以星航運 (ZIM) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

My name is Chris and I will be your conference operator today.

我叫克里斯，今天我將擔任你們的會議操作員。

At this time.

此時。

I would like to welcome everyone to Zim Integrated Shipping Service.

歡迎大家來到以星綜合航運服務。

Third quarter, 2024 earnings conference call, all lines have been placed on mute to prevent any background noise.

2024 年第三季財報電話會議上，所有線路均已設為靜音，以防止任何背景噪音。

And after the speaker's remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。

And if you'd like to withdraw that question again, press star one.

如果您想再次撤回該問題，請按星號一。

Thank you.

謝謝。

And I would 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 third quarter, 2024 financial results conference call.

感謝營運商，歡迎參加以星 2024 年第三季財務業績電話會議。

Joining me on the call today are Eli Glickman, Zim's President and CEO and Savia Delio Zim's CFO 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.

今天與我一起參加電話會議的有Zim 總裁兼首席執行官Eli Glickman 和Zim 首席財務官Savia Delio 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、推算做出前瞻性聲明或未來的事件或結果。

We believe that our expectations and assumptions are reasonable.

我們相信我們的期望和假設是合理的。

We wish to caution you that such statements reflect only the company's current expectations and that actual events or results may differ.

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。

Including materially, you are kindly referred to consider the risk factors and cautionary language described in the documents the company filed with the securities and exchange commission including our 2023 annual report on form 20 f filed with the SEC in March 2024.

包括重大事項在內，請您考慮本公司向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 SEC 提交的 2023 年年度報告 20f 表格。

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.

此時。

I would like to turn the call over to Zy CEO Ellie Glickman, Ellie.

我想將電話轉給 Zy 執行長 Ellie Glickman，艾莉。

Thank you Elana and welcome everyone.

謝謝 Elana，歡迎大家。

We are proud with strong performance in the third quarter in which we again deliver record carried volume as well as exceptional profitability which underline our strong financial results.

我們對第三季的強勁表現感到自豪，我們再次創造了創紀錄的持有量以及卓越的獲利能力，這突顯了我們強勁的財務業績。

We generated net income of $1.1 billion and revenue of $2.8 billion in the third quarter.

第三季我們的淨利潤為 11 億美元，營收為 28 億美元。

As you can see in slide number four, adjusted EBITA was $1.5 billion and adjusted EBIT was $1.2 billion with adjusted ebita margin of 55% an adjusted ebit margin of 45% indicative of our continued strong financial position.

正如您在第四張投影片中看到的，調整後的息稅折舊攤提前利潤為15 億美元，調整後的息稅前利潤為12 億美元，調整後的息稅前利潤率為55 %，調整後的息稅前利潤率為45%，顯示我們的財務狀況持續強勁。

We maintain total liquidity of $3.1 billion at quarter end flight number five, our nine month results are better than expected and with an improved outlook for Q424 we are raising our 24 guidance ranges.

我們在季度末第五次航班時保持總流動性為 31 億美元，我們九個月的業績好於預期，隨著第四季度前景的改善，我們正在提高 24 個指導範圍。

We now anticipate fully adjusted ebida between EUR3.3 billion to eur $3.6 billion and adjusted ebit between EUR2.15 billion to eur $2.45 billion also tends to improve cash generation to date and strong balance sheet.

我們現在預計全面調整後的息稅折舊攤銷前額將在33 億歐元至36 億歐元之間，調整後的息稅前利潤將在21.5 億歐元至24.5 億歐元之間，這也往往會改善迄今為止的現金產生和強勁的資產負債表。

Our board of directors has declared a special dividend of EUR100 million on top of the regular dividend of EUR340 million or 30% of Q3 net income per our dividend policy.

根據我們的股息政策，除 3.4 億歐元的定期股息外，我們的董事會還宣布派發 1 億歐元的特別股息，即第三季淨利潤的 30%。

On a per share basis, we will distribute a total of $3.65 per share, which is made up of $2.81 per share.

以每股計算，我們將總共分配每股 3.65 美元，其中每股 2.81 美元。

On account of Q3 results plus 0.84 or 84¢ per share.

考慮到第三季業績，加上每股 0.84 或 84 美分。

As a special dividend, returning capital to shareholders has always been a priority and we are pleased to share our success with shareholders today with this substantial dividend flight number six, this water's results were the highest we have delivered since Q3, 2022 and higher than any period prior to the extraordinary COVID market.

作為特別股息，向股東返還資本一直是我們的首要任務，我們很高興今天與股東分享我們的成功，這是第六次大額股息飛行，該水的結果是我們自2022 年第三季度以來交付的最高結果，高於任何其他股息非凡的新冠市場之前的時期。

While these quarter results were also driven by elevated freight rates.

而這些季度的業績也是由運費上漲所推動的。

We have undertaken important strategic and commercial initiatives to maximize our earning power.

我們採取了重要的策略和商業舉措，以最大限度地提高我們的獲利能力。

We believe that these actions have improved our competitive position and will continue to benefit us going forward regardless of prevailing market conditions.

我們相信，這些行動提高了我們的競爭地位，並將繼續使我們未來受益，無論當前的市場狀況如何。

First and foremost, is of course our fleet renewal program to remind you in 2021 and 2022.

首先也是最重要的，當然是我們在 2021 年和 2022 年提醒您的機隊更新計畫。

We engaged in a series of long term charter agreements to secure 46 new build vessels including 28 LNG powered container ship to be delivered over the course of 23 and 24.

我們簽訂了一系列長期租船協議，以確保 46 艘新建船舶，其中包括 28 艘液化天然氣動力貨櫃船，將在 23 至 24 年間交付。

The benefits of our fleet transformation are already evident in 24 driving our strong results this year enter in 25 and once we receive ALL46 new vessels and redeliver some older capacity.

我們船隊轉型的好處在 24 月就已經很明顯，推動我們今年取得強勁業績，在 25 月份我們接收了 ALL46 艘新船並重新交付了一些舊船。

As planned, 50% of our fleet capacity will be new build, resulting in more fuel efficient and cost efficient capacity.

按照計劃，我們 50% 的機隊運力將是新建的，從而提高燃油效率和成本效益。

Our average vessel size has gone making our fleet better suited to the trades in which we operate and improving our cost structure.

我們的平均船舶尺寸已經縮小，使我們的船隊更適合我們經營的行業，並改善了我們的成本結構。

Moreover, about 40% of our capacity will be LNG powered Z was an early adapter of LNG, enabling us to be the first and only carriers currently operating two services on the Asia to us east coast trade with LNG vessels.

此外，我們約40% 的運力將由液化天然氣提供動力。商。

This has been an important commercial differential differential for us which supported our efforts to capture additional volume as we grew our operated capacity on this trade.

這對我們來說是一個重要的商業差異，它支持我們隨著我們在該行業的營運能力的成長而努力獲取額外的銷售。

In addition to reducing the environmental impact of the operations, we have also seen financial benefits from our utilization of Lng.

除了減少營運對環境的影響外，我們還看到了利用液化天然氣帶來的經濟效益。

Lng is 25% more efficient as compared to LSFO and has been consistently cheaper than LSFO since we had our 1st 15,000 Lng vessels delivered to us in early 23.

與 LSFO 相比，Lng 的效率高 25%，並且自 23 年初向我們交付第一艘 15,000 艘 Lng 船以來，其價格一直比 LSFO 便宜。

Importantly, we ensure reliable access to LNG which is not as readily available as LSFO by reaching strategic supply agreements with Shell.

重要的是，我們透過與殼牌達成戰略供應協議，確保可靠地獲得液化天然氣，而液化天然氣不像低硫燃料那麼容易取得。

Recently, we entered into an additional agreement with Shell and now our services to the US East Coast are covered by long term LNG supply agreements.

最近，我們與殼牌簽訂了一項附加協議，現在我們向美國東海岸的服務已納入長期液化天然氣供應協議。

This has enabled us to operate our dual fuel energy vessels on LNG and capture these cost benefits.

這使我們能夠使用液化天然氣來運作我們的雙燃料能源船並獲得這些成本效益。

Our improved competitive position on the to use fiscal trade also helped us reach our new operational collaboration agreement with MSC replacing the agreement with the two more recently.

我們在使用財政貿易方面的競爭地位的提高也幫助我們與 MSC 達成了新的營運合作協議，取代了最近與兩家公司之間的協議。

We also agreed to a new operational collaboration with Hyper Glode covering the Atlantic trade.

我們也同意與 Hyper Glode 就大西洋貿易開展新的營運合作。

These and other operational collaboration agreements we have in place allow us to improve network efficiency by promoting greater utilization of larger vessels as well as enhance our product offering to customers with better port coverage while secured cost competitive, new build capacity to support its commercial strategy and was prepared to operate independently.

我們簽訂的這些及其他營運合作協議使我們能夠透過促進更大的船舶利用率來提高網路效率，並透過更好的港口覆蓋範圍來增強我們為客戶提供的產品，同時確保具有成本競爭力的新建造能力，以支持其商業策略和準備獨立運作。

These operational collaborations derisked the significant capacity growth we have undertaken in 23 and 24.

這些營運合作消除了我們在 23 年和 24 年進行的產能大幅成長的風險。

We have also been proactive in securing the necessary equipment to support our planned volume goals.

我們也積極主動地獲取必要的設備來支援我們計劃的產量目標。

This year, as I already mentioned, a key factor contributing to our strong Q3 results has been volume growth reaching 970,000 which represents another record high for Zim.

今年，正如我已經提到的，促成我們第三季強勁業績的一個關鍵因素是銷量成長達到 97 萬輛，這代表以星再創歷史新高。

This 12% year over year growth significantly outpace global container market growth.

12% 的同比增長大大超過了全球貨櫃市場的成長。

We are incredibly pleased with our progress in gaining market share owing to our strategic investment in Zim fleet, particularly on the Asia to use eco trade.

由於我們對以星船隊的策略性投資，特別是在亞洲使用生態貿易，我們在獲得市場份額方面取得了進展，對此我們感到非常高興。

We have also delivered significant growth in Latin America.

我們在拉丁美洲也實現了顯著成長。

A new focus area for Zim identifying potential goals of opportunity and demonstrating commercial agility have been and continue to be a core strength, identifying the carcare opportunity and expanding our capacity to 16 careers.

以星的一個新重點領域是識別潛在機會目標並展示商業敏捷性，這一直是並將繼續成為核心優勢，識別汽車​​護理機會並將我們的能力擴展到 16 個職業。

In what is one example, two more recent examples, I will expand focus on Latin America, which which I just mentioned.

在一個例子中，兩個最近的例子，我將把重點擴大到我剛才提到的拉丁美洲。

And the expedite services we relaunched in 24 from Asia to the US west coast to capitalize on the strong volume goals on this trade.

我們於 24 日重新推出了從亞洲到美國西海岸的加急服務，以充分利用這項貿易的強勁交易量目標。

Another commercial decision we made this year that contribute to our strong Q3 result was our strategy to increase exposure to spot volume.

我們今年做出的另一個商業決策是我們增加現貨交易量的策略，這對我們第三季的強勁業績做出了貢獻。

As you will recall earlier in the year.

正如您今年早些時候所記得的那樣。

Zee choose to deviate from our previous approach of a 50 to 50 split between spot and contract volume and instead increase our spot exposure in the trans Pacific rate to about 65%.

Zee 選擇偏離我們先前將現貨量和合約量以 50 比 50 分配的做法，而是將我們在跨太平洋費率中的現貨敞口增加到約 65%。

This enables them to benefit more significantly from the upward pressure we saw on spot rates in the third quarter.

這使他們能夠從第三季即期匯率的上行壓力中獲得更大的收益。

Slide number seven, looking ahead market dynamics still point to supply growth outpacing demand in 25 and 26.

第七張投影片，展望未來市場動態仍顯示 25 和 26 年供應成長超過需求。

Setting up for a version following a period of stone rates that has extended for most of 24.

設定好一個版本後，石頭費率已經延長了 24 年的大部分時間。

However, the rate environment can be volatile and unpredictable, dictated by macro conditions and times factor external to the shipping industry as such.

然而，利率環境可能不穩定且不可預測，這取決於航運業外部的宏觀條件和時間因素。

Our focus has been and will continue to be on improving our cost structure and operational and commercial resilience.

我們的重點一直並將繼續是改善我們的成本結構以及營運和商業彈性。

It is important to highlight that our position today in fundamental is fundamentally better as compared to a year ago, the transition period of 23 and 24 is concluding and we are on track to complete our fleet transformation as planned, the benefits of our strategic investment in our fleet have already begun to materialize this year.

需要強調的是，我們今天的基本面狀況比一年前要好得多，23 和 24 的過渡期即將結束，我們有望按計劃完成機隊轉型，我們的戰略投資的好處我們的機隊今年已經開始實現。

As I have detailed today, our position in 25 and beyond will improve further as we are regaining flexibility in terms of the size of our operated capacity with a total of 57 vessels up for renewal in 25 and 26 which we could redeliver to owners.

正如我今天詳細介紹的那樣，我們在25 年及以後的地位將進一步改善，因為我們在營運能力方面重新獲得了靈活性，在25 年和26 年共有57 艘船舶需要更新，我們可以將其重新交付給船東。

We can choose to continue operating in similar capacity or scale back depending on the market environment as market conditions continue to evolve, we intend to remain agile and build on our track record of taking advantage of attractive opportunities that benefit them both operationally and financially.

隨著市場條件的不斷發展，我們可以選擇繼續以類似的能力運作或縮減規模，具體取決於市場環境，我們打算保持敏捷，並利用我們的記錄，利用有吸引力的機會，使他們在運營和財務上都受益。

We are confident that the steps we have taken have solicity our position as an agile container shipping players with a competitive cost and fuel efficient modern fleet.

我們相信，我們所採取的措施將鞏固我們作為靈活的貨櫃運輸公司的地位，並擁有具有競爭力的成本和燃油效率的現代船隊。

On this note, I will turn the call over to our CFO for a more detailed discussion of our financial results.

在這一點上，我將把電話轉給我們的財務官，以便更詳細地討論我們的財務表現。

I will update 24 guidance as well as additional comments on the market environment survey.

我將更新24條指導意見以及對市場環境調查的補充評論。

Please go ahead.

請繼續。

Thank you Eli and again, welcome everyone on slide.

謝謝 Eli，再次歡迎幻燈片上的大家。

Eight, we present key financial and operational highlights since third quarter, financial reserves reflect continued momentum based on strong demand and elevated freight rates.

第八，我們介紹了第三季以來的主要財務和營運亮點，財務儲備反映了基於​​強勁需求和運費上漲的持續勢頭。

Our third quarter average freight rate per t year was $2480.

我們第三季每噸年平均運費為 2480 美元。

A 118% year over year increase and a 48% increase from the prior quarter.

年增118%，季增48%。

During the first nine months of the year, our average freight rate per tu of $1889 was 53% higher than in the first nine months of 2023.

今年前 9 個月，我們每噸的平均運費為 1889 美元，比 2023 年前 9 個月上漲 53%。

At the same time, these increased carried volumes have had a positive impact on earnings given the strong rate environment, as mentioned, our Q3 carried quantity of 970,000 T US was a record and 12% higher year over year.

同時，鑑於強勁的利率環境，這些增加的持有量對盈利產生了積極影響，如上所述，我們第三季度的持有量達到創紀錄的 970,000 噸美國，同比增長 12%。

Team's growth compared favorably to market growth of 5% revenues from a noncontainerized cargo which reflects mostly our car carrier services totaled $145 million for the quarter compared to 153 million.

與非貨櫃貨物收入 5% 的市場成長相比，Team 的成長勢頭強勁，這主要反映了我們的汽車承運服務本季的總收入為 1.45 億美元，而這一季度的收入為 1.53 億美元。

In the third quarter of last year, total revenues in the first nine months of 2024 of 6.3 billion were up 2.3 billion or 58% year over year.

去年第三季度，2024年前9個月的總營收為63億美元，年增23億美元，成長58%。

Our Free Council in the third quarter totaled $1.5 billion compared to 328 million in the third quarter of 2023.

我們第三季的免費理事會總額為 15 億美元，而 2023 年第三季為 3.28 億美元。

Turning now to the balance sheet total debt increased by $828 million since prior year end.

現在來看資產負債表，總債務自去年年底以來增加了 8.28 億美元。

And that is mainly due to the net effect of the incoming larger vessels with longer term charter durations attached.

這主要是由於新入港的大型船舶帶來的淨效應，且租期較長。

Like to remind you that the new capacity we have received especially the energy vessels are chartered for a period of 8 to 12 years, creating a predictability in our cost structure with respect to this core capacity.

需要提醒您的是，我們收到的新產能（尤其是能源船）的租期為 8 至 12 年，這使得我們在這一核心產能方面的成本結構具有可預測性。

Furthermore, we hold options to extend the charter period on the 25 Csan energy vessels as well as purchase options, giving us full control over the destiny of these ships very much as if we were the actual vessel owner.

此外，我們還擁有延長 25 艘 Csan 能源船租期的選擇權以及購買選擇權，使我們能夠完全控制這些船舶的命運，就像我們是實際的船東一樣。

Turning to our fleet.

轉向我們的艦隊。

We currently operate 145 vessels including 129 container ships with total capacity of approximately 773,000 T US as well as 16 car carriers.

目前，我們營運 145 艘船舶，其中包括 129 艘貨櫃船，總運力約為 773,000 噸美國，以及 16 艘汽車運輸船。

This compares to the overall fleet of 148 vessels as of our prior earnings scores in August.

相比之下，截至我們 8 月的獲利得分，船隊總數為 148 艘。

The change from three months ago resulted from the delivery of four new builds and the redelivery of seven smaller vessels.

三個月前的變化是由於交付了四艘新船和重新交付了七艘較小的船舶。

I'd like to reiterate that while we may continue to operate a similar number of vessels, our operating capacity continues to grow.

我想重申，雖然我們可能會繼續運作類似數量的船隻，但我們的營運能力仍在持續成長。

In fact, today, the average vessel size we operate is about 50% larger as compared to our fleet two years ago.

事實上，今天我們營運的平均船舶規模比兩年前的船隊大了約 50%。

And with our fleet transformation program, we are replacing smaller, less cost-effective tonnage with larger, more cost efficient new build capacity.

透過我們的船隊改造計劃，我們正在用更大、更具成本效益的新建產能取代更小、成本效益更低的噸位。

As of today's call, 42 of the 46 new build vessels then had committed to join our fleet have joined our fleet including ALL10, 15,000 tulg, the 4 12,000 tu vessels, 15 of the 18 8,000 tug and 13 of the 14 smaller wide beam, 510,300 tu ships excluding the new build capacity.

截至今天的電話會議，當時承諾加入我們船隊的46 艘新建船舶中，有42 艘已加入我們的船隊，包括ALL10、15,000 艘拖船、4 艘12,000 Tu 船、18 艘8,000 艘拖船中的15艘和14 艘較小寬梁中的13 艘， 510,300艘TU船不包括新建產能。

The average remaining duration of our childhood tonnage continues to trend down and is now 17 months.

我們童年噸位的平均剩餘期限持續呈下降趨勢，目前為 17 個月。

Compared to 18 months.

與18個月相比。

In late August, we have still a total of seven vessels up for charter renewal in the remainder of 2024 as compared to the expected delivery of four new builds during the same period.

截至 8 月底，我們仍有 7 艘船舶需要在 2024 年剩餘時間內續租，而同期預計交付 4 艘新船。

So as we approach 2025 we have another 35 vessels up for renewal next year and 22 vessels up for renewal in 2026 which as I mentioned provides optionality to better align our operating capacity with the market opportunities.

因此，隨著2025 年的臨近，我們明年還有另外35 艘船舶需要更新，2026 年還有22 艘船舶需要更新，正如我所提到的，這為我們的營運能力與市場機會更好地結合提供了選擇。

Next.

下一個。

Now on slide 10, we present Zy Q3 and nine months, 2024 financial results compared to last year's Q3 and first nine months adjusted EBIDA in this year's third quarter was $1.5 billion and adjusted EBIT was 1.2 billion adjusted EBITDA and EBIT margins for the third quarter were 55% and 45% respectively.

現在在投影片10 上，我們展示了Zy 第三季和9 個月的2024 年財務業績，與去年第三季和前九個月相比，今年第三季調整後的EBITDA 為15 億美元，調整後的EBIT 為12 億美元。

As compared to 17%.

相比之下，為17%。

And an EBIT loss in the third quarter of last year for the first nine months of 2024 adjusted EBITA margin was 44% and adjusted EBIT margin was 30%.

去年第三季的息稅前利潤虧損，2024年前9個月調整後息稅折舊攤提前利潤率為44%，調整後息稅前利潤率為30%。

This is compared to 22% and an ebit loss in 2023 net income in the third quarter was $1.1 billion compared to a net loss of 2.3 billion in Q3, 2023.

相較之下，2023 年第三季淨利的息稅前利潤虧損為 22%，為 11 億美元，而 2023 年第三季的淨虧損為 23 億美元。

As a reminder, net loss in Q3 last year was primarily driven by a noncash impairment charge of $2.1 billion turning now to slide.

提醒一下，去年第三季的淨虧損主要是因為 21 億美元的非現金減損費用現在開始下滑。

11, we present here, our carried volume broken down by trade zone.

11，我們在這裡展示了按貿易區域細分的成交量。

As you can see, we saw significant growth in the transpacific Latin America and Atlantic trade in the third quarter, attributable to our larger capacity vessels and new lines, Trans Pacific and Latin America volume grew 24% and 59% respectively year over year.

正如您所看到的，第三季度跨太平洋拉丁美洲和大西洋貿易量顯著增長，這得益於我們更大的運力船舶和新航線，跨太平洋和拉丁美洲貿易量同比分別增長了24% 和59%。

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 volume growth target this year on slide 12 is our cash flow bridge for the quarter our adjusted EBIDA of $1.5 billion converted into 1.5 billion of cash flow generated from operating activities.

我們預計，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，我們預計在2024 年剩餘時間內銷售量將持續成長。後的EBIDA 為15 億美元折算為經營活動產生的現金流量15億元。

Other significant cash flow items for the quarter include $595 million of debt service, mostly related to our lease liability repayments and a dividend of $112 million in the third quarter.

本季其他重要現金流項目包括 5.95 億美元的償債，主要與我們的租賃負債償還和第三季的 1.12 億美元股息有關。

In Q3, we paid $60 million as down payment on the delivery of three of our energy vessels moving now to our 2024 guidance.

第三季度，我們支付了 6,000 萬美元的首付，交付了三艘能源船，目前已轉向 2024 年的指導方針。

As you already heard from ly, our outlook for the remainder of 2024 is stronger than previously assumed.

正如您從 ly 了解到的那樣，我們對 2024 年剩餘時間的展望比之前的假設要強。

And as such, we are raising our full year 2024 guidance and now expect to generate adjusted EBIDA between 3.3 billion and 3.6 billion and adjusted a bit between $2.15 billion and 2.45 billion.

因此，我們正在上調 2024 年全年指引，目前預計調整後的 EBIDA 將在 33 億至 36 億美元之間，並在 21.5 億至 24.5 億美元之間進行小幅調整。

Our assumptions for double digit volume growth and bunker cost haven't changed since we provided our prior guidance in August.

自從我們在八月提供之前的指導以來，我們對兩位數銷售成長和燃油成本的假設沒有改變。

However, the expected decline in freight rates from their peak in early summer was slower than we had initially anticipated, resulting in stronger overall expected performance for the year before we open the call to questions.

然而，預計運費從初夏高峰下降的速度比我們最初預期的要慢，這導致我們在開始提問之前一年的整體預期表現更為強勁。

A few comments on the market.

關於市場的一些評論。

Looking back at 2024 this year developed very differently than what was initially anticipated from an expectation of significant oversupply causing potentially freight rates to drop to lossmaking levels.

回顧 2024 年，今年的發展與最初的預期截然不同，預計供應嚴重過剩，導致運費可能降至虧損水準。

We saw a relative equilibrium develop due to the significant capacity absorbed by the Red Sea diversion which coupled with better than expected demand drove rates upwards.

由於紅海改道吸收了大量運力，再加上好於預期的需求推動了費率上升，我們看到了相對平衡的發展。

Looking forward to 2025 and beyond.

展望 2025 年及以後。

In addition to uncertainties stemming from geopolitical matters such as the duration of the Red Sea crisis or the impact of the recent US elections.

除了地緣政治問題帶來的不確定性，例如紅海危機的持續時間或最近美國大選的影響。

The risk of oversupply continues to exist especially with the recent growth in the order book to feed ratio to 25.5%.

供應過剩的風險仍然存在，尤其是近期訂單與飼料的比例增長至25.5%。

Though to a lesser extent than the GAAP between the supply and demand growth of 2024.

儘管 2024 年供需成長之間的差距小於 GAAP。

Yet, it's also important to note that the delivery schedule of the current order book is longer than the typical two year period.

然而，還需要注意的是，目前訂單的交貨時間表比典型的兩年期要長。

Rather it is stretched out to 2027 2028 and even 2029 easing the absorption of this additional capacity.

相反，它被延長到 2027 年、2028 年甚至 2029 年，以緩解對這種額外產能的吸收。

Moreover over the next several years, the decarbonization agenda of the industry will require carriers to modernize their fleet.

此外，在未來幾年，該行業的脫碳議程將要求承運商對其機隊進行現代化改造。

So they will be able to meet Imo mandates as well as customer expectations on reducing carbon emissions.

因此，他們將能夠滿足國際海事組織的要求以及客戶對減少碳排放的期望。

The decarbonization agenda of our industry will also likely drive scrapping to more meaningful levels.

我們行業的脫碳議程也可能將報廢推動到更有意義的水平。

Scrapping almost did not happen since 2021 and at some point it should begin to catch up especially as more stringent regulations on carbon emissions are enforced making it uneconomic to operate certain older vessels in the short term industry.

自 2021 年以來，報廢幾乎沒有發生過，在某個時候，報廢應該會開始迎頭趕上，特別是隨著更嚴格的碳排放法規的實施，使得在短期行業中運營某些舊船變得不經濟。

Players can also utilize slow steaming or idling to continue to manage capacity.

玩家還可以利用慢速航行或閒置來繼續管理容量。

On that note, we will now open the call to questions.

就此而言，我們現在將開始提問。

Thank you.

謝謝。

Thank you.

謝謝。

And we will now begin the question and answer session.

我們現在開始問答環節。

If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue.

如果您想提問，請按下電話鍵盤上的星號一舉手並加入隊列。

And if you'd like to withdraw that question again, press star one.

如果您想再次撤回該問題，請按星號一。

Your first question comes from Omar Nokta with Jeffrey.

你的第一個問題來自奧馬爾諾克塔和傑弗裡。

Please go ahead.

請繼續。

Thank you.

謝謝。

Hi Ellie and, and, and Xavier.

嗨，艾莉和，和，還有澤維爾。

Thanks for the update, obviously, you know, exceptionally strong quarter big guidance bump.

感謝您的更新，顯然，您知道，季度指引異常強勁。

First, maybe just on the dividend, you know, your cash position has jumped here to, to above $3 billion here at quarter end.

首先，也許只是在股息方面，你知道，你的現金部位在季末已經躍升至 30 億美元以上。

It seems that you just hear in the commentary and, and by your actions that you've got a good level of confidence on the outlook, I guess, you know, for Zoom in particular, but maybe if you wouldn't mind just giving us a sense of how are you thinking about Zoom and how it's positioned as we go into, you know, an uncertain perhaps 2025.

看來你只是在評論中聽到，並且透過你的行動，你對前景有很大的信心，我想，你知道，特別是對於 Zoom，但也許如果你不介意只是給予讓我們了解您如何看待Zoom，以及當我們進入不確定的2025 年時，它的定位如何。

And then also in terms of, you know, the dividend, the 100 million payout of the special payout, does that factor into the board's decision on whether or not to screw up to the full 50%.

然後，就股息而言，特別支出中的 1 億美元支出，是否會影響董事會決定是否搞砸全部 50%。

Okay, thank you.

好的，謝謝。

Good morning.

早安.

Good morning Omar.

早上好，奧馬爾。

Maybe addressing the second part of your question.

也許可以解決您問題的第二部分。

We are indeed very pleased to be able to top up our regular dividend this quarter.

我們確實非常高興能夠在本季增加定期股息。

And this is, I think us being true to our commitment vis a vis our shoulders to return capital as much as we can when the situation allows.

我認為我們忠於我們的承諾，在情況允許的情況下盡可能多地返還資本。

And as you rightly pointed out the third quarter and also the outlook for the remainder of the year is somewhat stronger than what we initially planned for.

正如您正確指出的那樣，第三季以及今年剩餘時間的前景比我們最初的計劃要強一些。

Hence why we decided to top up again, our regular dividend with a special dividend just to give us things into a context.

因此，為什麼我們決定再次補充我們的定期股息和特別股息，只是為了讓我們了解一些情況。

If we look at what has happened and how much capital we return since we became a public company in 2021 we've returned $5.2 billion to our shareholders or $43.26 per share over this four year period, including this quarter dividend in those in those numbers.

如果我們看看發生了什麼以及自 2021 年成為上市公司以來我們返還了多少資本，我們在這四年期間向股東返還了 52 億美元，即每股 43.26 美元，其中包括本季度股息。

So it is us delivering on our commitment that we are doing this quarter.

因此，我們本季正在履行我們的承諾。

Now, when it comes to the question of what will or what may happen in March, our current dividend policies stand and the board will review in March what to do in terms of potentially topping up our dividend between 30 to 50% of the net income that we will have generated over the full year period.

現在，當談到3 月會發生什麼或可能發生什麼的問題時，我們目前的股息政策立場不變，董事會將在3 月審查如何將我們的股息增加到淨利潤的30% 至50% 之間。

So that decision will this discussion will take place in March, the dividend policy remains in place and unchanged.

因此，這次討論將在三月做出決定，股利政策保持不變。

Now, going back into looking at what the market may look like in 2025.

現在，我們回顧一下 2025 年的市場狀況。

And clearly, we are pointing towards a good performance towards the end of 2024.

顯然，我們預計到 2024 年底將會有良好的表現。

So a good Q4 and certainly a better Q4 than what we anticipated in in August a few months back.

因此，第四季度表現不錯，而且肯定比我們幾個月前八月份的預期更好。

Now, looking into 2025 there are a lot of potential element of volatility ahead of us.

現在，展望 2025 年，我們面臨許多潛在的波動因素。

One thing is for sure is that the company is very well prepared and very well equipped to navigate the uncertainties that lies ahead.

可以肯定的是，該公司已做好充分準備，並有充分能力應對未來的不確定性。

So we don't control what the geopolitical situation will be.

所以我們無法控制地緣政治局勢。

But what we control is our ability to react fast to a changing market conditions.

但我們控制的是我們對不斷變化的市場條件做出快速反應的能力。

We have I think demonstrated in the in this quarter and in the prior quarter, our ability to move and redeploy our capacity to trades where they are more contributive than others.

我認為，我們在本季度和上一季度證明了我們有能力將我們的能力轉移和重新部署到比其他人更具貢獻的交易中。

Elie mentioned as reopening very swiftly and rapidly, our trade serving the Pacific Southwest, moving vessels from Pacific Northwest to Pacific Southwest and again, capturing the the extra profit that those trades were generating.

埃利提到，我們的貿易非常迅速地重新開放，為太平洋西南部地區提供服務，將船隻從西北太平洋地區轉移到太平洋西南部地區，並再次獲取這些貿易產生的額外利潤。

We are also very strongly positioning ourselves into markets where we believe there are potential for significant growth in the future.

我們也非常堅定地將自己定位在我們相信未來有顯著成長潛力的市場。

You've seen our volume growth quarter over quarter year over year on Latin America trade where we believe is an area that will benefit in future years from from from future growth.

您已經看到拉丁美洲貿易量逐季度逐年增長，我們相信該領域將在未來幾年受益於未來的成長。

And last but not least, looking at our vessel strategy, we are now getting into 2025 completing our fleet transformation.

最後但並非最不重要的一點是，從我們的船舶戰略來看，我們現在將在 2025 年完成船隊轉型。

So having our core fleet which is now extremely cost efficient.

因此，我們的核心機隊現在極具成本效益。

Remembering that we ordered, we ordered those vessels in 2021 22 before the significant surge in the new build price.

請記住，我們已訂購了這些船舶，我們是在 2021 年 22 月新建價格大幅上漲之前訂購了這些船舶。

And also before the inflationary environment that led to a cost of capital being, being elevated thereafter.

而且在通貨膨脹環境導致資本成本上升之前也是如此。

So we got a very good deal if we compare to what would be the similar type of cost that we would incur if we were placing those, those orders today.

因此，如果我們與今天下這些訂單所產生的類似成本進行比較，我們得到了非常划算的交易。

So we are entering 2025 with 50% of our core fleet operated fleet being represented by this 46 brand new ship.

因此，進入 2025 年，這艘 46 艘全新船舶將佔據我們核心船隊營運船隊的 50%。

40% of our capacity is energy powered and we have regained the ability to potentially flex down if we need to depending on what the market environment may be like in 2025 by returning the smaller less efficient vessels that that might be, that will be up for renewal in 2025 the 35 shifts that we were talking about.

我們 40% 的產能是能源驅動的，如果我們需要的話，我們已經重新獲得了潛在的靈活性，具體取決於 2025 年的市場環境，透過歸還可能是效率較低的小型船舶，這將是2025 年更新我們正在討論的35 個班次。

Great, thanks for that color, very helpful and maybe just a follow up, maybe in terms of just the spot market as we referenced here, you know, it looks like we're finishing off the year relatively strongly.

太好了，謝謝你的顏色，非常有幫助，也許只是一個後續行動，也許就我們在這裡提到的現貨市場而言，你知道，看起來我們正在相對強勁地結束這一年。

You know, we maybe just like, you know, we, we could you give some color on what you've been seeing here recently, you had the, the wind up going into peak season, a little bit of a wind down as peak season has started to conclude.

你知道，我們可能只是喜歡，你知道，我們，我們可以給你最近在這裡看到的一些顏色，你有，風向進入旺季，在高峰時有一點風向季節已經開始結束。

How did, how, how have things kind of been going here recently?

最近這裡的情況怎麼樣？

And then in terms of the, the strike on the US East Coast, it only lasted three days.

然後就美國東岸的罷工來說，只持續了三天。

You're obviously very active in that market, any lingering effect for, for them in the fourth quarter.

顯然，你在這個市場上非常活躍，第四季對他們來說有任何揮之不去的影響。

In terms of say financial impact, anything to, to, to talk about.

就財務影響而言，任何事情都可以談論。

Thank you.

謝謝。

Yes, I mean, I think the first element to consider is very quickly after the golden week, which is a very important you know, data in the in the seasonality of our, of our industry volume came back very, very quickly.

是的，我的意思是，我認為要考慮的第一個因素是黃金週之後很快，這是一個非常重要的因素，你知道，我們行業數量的季節性數據恢復得非常非常快。

So the this is why we are, you know, quite confident in our ability to deliver on the fourth quarter also a stronger, a stronger, stronger volume of carried, carried T eu.

因此，這就是為什麼我們對第四季度交付更強勁、更強勁的 T 歐盟的能力非常有信心。

So the demand was strong and there may be a few things that can explain why demand was, was very strong to pick up shortly after chinese after the golden week.

因此，需求強勁，可能有一些事情可以解釋為什麼需求在中國黃金週後不久就強勁回升。

Maybe the fear of the potential tariff was one driver.

也許對潛在關稅的擔憂是推動因素之一。

The fear of the potential strike that may take place come January 15 in the in the US.

人們擔心 1 月 15 日美國可能會發生潛在的罷工。

And also the fact that from a in perspective, chinese New year, next year will come quite early towards the end of, of January today, that might have triggered also some sort of a cargo rush in the in the, you know, towards the end of the third quarter.

事實上，從一個角度來看，明年的農曆新年將在今天一月底到來，這可能也引發了某種形式的貨運熱潮，你知道，第三季末。

And also as we see today, stronger, stronger volume currently being moved between the especially Asia to the to the US.

正如我們今天所看到的，目前在特別是亞洲到美國之間的運輸量越來越大。

So that is obviously supporting the rate environment.

因此，這顯然支持了利率環境。

And as you rightly pointed out, we did see the rate started to to normalize after the peak that was reached in in July.

正如您正確指出的那樣，我們確實看到利率在 7 月達到高峰後開始正常化。

But over the past after a few weeks and you know, post post golden week, what we've seen is on the most of the trade lane, some sort of a stabilization in the rate environment and even on some other trades, we are seeing rates starting to, to pick up again so that I think points towards a good finish for 2024 at least up until up until the end of January, up until Chinese New Year.

但在過去的幾周里，你知道，黃金周過後，我們看到的是大部分貿易通道，利率環境，甚至其他一些交易的某種穩定，我們看到利率開始再次回升，因此我認為至少在1 月底和農曆新年之前，2024 年將有一個良好的結束。

Then we will move towards the second part of of, you know, the better part of 2002 25.

然後我們將進入 2002 年 25 月的第二部分。

And we will need to see what will be the effect potentially of the new policy of of Mr Trump.

我們需要看看川普的新政策可能會產生什麼影響。

And and how the demand will will will be going forward.

以及需求將如何發展。

But today everything points to a continued growth in in in demand.

但如今，一切都顯示需求持續成長。

So thank you.

所以謝謝你。

I would like to add Omar.

我想補充一下奧馬爾。

I think that these results higher than $1.13 billion.

我認為這些結果高於 11.3 億美元。

The decision on special dividend of $100 million on top of the $340 million our confidence in the company with the new fleet that we have 42 and new vessels, very efficient LNG vessels that we have in the fleet.

除了 3.4 億美元的特別股息外，我們還決定支付 1 億美元的特別股息，我們對公司擁有 42 艘新船隊和船隊中擁有的非常高效的液化天然氣船的新船隊充滿信心。

We see the impact, we see the record volume of the company we enjoy from all our decision to prefer this year, the spot rate on top of the long term contract and not to surrender to price suggested to us by let's call it the big customer below break even show our result.

我們看到了影響，我們看到了我們今年選擇的公司創紀錄的交易量，長期合約之上的即期匯率，而不是屈服於我們稱之為大客戶向我們建議的價格下面顯示了我們的盈虧平衡結果。

On top of that, our decision to open a new line from Asia to the west coast of South America.

最重要的是，我們決定開闢一條從亞洲到南美洲西海岸的新航線。

Our decision to reopen the line from Asia, South China to L A and from Shanghai, Ningbo to L A show our strengths, our agility to take decisions and we are in high confidence.

我們決定重新開通從亞洲、華南到洛杉磯以及從上海、寧波到洛杉磯的航線，這顯示了我們的優勢、我們決策的敏捷性和我們的高度信心。

And with that, the board approve the special dividend on top of the 340 million total $440 million.

至此，董事會批准了在總額 4.4 億美元的 3.4 億美元基礎上的特別股息。

So we believe in the company, we see strong cash flow and we believe in the future of the company.

所以我們相信公司，我們看到強勁的現金流，我們相信公司的未來。

Excellent.

出色的。

Well, thank you.

嗯，謝謝。

Thank you for that and and Xavier appreciate all the color.

謝謝你，澤維爾很欣賞所有的顏色。

I'll turn it over.

我會把它翻過來。

Your next question comes from the line of Alexia Do Dogani with JP Morgan.

您的下一個問題來自摩根大通的 Alexia Do Dogani。

Please go ahead.

請繼續。

Yeah, hi, good afternoon.

是的，嗨，下午好。

I had two questions just firstly, very good to hear kind of the, you know, the positive outlook that gives you the confidence to give some incremental special dividend near term.

首先，我有兩個問題，很高興聽到這種積極的前景，這讓您有信心在近期發放一些增量特別股息。

What held you back from reversing the impairment you took last year because I believe that impairment was driven by the kind of the outlook of the market.

是什麼阻礙了您扭轉去年所承受的減值，因為我認為減損是由市場前景驅動的。

Could you not reconsider that decision?

你不能重新考慮這個決定嗎？

Now that you suggest kind of things have improved more underlying?

現在您認為有些事情已經得到了更根本的改善？

So that's my first question.

這是我的第一個問題。

And then secondly, can you just clarify Lavier, what percent of your capacity is on this kind of smaller, less efficient vessels that could potentially come out in 25?

其次，你能否澄清一下拉維爾，你的產能中有百分之多少是用於這種可能在 25 年內推出的小型、效率較低的船隻？

Should the market kind of turn out weaker?

市場是否該走弱？

And then if I actually can ask one more?

然後我是否真的可以再問一個？

What are you hearing from your customers near term?

您近期從客戶那裡聽到了什麼？

I mean, is there scope for further inventory build up into the first half of 2025 or kind of the duration kind of constrain the timing benefit of arriving in the US in the next couple of weeks?

我的意思是，到 2025 年上半年，庫存是否還有進一步增加的空間，或者持續時間是否會限制未來幾週內抵達美國的時間優勢？

Thanks.

謝謝。

Thank you.

謝謝。

Good afternoon Alexia.

下午好，亞歷克西婭。

So, on your first question with respect to the impairment, this is maybe a little bit of a complex accounting matter, but I'll try to explain as a as clearly as I can back in September 2023 when we concluded this impairment analysis, it is always a forward-looking you know, process that gets considered when we are benchmarking the value of our assets in our book against what is the the the potential value of the asset that will be generated in terms of future discounted cash flow.

因此，關於你關於減損的第一個問題，這可能是一個有點複雜的會計問題，但我會盡力在 2023 年 9 月我們結束減損分析時盡可能清楚地解釋，您知道，這始終是一個前瞻性的過程，當我們將帳簿中資產的價值與未來貼現現金流量產生的資產的潛在價值進行基準比較時，就會考慮這個過程。

So it's always forward-looking.

所以它總是具有前瞻性。

And so what is happened has happened behind does not really or, or, or, or or play a significant role in every significant, any subsequent reassessment of the impairment.

因此，後面發生的事情並不真正在每次重大的、任何後續的損害重新評估中發揮重要作用。

So that being said this quarter, unlike prior quarters, we did indeed look and reassess the overall impairment amount that was left in our book because some of it has already a significant portion of it has already been amortized over the past the past 12 months.

因此，話雖這麼說，本季與前幾季不同，我們確實查看並重新評估了帳簿中剩餘的整體減損金額，因為其中一部分已經在過去 12 個月內攤銷。

And when we look ahead into future years at 2,526 and the and the year thereafter, and then when we compile our, our cash forecast, when we use also the updated work in terms of a discounting rate, which is also affected by the, you know, the macro environment in terms of interest rate in terms of country risk in Israel.

當我們展望 2,526 的未來幾年以及之後的年份時，然後當我們編制我們的現金預測時，當我們還使用貼現率方面的更新工作時，貼現率也受到您的影響要知道，以色列的宏觀環境無論在利率方面或國家風險方面。

So there is a lot of data that comes into play.

所以有很多數據在發揮作用。

And when we finalize the overall assessment and compare the expected realizable value of the assets were what was left in terms of book value of the same assets we saw that there was a immaterial impact of the, of the, of the employment assessment.

當我們完成整體評估並比較資產的預期可變現價值與相同資產的帳面價值時，我們發現就業評估的影響並不重大。

Hence why we concluded that there was no need to change anything.

因此我們得出的結論是沒有必要改變任何東西。

And what basically that translates into in a nonaccounting terms maybe to help understand is suggesting that the book value post impairment is pretty much in line with what the you know, asset value would have been, had we not being forced to charter capacity in 2,122 at a time when the charter rates were very high.

基本上，用非會計術語可以幫助理解的是，如果我們沒有被迫以 2,122 的價格租用產能，那麼減損後的帳面價值與您所知道的資產價值幾乎一致。

I think this is another way of looking at it from an economic perspective, walking away from the pure accounting treatment of the impairment assessment itself.

我認為這是從經濟學角度看待它的另一種方式，擺脫了減損評估本身的純粹會計處理。

Now, with respect to your second question, the 35 ships that are up for renewal in terms of chartered Wessel in 2025 are indeed the smaller ships than the one that we have received over the past two years.

現在，關於你的第二個問題，2025年韋塞爾包租的35艘船舶確實比我們過去兩年接收的船舶還要小。

Out of the 46 ships altogether, those 35 vessels combined represent a total tu of capacity of between 100 and 20 130,000.

在總共 46 艘船舶中，這 35 艘船舶的總載客量在 100 至 20 13 萬人之間。

So meaning that if we look at what is the total tu capacity that we will end up operating at year end, close to 800,000 T us, we will have 100 and 20,000 tu potentially that we could let go next year without having to face any, you know, early, early penalty to get out of an existing charter.

因此，這意味著，如果我們看看年底我們最終將運營的總TU容量是多少，接近800,000 T我們，我們將有100和20,000 T我們可能在明年放棄，而不必面對任何，你知道，要儘早退出現有的特許狀，就必須儘早受到懲罰。

So we'll see what will happen with those vessels.

所以我們將看看這些船隻會發生什麼。

But again, very important to emphasize that the the the the first web vessel that will potentially leave the, if there was to be any of them will be the one that are more expensive, less efficient for us to operate.

但再次強調，非常重要的是，如果有的話，第一個可能離開的網路容器將是我們營運成本更高、效率更低的容器。

Leaving the company always with the with operating the core capacity, which is far more efficient, far more cost efficient.

讓公司始終擁有營運核心能力，這樣效率更高、成本效益更高。

So I think you were asking about what do we see in terms of inventory level in the I think in the US, you, you were referring to the US, which is the main market for us.

所以我認為你問的是我們在美國的庫存水準方面看到了什麼，你指的是美國，這是我們的主要市場。

On the obviously on the on our transpacific trade lanes, we've clearly came from a period of of destocking in 2023 to maybe some sort of restocking that took place over the over the summer.

顯然，在我們的跨太平洋貿易航線上，我們顯然已經從 2023 年的去庫存階段轉向了整個夏季可能進行的某種補貨階段。

If we look at the inventory data in the US and the one for us that is, I think maybe extremely relevant is inventory to sales ratio.

如果我們看一下美國的庫存數據以及我們的庫存數據，我認為庫存與銷售比率可能極為相關。

We see that inventory levels as of today are not are not abnormal compared to a normal, normal inventory level to be expected.

我們看到，與預期的正常庫存水準相比，截至今天的庫存水準並非不正常。

At this time of at this time of year, the demand has been strong and resilient in the US.

每年的這個時候，美國的需求一直很強勁且富有彈性。

And so we don't feel too alarmed that there might be a buildup going on right now in the, in the us that might, you know, bite us back in in in subsequent quarters into 2025 at this stage, we don't see that.

因此，我們並不感到太擔心，因為美國現在可能正在發生一種情況，你知道，在現階段，到 2025 年的後續幾個季度，我們不會看到這種情況的發生。

That's very helpful.

這非常有幫助。

And can I just ask one follow up on, on the over supply comments you gave earlier?

我能否就您先前提出的供應過剩評論提出後續意見？

Obviously, you're talking about risk of our over supply continuing, but to a lesser extent, what is that premise on, is it on the view that likely the cape of good hope journeys will continue in perpetuity or kind of what really is?

顯然，你談論的是我們繼續供應過剩的風險，但在較小程度上，這個前提是什麼，是認為好望角之旅可能會永遠持續下去還是真的如此？

Yeah, kind of the basis on the on the lesser extent point.

是的，這是基於較小範圍點的基礎。

Thanks.

謝謝。

Look, I mean, the cape of good hope situation of the Red Sea crisis situation is very difficult to bind as to when that will potentially change, but hopefully it will change sooner rather than rather than later.

聽著，我的意思是，紅海危機局勢的好望角局勢很難確定何時會改變，但希望它會盡快改變，而不是稍後改變。

And I think what we are referring to here is in terms of a new bill being delivered to this global shipping industry 2024 was the year of a significant new build deliveries, million T US of equivalent capacity delivered this year, more than 10% of the of the overall tonnage being delivered in one year in 2025 we know already that it's going to be far less.

我認為我們在這裡指的是向全球航運業交付的新法案 2024 年是重大新建交付的一年，今年交付了 100 萬噸等效運力，超過 10% 以上我們已經知道2025 年一年內交付的總噸位將會少很多。

I mean, still a significant amount of 2 million T US of of capacity.

我的意思是，200 萬噸美國的容量仍然很大。

And then in 2026 for now, I think we are in the region of 1.51 0.5 million of T eu.

然後到 2026 年，我認為我們目前處於 151-50 萬 T 歐盟區域。

So 2000 2024 was obviously a very important year on that front.

因此，2000 年和 2024 年顯然是這方面非常重要的一年。

Clearly, the Red Sea situation contributed meaningfully to help absorb this this additional capacity that came in at some point, the Red Sea disruption will dissipate but we are still in a in an industry which is growing in terms of expected carried quantities Eurovi.

顯然，紅海局勢有助於吸收在某個時候出現的額外產能，而紅海的干擾將會消散，但我們仍然處於一個預期攜帶量不斷增長的行業中。

So that is an important element of consideration to be taken.

因此，這是需要考慮的重要因素。

And the second, the the, you know, the scrapping of capacity will it's a matter of it's not an if it's a matter of when and this should approach, this should happen fairly soon.

第二，你知道，產能的廢棄是一個問題，而不是一個時間問題，這應該很快就會發生。

There will be a need to take out old tonnage.

需要淘汰舊噸位。

There is a lot of vessels that in other circumstances would no longer sail and those vessels will need to be retired.

有很多船隻在其他情況下將不再航行，這些船隻將需要退役。

There would have been in normal circumstances and they will be pushed out also with the enforcement of the of the imoimo regulation.

在正常情況下會出現這種情況，隨著 imoimo 法規的實施，它們也會被淘汰。

And again, I think what we could add one other element to finish answering.

再說一次，我認為我們可以添加另一個元素來完成答案。

The question is if we look today in order to cope with the surge of required capacity to, to work around or to to to go around the cape of good hope.

問題是，我們今天的目光是否是為了應對所需能力的激增，是為了解決問題，還是為了繞過好望角。

If you look at the average vessel speed, it went up from 2023.

如果你看一下平均船速，你會發現它比 2023 年上升。

I think today on average, the fleet is sitting at 16.5 knots and there is a clear room in 2023 the average was below 15.5.

我認為目前船隊的平均速度為 16.5 節，到 2023 年，平均速度有可能低於 15.5 節。

So that's one knot different is having a significant effect also on capacity absorption.

因此，有一點不同的是，它對容量吸收也有顯著影響。

So when the route via Suez reopens, all those drivers will come in also to potentially mitigate the risk of or the effect of this influx of capacity.

因此，當經過蘇伊士的路線重新開放時，所有這些司機都將進來，以潛在地減輕運力湧入的風險或影響。

The risk is there of a risk of extra overcapacity but there are also, I think this should not be overlooked.

風險是有產能過剩的風險，但我認為也有不容忽視的風險。

A series of of meaningful things that could happen that could, that could mitigate that risk going forward.

可能發生的一系列有意義的事情可以減輕未來的風險。

Your next question comes from the line of Satesh Sivakumar with Citigroup.

您的下一個問題來自花旗集團的 Satesh Sivakumar。

Please go ahead.

請繼續。

Thanks Xavier and man and congratulations on the good results here.

感謝澤維爾和他的人，並祝賀這裡取得的好成績。

Actually, I got four in here and I might, might start off with on the guidance as such.

事實上，我這裡有四個，我可能會從這樣的指導開始。

If I look at the guidance the TOP10, it actually assumes the average rate rates being like quarter on quarter.

如果我看一下 TOP10 的指導，它實際上假設平均利率是按季度計算的。

Is that correct?

這是正確的嗎？

Or do you actually see an uptick in the volume growth versus Q4 even adjusted for seasonality?

或者，即使根據季節性調整，您是否確實看到銷量成長與第四季度相比有所上升？

And then the second question is around the contract with the spot volume mix yet.

第二個問題是圍繞著合約與現貨量的組合。

Has it changed as we went through the year?

隨著這一年的過去，情況有改變嗎？

Are you still using around 35% of your volumes on Trans Pacific is still contracted and yet any color around that?

您是否仍在跨太平洋航線上使用約 35% 的交易量，但仍處於收縮狀態，但周圍有任何顏色嗎？

What is that, that looks like actually at the end of Q3.

那是什麼，看起來實際上是在第三季末。

And then the third one is around the vessel utilization.

第三個是圍繞船舶利用率。

If you have any color around like within your trade lanes, where are you seeing the higher utilization versus are you seeing some still some pressure on getting the vessels fully utilized?

如果您周圍有任何顏色，例如在您的貿易航線內，您在哪裡看到更高的利用率，以及您是否看到充分利用船隻的一些壓力？

Again, just looking into very specifically trans specific vessels in Tri Asia Latam trades.

再說一遍，只是研究三亞拉美貿易中非常具體的跨特定船隻。

And then the final one on the trans Pacific volume growth, strong volume growth here.

最後一項是關於跨太平洋航線的運量成長，這裡的運量成長強勁。

Can you actually like, I can help us understand year on year moments there, let's say volumes into West Coast which was not there.

你真的能喜歡嗎，我可以幫助我們了解那裡的年復一年的時刻，比方說，西海岸的數量不在那裡。

Last year, you launched those services this year.

去年，你們今年推出了這些服務。

Then also the impact of service time, basically splitting between East and west coast would be very helpful from Asia.

然後，服務時間的影響，基本上在東海岸和西海岸之間的劃分將對亞洲非常有幫助。

Yeah.

是的。

Thank you.

謝謝。

Thank you for the question, Satish.

謝謝你的提問，薩蒂什。

So I'll take them one by one starting with the first one.

所以我將從第一個開始逐一介紹它們。

If we look at the assumptions baked into our guidance for the fourth quarter, we are expecting indeed to continue to slightly grow our volume as we will continue also to see the effect of the incoming new capacity.

如果我們看看第四季度指引中的假設，我們預計我們的銷量確實會繼續小幅成長，因為我們也將繼續看到新產能的影響。

We still have four vessels that will be delivered to us between now and the end of the year.

從現在到今年年底，我們還有四艘船將交付給我們。

Whilst we have seven smaller ships up for redelivery over the same period.

同時我們還有七艘較小的船隻需要在同一時期重新交付。

So net we continue to grow our operated tonnage.

因此，我們的營運噸位持續成長。

And as a result, we also believe that we will be able to capture additional market share, fill those ship.

因此，我們也相信我們將能夠佔領更多的市場份額，填補這些船。

So the 970,000 T us that we've carried that this quarter, we are expecting to continue on the same trend into the fourth quarter.

因此，本季我們的銷售量為 970,000 T，我們預計第四季將繼續保持相同的趨勢。

So yes, there is still a volume growth assumptions versus last year backed into our guidance for Q4 in terms of rate.

因此，是的，與去年相比，我們對第四季度的成長率指引仍然存在銷售成長的假設。

The we talked about the fact that the rate did indeed decline from the high of achieved in the reached in, in July.

我們談到了這樣一個事實，即利率確實從 7 月達到的高點有所下降。

But we now see some rates stabilizing but still on the overall.

但我們現在看到一些利率趨於穩定，但總體而言仍然如此。

If you compare and when we will close the Q4, the average freight rates per Tu carried in Q4 will not be as strong as the average freight rate of Tu carried in Q3 again because we were were through the descent in terms of a spot rate environment already within the within the third quarter.

如果你比較一下，當我們關閉第四季度時，第四季度運送的每件Tu的平均運價將不會再次像第三季度運載的每件Tu的平均運價一樣強勁，因為我們已經經歷了即期運價環境的下降。

So we see a stabilization now.

所以我們現在看到了穩定。

But but on average, the average revenue generation per Tu carried in Q4 is expected to be less than the one in Q3 with regards to the question on the spot versus contract.

但從平均來看，從現場與合約的問題來看，第四季每個Tu的平均收入預計將低於第三季。

You're right in saying that it was a very important decision that we took earlier this year to not compromise on our you know, ask vis a vis our customers for a minimum contract rate that led to us being more exposed to the spot market than what we initially had planned that hasn't changed throughout the year.

你說得對，我們今年早些時候做出的一個非常重要的決定，就是不向我們的客戶詢問最低合約價格，這導致我們比現貨市場更容易受到影響。 。

For us.

對於我們來說。

The contract are being discussed and and set during the contract season in a way.

合約正在合約賽季期間以某種方式進行討論和確定。

So in the first quarter and so, as of today, and as of the end of Q3, we were still operating on the 35 65% type of split between contract and spot.

因此，在第一季度，截至今天，截至第三季末，我們仍然按照合約和現貨之間 35% 65% 的分割方式進行營運。

So we will enter soon into the discussions for next year and that is going to take place early in 2025 we will see what happens there.

因此，我們很快就會進入明年的討論，該討論將於 2025 年初進行，我們將看看那裡會發生什麼。

But in terms of overall strategy from the company, we we will most probably continue to abide by our philosophy, which is we are seeking obviously to lock a long term contract but providing only that those are being set at rates that we are happy to agree to.

但就公司的整體策略而言，我們很可能會繼續遵守我們的理念，即我們顯然正在尋求鎖定一份長期合同，但前提是這些合約的價格是我們樂意同意的到。

Third question on vessel utilization today, as I mentioned, following the golden week, the the volume or the demand went back up very rapidly thereafter.

第三個問題，今天的船舶利用率，正如我所提到的，黃金週之後，成交量或需求很快就回升。

And so our vessels are are saving at optimum capacity and and pretty much full.

因此，我們的船舶正在以最佳容量節省，並且幾乎滿載。

So so the the utilization is is strong, has been strong ever since and we expect it to continue to be strong for the reasons.

因此，利用率很高，從那時起就一直很強勁，因此我們預計它會繼續保持強勁。

I've explained earlier on up until we think at minima early early next year, up until chinese New year, which is set on 27th of January.

我之前已經解釋過，直到我們考慮明年初的最低點，直到 1 月 27 日的農曆新年。

And this time next year.

明年的這個時候。

And finally, you were asking the transpacific volume growth.

最後，您問的是跨太平洋運輸量的成長。

It's been very important for us, not only in Q3 by the way, but still, since we have experienced the effect of the Red Sea disruption and the fact that we had to add capacity to the trades that we are sailing around the coast around the cape.

這對我們來說非常重要，不僅在第三季度，而且，因為我們經歷了紅海中斷的影響，而且我們必須增加我們在紅海周圍海岸航行的貿易的運力。

So we added capacity on the cross trade in order to maintain the weekly service and to capture the momentum in the freight environment and with the ripple effect because it's pretty much the same type of ships that are being deployed.

因此，我們增加了交叉貿易的運力，以維持每週的服務並抓住貨運環境的勢頭以及連鎖反應，因為正在部署的船舶類型幾乎相同。

Also on the transpacific.

還有跨太平洋航線。

The transpacific has been recovering very, very quickly from the low of 2023.

跨太平洋航線從 2023 年的低點開始以非常非常快的速度復甦。

And echoing, I think what the comment that Ellie made, it was very important to us to maximize our earning potential.

我想呼應艾莉的評論，最大限度地發揮我們的收入潛力對我們來說非常重要。

So yes, we had a very strong presence, historical presence on the US East coast and we capitalized on the on that, on that stronger foothold, but also in the in on the US West coast.

所以，是的，我們在美國東海岸擁有非常強大的影響力，歷史性的存在，我們利用了這一點，利用了這個更強大的立足點，而且在美國西海岸也是如此。

That's where we you know, took a, took a full service away from the Pacific Northwest.

你知道，我們就是在那裡，從太平洋西北地區採取了全套服務。

That was not as as as as strong in terms of demand and in terms of earnings potential, and we deploy this capacity to the Pacific Southwest.

就需求和獲利潛力而言，情況並不那麼強勁，我們將這種能力部署到了太平洋西南部。

So now we end up operating two services where last year we at this time, the same year, last year, we had no longer any service on the Pacific Southwest.

所以現在我們最終運營了兩項服務，去年的這個時候，同年，去年，我們在太平洋西南地區不再有任何服務。

So those which are expedite service, five week type of or 5 to 6 week full, full transit rotation, move cargo pretty, pretty fast in a way and contribute positively both to the revenue generation.

因此，那些加急服務，五週或五到六週的完整運輸輪換，在某種程度上相當快地運輸貨物，並對創收做出積極貢獻。

But also from a volume perspective to the to the carried quantities.

而且也從數量的角度來看所攜帶的數量。

When you look at that metric in isolation.

當你孤立地看待這個指標。

On the express type product, right?

在快遞類型的產品上，對嗎？

The Express services, what type of customers are actually like utilizing that service?

Express 服務，什麼類型的客戶實際上喜歡使用該服務？

Oh, you know, I mean on the.

哦，你知道，我的意思是在。

Vertical Lody.

垂直洛迪。

Yeah, I mean on this service, you have all the usual suspects that are very interested in, in services that cater for time edited cargo.

是的，我的意思是，在這項服務上，所有常見的嫌疑犯都對滿足時間編輯貨物的服務非常感興趣。

So you have all the you know, ecommerce type of type of businesses.

因此，您擁有所有您所知道的電子商務類型的業務。

So that is a that is a significant you know, source of a source of a of a cargo and you also have some regular cargo that is being booked on those ship also, especially nowadays with the shortage of of capacity and the strong demand that is prevailing in the in the US.

因此，這是一個重要的貨物來源，而且您還可以在這些船上預訂一些常規貨物，特別是在運力短缺和需求強勁的今天在美國盛行。

Got it maybe just sorry, one quick follow up on this.

明白了，也許只是抱歉，對此進行快速跟進。

So the point of sale on the Express service, how do you classify us versus Asia on that Express service?

那麼，對於快遞服務的銷售點，您如何將我們與亞洲的快遞服務進行分類？

I'm sorry, I didn't quite get that question.

抱歉，我不太明白這個問題。

Can you repeat that.

你能重複一下嗎？

If I look at the point of sale for that Express service, what is the split would look like, say originating out of Asia versus originating out of us importers.

如果我看看該快遞服務的銷售點，就會發現，來自亞洲的產品與來自美國進口商的產品之間的差異是怎樣的。

Oh, I would not be able to tell you precisely here to be Frank.

哦，我無法準確地告訴你這裡是弗蘭克。

I guess it's split but the, the, the, the precise split between the two push export out and pull import in is is something that, you know, I wouldn't want to say something that I'm not 100% sure.

我想它是分開的，但是，這，這，這兩個推導出和拉導入之間的精確分開是，你知道，我不想說一些我不能100%確定的事情。

Okay, no problem.

好的，沒問題。

Thanks.

謝謝。

Thanks Xavier and congratulations again.

感謝澤維爾並再次祝賀。

Yeah.

是的。

And that does conclude our question and answer session and I will now turn the conference back over to Ellie Gin for closing comments.

我們的問答環節就到此結束，我現在將把會議轉回給艾莉金 (Ellie Gin) 進行總結評論。

In summary, we are proud of the strong third quarter in which we deliver record carried volumes and outstanding financial results.

總之，我們對第三季的強勁表現感到自豪，我們在該季度實現了創紀錄的持有量和出色的財務業績。

This performance again illustrates our continued progress, advancing the fleet transformation, enhancing our commercial agility and executing strategic objectives to best position the company for long term profitability 2024 is shaping up to be the third best year ever for container shipping following the record year of 2021 and 2022.

這項業績再次證明了我們的持續進步，推進船隊轉型，增強我們的商業敏捷性，並執行戰略目標，為公司的長期盈利能力提供最佳定位。年將成為貨櫃運輸有史以來第三個最好的一年和 2022 年。

And we are pleased to continue to capitalize on a positive rate environment that has remained stronger for longer than anticipated.

我們很高興繼續利用積極利率環境，這種環境持續時間比預期要長。

We have once again raised our full year guidance as we look to the future.

展望未來，我們再次上調了全年指引。

While market dynamics are volatile, we are confident that we have built a resilient business with the transform fleet.

儘管市場動態不穩定，但我們相信我們已經透過轉型車隊建立了富有彈性的業務。

Our strategic transformation has put us in a stronger position than ever and we will continue to implement our differentiated strategy to drive the next phase of zym growth.

我們的策略轉型使我們處於比以往更強大的地位，我們將繼續實施差異化策略，推動 zym 下一階段的成長。

Thank you again for joining us today.

再次感謝您今天加入我們。

We look forward to sharing our continued progress with you all.

我們期待與大家分享我們不斷取得的進展。

Thank you.

謝謝。