，我們正在監控的是美國的庫存水準。如果這一數字顯著回升，則表示潛在需求可能不那麼強勁。但今天，儘管這些庫存已開始從今年稍早的較低水準回升。它們還沒有達到令人震驚的水平。

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，這在很大程度上取決於需求是否繼續良好，這可能會導致利率繼續、下滑或以（技術難度）較低的速度下降。這確實是一個功能。這就是為什麼很難預測第四季度，因為兩者很可能是連結在一起的。就容量而言，這裡並不令人意外。如果我們假設紅海幹擾持續到下半年，那麼將已知將交付的新造船噸位（以總標準箱當量計）。

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，與上半年相比，下半年的需求會疲軟到什麼程度尚不得而知。但今天，我們還沒有任何明確的警報訊號顯示下半年需求將崩潰。

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 致閉幕詞。

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。我們很高興今天報告強勁的第二季財務和營運業績。這一業績表明以星在推進船隊轉型、商業敏捷性和出色的執行力方面持續取得成功，同時利用了比預期更強勁的費率環境。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.

當我們展望 24 年剩餘時間時，我們提高了全年指導，現在相信 24 年後半段將比上半年更強勁。第二季度，我們實現了創紀錄的載運量，這是以星對船隊進行升級和現代化戰略決策的直接結果，並且隨著新的更大的具有成本效益的船舶加入船隊，我們預計將繼續看到增量效益。

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，最好地服務我們的忠實客戶，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展。

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。