以星航運 (ZIM) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to ZIM Integrated Shipping Services first quarter 2025 financial results conference call.(Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ZIM 綜合航運服務 2025 年第一季財務業績電話會議。 （操作員指示）

I would now like to turn the call over to Elana Holzman, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資人關係主管 Elana Holzman。請繼續。

Thank you, operator, and welcome to ZIM's first quarter 2025 financial results conference call. Joining me on the call today are Eli Glickman, ZIM's President and CEO; and Xavier Destriau, ZIM's CFO.

謝謝接線員，歡迎參加 ZIM 2025 年第一季財務業績電話會議。今天與我一起參加電話會議的還有 ZIM 總裁兼執行長 Eli Glickman；以及 ZIM 財務長 Xavier Destriau。

Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements regarding expectations, predictions, projections or future events or results. We believe that our expectations and assumptions are reasonable. We wish to caution you that such statements reflect only the company's current expectations and that current events or results may differ, including materially.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將對預期、預測、預期或未來事件或結果做出前瞻性陳述。我們相信我們的預期和假設是合理的。我們希望提醒您，此類聲明僅反映公司當前的預期，並且當前事件或結果可能會有所不同，包括重大差異。

You are kindly referred to consider the risk factors and cautionary language described in the documents the company filed with the Securities and Exchange Commission, including our 2024 Annual Report on Form 20-F filed with the SEC on March 12. We undertake no obligation to update these forward-looking statements.

請您考慮本公司向美國證券交易委員會提交的文件中所述的風險因素和警示性語言，包括我們於 3 月 12 日向美國證券交易委員會提交的 2024 年 20-F 表年度報告。我們不承擔更新這些前瞻性陳述的義務。

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

現在，我想將電話轉給 ZIM 的執行長 Eli Glickman。

Eli?

伊萊？

(technical difficulty) Moment to address the market environment. In recent weeks, it has become even clear that we operate in a highly dynamic industry with a range of diverse external factors affecting both supply and demand in both the short and longer term. After 2-months of depressed transpacific volumes, last week, the United States in China announced a 90-day suspension on mutual tariffs, enabling a reversal of the trend in cargo movement between the two countries.

（技術難度）時時應對市場環境。最近幾週，我們更清楚地認識到，我們處在一個高度動態的行業中，各種不同的外部因素影響著短期和長期的供需。在跨太平洋貨運量連續兩個月低迷之後，上週，美國在中國宣布暫停相互徵收關稅 90 天，這扭轉了兩國之間貨運量的趨勢。

Overall, we view this development as positive. However, in the absence of a longer-term agreement, we remain cautious in terms of our expectation for transpacific trade during the remainder of the 2025. It remains too early to determine whether the surge in the demand we have seen in the last few days represents a return to normalized US-China volumes moving forward.

總體而言，我們認為這一發展是積極的。然而，由於缺乏長期協議，我們對 2025 年剩餘時間跨太平洋貿易的預期仍持謹慎態度。現在判斷過去幾天看到的需求激增是否代表著中美貿易量未來將恢復正常還為時過早。

Additionally, the updated USTR role introducing short port fees on Chinese build and own vessels has added another level of uncertainty. We are actively exploring a mitigation plan and assessing the financial impact of the proposed action. As we look ahead with our core focus on continuing to navigate the highly uncertain geopolitical and macro-economic conditions, we are confident in our agile approach and competitive position in the industry.

此外，美國貿易代表辦公室更新後對中國建造和擁有的船舶徵收短期港口費，這又增加了一層不確定性。我們正在積極探索緩解計劃並評估擬議行動的財務影響。展望未來，我們的核心重點是繼續應對高度不確定的地緣政治和宏觀經濟條件，我們對我們的敏捷方法和行業競爭地位充滿信心。

Turning now to our financial results. Following an exceptional 2024, both financially and operationally, we began 2025 with a strong first quarter performance consistent with our expectations. Upscaling our fleet, employing larger vessels that have improved our cost structure, coupled with strong underlying demand once again drove double-digit carried volume growth year-over-year and enhanced profitability.

現在來談談我們的財務表現。繼 2024 年財務和營運表現優異之後，我們在 2025 年第一季取得了強勁的業績，符合我們的預期。我們擴大了船隊規模，採用了更大的船隻，從而改善了我們的成本結構，再加上強勁的潛在需求，再次推動了運量同比增長兩位數，並提高了盈利能力。

Slide number 4. We generated revenue of $2 billion and net income of $296 million in the first quarter, representing year-over-year increases of 28% and 222%, respectively. Q1 adjusted EBITDA was $779 million, and adjusted EBIT was $463 million, with adjusted EBITDA margin of 39% and adjusted EBIT margin of 23%. We maintained total liquidity of $3.4 billion as of March 31, which at quarter end included $382 million paid in early April as the final dividend on account of 2024 results.

投影片編號 4。我們第一季的營收為 20 億美元，淨利為 2.96 億美元，分別較去年同期成長 28% 和 222%。第一季調整後 EBITDA 為 7.79 億美元，調整後 EBIT 為 4.63 億美元，調整後 EBITDA 利潤率為 39%，調整後 EBIT 利潤率為 23%。截至 3 月 31 日，我們的總流動資金為 34 億美元，其中包括 4 月初根據 2024 年業績支付的 3.82 億美元末期股息。

Slide number 5. We remain committed to return capital to shareholders. While our dividend policy to distribute 30% of quarterly net income, our Board of Directors has declared a dividend of $0.74 per share for a total of $89 million based on Q1 results.

投影片編號 5。我們仍然致力於向股東返還資本。雖然我們的股息政策是分配季度淨收入的 30%，但根據第一季業績，我們的董事會宣布每股派息 0.74 美元，總計 8,900 萬美元。

Despite the considerable uncertainty, we are maintaining our full year guidance ranges. To remind you, we anticipate adjusted EBITDA between $1.6 billion to $2.2 billion and adjusted EBIT between $350 million and $950 million, with better performance still expected in the first half of the year versus the second half. Xavier, our CFO, will provide additional contents and our underlying assumptions for our '25 guidance later on the call.

儘管存在相當大的不確定性，我們仍維持全年指導範圍。提醒您，我們預計調整後的 EBITDA 在 16 億美元至 22 億美元之間，調整後的 EBIT 在 3.5 億美元至 9.5 億美元之間，預計上半年的業績仍將好於下半年。我們的財務長 Xavier 將在稍後的電話會議上提供更多內容以及我們對 25 年指導的基本假設。

Slide number 6. Against the backdrop of the uncertainties that I mentioned before, planning is internally difficult, but we remain committed to a proactive approach. We continue to take steps in line with our strategic objectives that further enhance business resilience, both commercially and operationally, and competitive position in the industry.

投影片編號 6。在我之前提到的不確定性背景下，規劃在內部很困難，但我們仍然致力於採取積極主動的方式。我們將繼續按照策略目標採取措施，進一步增強商業和營運方面的業務彈性以及產業競爭地位。

Over the past several weeks, we have adjusted our network, underscoring the agile nature of our commercial strategy. Our actions are a response primarily to changes in the transpacific demand as evolving US tariff policy impact global trade. Initially, in coordination with our partner, we modified our service rotations to mitigate the impact of the drop in export from China to the United States while ensuring we maintain extensive port coverage to uphold our service commitment.

在過去的幾周里，我們調整了我們的網絡，強調了我們商業策略的敏捷性。我們的行動主要是為了因應跨太平洋需求的變化，因為不斷變化的美國關稅政策影響了全球貿易。最初，我們與合作夥伴協調，修改了服務輪換，以減輕中國對美國出口下降的影響，同時確保我們保持廣泛的港口覆蓋，以履行我們的服務承諾。

In light of last week's development, we are again realigning our network to account for a return back to more normalized China-US trade relations. Similarly, we have also reversed our initial decision to suspend our ZIM Central China Express line, ZX2 service, illustrating again our agility to react rapidly to changing market conditions.

鑑於上週的事態發展，我們再次重新調整了我們的網絡，以適應中美貿易關係恢復正常化。同樣，我們也撤銷了最初暫停 ZIM 華中快線 ZX2 服務的決定，這再次證明了我們能夠迅速應對不斷變化的市場條件。

In terms of other demand trends in the region during this period, we have seen improved volumes from other Southeast Asian markets such as Vietnam and Thailand, where we have a strong foothold. In recent years, we have expanded our position throughout Southeast Asia to benefit from the growth in manufacturing in the region and to diversify our business. This strategic positioning helped ZIM capture volume to partially compensate for the decline in Chinese cargo to the US during the beginning of the second quarter.

就該地區在此期間的其他需求趨勢而言，我們看到越南和泰國等其他東南亞市場的銷售量增加，我們在這些市場擁有強大的立足點。近年來，我們擴大了在東南亞地區的業務，以從該地區製造業的成長中獲益並實現業務多元化。這項戰略定位幫助以星航運獲得了一定的貨運量，部分彌補了第二季初中國對美國貨運量的下降。

We are adopting a similar strategy in Latin America to diversify our operation and increase our business resilience. We are strengthening our presence in the region to take advantage of the anticipated growth in trade between Latin America and the United States as well as China and the region.

我們在拉丁美洲採取了類似的策略，以實現業務多元化並增強業務彈性。我們正在加強在該地區的存在，以利用拉丁美洲和美國以及中國和該地區之間預期的貿易成長。

Overall, the primary point to highlight in that ZIM has long recognized the importance of taking nimble approach to fleet deployment, identifying new growth opportunities and leveraging our commercial agility has been and continue to be a core strength for ZIM.

總體而言，需要強調的一點是，ZIM 早已認識到採取靈活的船隊部署方式、發現新的成長機會和利用我們的商業敏捷性的重要性，這一直是並將繼續成為 ZIM 的核心優勢。

We continue to maintain flexibility at all times to reshuffle vessel capacity based on demand. We expect to continue to react in changing market conditions as dynamically as possible. Our commercial success and improved profitability have been made possible by our transformed fleet. After receiving all 46 newbuilds we contracted in '21 and 2022, which significantly improved the efficiency of our operating capacity, we entered the new year deploying larger modern vessels well suited to the trade in which we operate.

我們始終保持靈活性，並根據需求重新調整船舶運力。我們希望繼續盡可能動態地應對不斷變化的市場條件。我們的商業成功和獲利能力的提升得益於我們轉型後的船隊。在接收了我們在 2021 年和 2022 年簽訂的所有 46 艘新船後，我們的營運能力效率得到了顯著提高，進入新的一年，我們將部署更適合我們經營貿易的更大的現代化船舶。

After growing our operated capacity for 2-years, we have regained optionality, which allows us to adapt ZIM capacity as market conditions change or our commercial strategy shifts. Moving forward, our goal has been to maintain and further enhance our competitive position while capitalizing on attractive opportunities that will ensure our fleet remains modern and cost-effective.

在營運能力成長兩年後，我們重新獲得了選擇權，這使我們能夠根據市場條件的變化或商業策略的轉變來調整 ZIM 的運力。展望未來，我們的目標是保持並進一步提高我們的競爭地位，同時利用有吸引力的機會確保我們的船隊保持現代化和成本效益。

Consistent with this long-term approach, we recently resecured 12-year charter for 10, 11,500 TEU newbuild LNG dual-fuel container ships from an affiliate of the [TMS Group]. This charter agreement will ensure access to an important and versatile vessel segment that is generally unavailable in the charter market and ideally suited for several of our global trades, enhancing our commercial agility and advancing our growth strategy.

秉承這一長期策略，我們最近從一家關聯公司重新獲得了 10 艘 11,500 TEU 新建 LNG 雙燃料貨櫃船的 12 年租約。[TMS集團]這項租船協議將確保我們能夠獲得租船市場上通常無法獲得的重要且多功能的船舶部分，該部分非常適合我們的多項全球貿易，從而增強我們的商業靈活性並推進我們的成長策略。

This also represents a strategic investment in our core LNG capacity, which serve as a critical commercial differentiator for ZIM. As we expect, it will be commercially valuable with the growing demand from customers for eco-friendly shipping solutions. This vessel will also support our long-term decarbonization objectives. ZIM was an early adopter of LNG technology, which has helped us achieve significant milestones in our ESG journey.

這也代表了我們對核心液化天然氣產能的策略性投資，這對 ZIM 來說是一個關鍵的商業差異化因素。正如我們預期的那樣，隨著客戶對環保運輸解決方案的需求不斷增長，它將具有商業價值。這艘船還將支持我們的長期脫碳目標。ZIM 是 LNG 技術的早期採用者，這幫助我們在 ESG 之旅中取得了重大里程碑。

As we highlighted in our '24 ESG report, which we plan to publish shortly, we reduced our carbon intensity by 16% in 2024 compared to 2023. Moreover, in 2024 we surpassed our '25 target of a 30% reduction versus the '21 baseline, reaching a 35% decrease. We remain committed to ESG as a core value. And in this report, our seventh, we detail ZIM decarbonization road map toward net zero by 2050, together with a comprehensive overview of our ESG initiatives, achievement, programs and updated targets.

正如我們計劃很快發布的 24 年 ESG 報告中所強調的那樣，與 2023 年相比，2024 年我們的碳強度降低了 16%。此外，到 2024 年，我們超越了 2025 年減少 30% 的目標（以 2021 年為基準），達到了 35% 的減幅。我們始終致力於將 ESG 作為核心價值。在我們的第七份報告中，我們詳細介紹了 ZIM 在 2050 年實現淨零排放的脫碳路線圖，並全面概述了我們的 ESG 舉措、成就、計劃和更新目標。

Overall, we remain confident in our strategy and competitive position in the industry. We entered 2025 with a transformed fleet of cost and fuel efficient capacity, approximately 40% of which is LNG powered today, and I'm pleased to have taken steps to advance our fleet strategy for the future.

總體而言，我們對我們的策略和行業競爭地位仍然充滿信心。進入 2025 年，我們擁有一支成本和燃料效率更高的轉型船隊，其中目前約有 40% 由液化天然氣驅動，我很高興採取措施推進我們未來的船隊策略。

Our nimble commercial approach, together with the prudent investments in our fleet, equipment and technology continue to drive resilience in ZIM's business. On this note, I will turn the call over to Xavier, our CFO, for a more detailed discussion of our financial results, 2025 guidance as well as additional comments on the market environment. Xavier, please go ahead.

我們靈活的商業方式，加上對船隊、設備和技術的審慎投資，持續推動 ZIM 業務的彈性。在此，我將把電話轉給我們的財務長 Xavier，以便更詳細地討論我們的財務業績、2025 年指引以及對市場環境的補充評論。澤維爾，請繼續。

Thank you, Eli. And again, on my behalf, welcome to everyone.

謝謝你，伊萊。我再次代表大家歡迎大家。

On Slide 7, we present our key financial and operational highlights. Our strong Q1 results reflect our success upscaling our fleet, supported by positive underlying demand trends. ZIM generated in Q1 revenue of $2 billion, a 28% increase compared to last year.

在第 7 張投影片上，我們展示了我們的主要財務和營運亮點。我們強勁的第一季業績反映了我們成功擴大了船隊規模，並受到積極的潛在需求趨勢的支持。ZIM 第一季營收為 20 億美元，較去年同期成長 28%。

During the quarter, our average freight rate per TEU was $1,776, a 22% increase year-over-year, though 6% lower than the Q4 average freight rate of $1,886. Total revenues from non-containerized cargo, which reflects mostly our car carrier services, totaled $114 million for the quarter compared to $111 million in the first quarter of 2024. To remind you, since November 2024, we have been operating 15 car carrier vessels. Our free cash flow in the first quarter totaled $787 million compared to $303 million in the first quarter of 2024.

本季度，我們每標準箱的平均運費為 1,776 美元，年增 22%，但比第四季的 1,886 美元平均運費低 6%。本季非貨櫃貨物總收入（主要反映我們的汽車運輸服務）總計 1.14 億美元，而 2024 年第一季為 1.11 億美元。提醒您，自 2024 年 11 月以來，我們一直在營運 15 艘汽車運輸船。我們第一季的自由現金流總計 7.87 億美元，而 2024 年第一季為 3.03 億美元。

Turning to the balance sheet. Total debt decreased by $150 million since prior year-end. Throughout 2023 and 2024, our total debt increased mainly due to the net effect of receiving the newbuild capacity, namely larger vessels with longer-term charter durations attached. This trend is now reversing as repayment of lease liabilities is higher than new liabilities being incurred.

轉向資產負債表。自上年末以來，總債務減少了 1.5 億美元。2023 年至 2024 年，我們的總債務增加主要是由於接收新建運力的淨效應，即更大的船舶和更長的租船期限。由於租賃負債的償還額高於新產生的負債，這一趨勢正在逆轉。

Next, the following slide provides an overview of our operating capacity. Eli has already discussed certain aspects of our fleet strategy, and I would like to highlight a few more data points that we believe are important to underscore when thinking about ZIM's fleet.

接下來，下面的幻燈片概述了我們的營運能力。Eli 已經討論了我們船隊策略的某些方面，我想強調一些我們認為在考慮 ZIM 船隊時需要強調的重要數據點。

ZIM currently operates 126 container ships with a total capacity of approximately 774,000 TEUs. Around two-third of this capacity comes from the 46 newbuild received during the last 2-years, 2023 and '24, which carried charter duration from 5- to 12-years, and also another 16 vessels that are owned by ZIM.

ZIM目前營運126艘貨櫃船，總運力約為774,000 TEU。其中約三分之二的運力來自過去兩年（2023 年和 2024 年）接收的 46 艘新船，租期為 5 至 12 年，另外還有 16 艘由 ZIM 擁有的船隻。

To remind you, we opted to secure our newbuild capacity on long-duration contracts rather than continue to rely on the short-term charter market and that to ensure that we have secure access to fuel efficient and cost competitive tonnage.

提醒您，我們選擇透過長期合約來確保我們的新運力，而不是繼續依賴短期租船市場，以確保我們能夠安全地獲得燃油效率高且具有成本競爭力的噸位。

We view this our core capacity and as such, maintaining flexibility with respect to this capacity is a secondary factor, 25 of the 28 LNG vessels carry a charter period of 12 years, creating a predictability in our cost structure. Moreover, we hold options to extend the charter period for these vessels as well as purchase option, giving us full control over the destiny of these vessels very much as if we were the vessel owners.

我們認為這是我們的核心產能，因此，保持產能的靈活性是次要因素，28 艘液化天然氣船中有 25 艘的租期為 12 年，從而使我們的成本結構具有可預測性。此外，我們擁有延長這些船舶租船期的選擇權以及購買選擇權，這使我們能夠完全控制這些船舶的命運，就像我們是船主一樣。

We had a similar agreement for the 10, 11,500 TEU dual-fuel LNG vessels we recently committed to with a charter period of 12 years and options to purchase the vessels at the end of the charter period. The remaining one-third of the capacity that we operate, approximately 260,000 TEUs, allows us to maintain important flexibility. By the end of 2026, there will be a total of 44 vessels up for charter renewal, with 22 vessels or 81,000 TEUs up for renewal in 2025 and another 22 vessels or 74,000 TEUs in 2026.

我們對最近承諾的 10 艘 11,500 TEU 雙燃料液化天然氣船也簽訂了類似的協議，租期為 12 年，並可選擇在租期結束時購買這些船隻。我們營運的剩餘三分之一容量（約 260,000 TEU）使我們能夠保持重要的靈活性。至2026年底，共有44艘船舶需要續租，其中2025年將有22艘船舶或81,000個標準箱需要續租，2026年將有另外22艘船舶或74,000個標準箱需要續租。

This optionality to keep the capacity or we deliver to owners allows them to adjust its capacity according to changing market conditions or shifts in our commercial strategy. Longer term, our focus is to ensure that we maintain and continue to enhance the competitive position of our fleet.

這種保留產能或交付給業主的選擇性使他們能夠根據不斷變化的市場條件或我們的商業策略轉變來調整產能。從長遠來看，我們的重點是確保保持並繼續提高我們船隊的競爭地位。

Now turning to additional Q1 financial metrics here on Slide 9. Adjusted EBITDA in the quarter was $779 million or 39% EBITDA margin compared to $427 million in Q1 2024. Adjusted EBIT was $463 million or 23% margin, compared to adjusted EBIT of $167 million in the same quarter of last year. Net income for the first quarter was $296 million compared to $92 million in Q1 2024.

現在轉到投影片 9 上的其他 Q1 財務指標。本季調整後的 EBITDA 為 7.79 億美元，EBITDA 利潤率為 39%，而 2024 年第一季為 4.27 億美元。調整後的息稅前利潤為 4.63 億美元，利潤率為 23%，而去年同期的調整後息稅前利潤為 1.67 億美元。第一季淨收入為 2.96 億美元，而 2024 年第一季為 9,200 萬美元。

Next, you will see that we carried 944,000 TEUs in the first quarter compared to 846,000 TEUs during the same period last year. That represents an increase of 12%, way ahead of market growth of 4.5%. Our transpacific volume grew 11% in Q1. It is important to reiterate that we maintain flexibility to reshuffle vessel capacity as the market evolves, driving resilience in our business.

接下來，您會看到，我們第一季的運載量為 944,000 個 TEU，而去年同期為 846,000 個 TEU。這意味著成長了 12%，遠高於 4.5% 的市場成長率。我們第一季的跨太平洋貨運量成長了 11%。需要重申的是，隨著市場的發展，我們將保持靈活性，重新調整船舶運力，從而增強業務的彈性。

Notably, we achieved a 22% year-over-year volume growth in Latin America in this first quarter. And we anticipate further increasing our market share in this trade as we continue to strengthen our presence in the region.

值得注意的是，今年第一季我們在拉丁美洲的銷量年增了 22%。隨著我們繼續加強在該地區的業務，我們預計我們在該行業的市場份額將進一步增加。

Next here, we present our cash flow bridge. For the quarter, our adjusted EBITDA of $779 million converted into $855 million of cash flow generated from operating activities. Other cash flow items for the quarter included $582 million of debt service, mostly related to our lease liability repayments. Debt service in Q1 cash flow includes $72 million, reflecting repayment of lease liabilities related to the two secondhand 8,500 TEU vessels we acquired in the quarter as well as the down payment of the last remaining LNG vessel that we received in January.

接下來，我們來介紹一下我們的現金流橋。本季度，我們的調整後 EBITDA 為 7.79 億美元，轉化為 8.55 億美元的營運活動現金流。本季的其他現金流項目包括 5.82 億美元的債務服務，主要與我們的租賃負債償還有關。第一季現金流中的債務償還包括 7,200 萬美元，反映了我們在本季度收購的兩艘二手 8,500 TEU 船舶相關的租賃負債的償還，以及我們在一月份收到的最後一艘剩餘液化天然氣船舶的首付款。

Moving now to our 2025 guidance. We have reaffirmed our outlook and expect to generate adjusted EBITDA between $1.6 billion and $2.2 billion, adjusted EBIT between $350 million and $950 million, with the second half still expected to lag the first half. We have maintained wide ranges reflective of the high degree of uncertainty related to global trade and geopolitical issues.

現在轉向我們的 2025 年指導。我們重申了我們的展望，預計調整後的 EBITDA 將在 16 億美元至 22 億美元之間，調整後的 EBIT 將在 3.5 億美元至 9.5 億美元之間，預計下半年仍將落後於上半年。我們維持了較寬的區間，以反映與全球貿易和地緣政治問題相關的高度不確定性。

Before touching on our underlying assumptions regarding freight rates, volume and bunker costs, I would like to update on our contract volume. As can be expected, contract negotiations this year were affected by the uncertainty regarding tariff levels. And as such, the new annual transpacific contracts, which went into effect on May 1, represent approximately 30% of our expected transpacific volume for the coming year, somewhat similar percentage to the one of last year.

在談到我們對運費、運量和燃油成本的基本假設之前，我想先更新我們的合約量。可以預料，今年的合約談判受到了關稅水準不確定性的影響。因此，5 月 1 日生效的新年度跨太平洋合約約占我們明年預期跨太平洋貨運量的 30%，與去年的百分比大致相同。

Our view on freight rates and operative capacity are unchanged as compared to our guidance assumptions from March. We expect freight rates to be significantly lower in 2025 versus 2024, with average freight rates in the remainder of 2025 lower than Q1 average. Also, we currently assume the sailings through the Red Sea will not resume this year, continuing to absorb significant capacity.

與 3 月的指導假設相比，我們對運費和營運能力的看法沒有改變。我們預計 2025 年的運費將比 2024 年大幅下降，2025 年剩餘時間的平均運費將低於第一季的平均運費。此外，我們目前認為今年紅海航行不會恢復，將繼續吸收大量運力。

We assume that we will maintain similar operating capacity on average to that of 2024 over the course of the year as we renew some of the existing capacity or similar tonnage, though at lower rates than those fixed in '21 and '22. As such, we expect to continue to see an improvement in our cost structure.

我們假設，隨著我們更新部分現有運力或類似噸位，我們在今年內將保持與 2024 年類似的平均營運運力，儘管更新率低於 2021 年和 2022 年的固定率。因此，我們預計我們的成本結構將繼續改善。

Given our exposure to the transpacific, we revisited our volume growth assumptions and now assume low single-digit volume growth year-over-year. Finally, as for our bunker costs, we now expect slightly lower cost per ton in 2025 when compared to 2024.

鑑於我們在跨太平洋地區的業務，我們重新審視了我們的運量成長假設，現在假設運量年增率保持在個位數以下。最後，至於我們的燃油成本，我們預計 2025 年每噸成本將比 2024 年略低。

Before we open the call to questions, a few more comments on the market. The current environment is marked by a range of factors greater and more diverse than ever, which significantly impact the supply-demand balance we typically track to assess the health of the industry. The expected growth in capacity is known, the current order book to fleet ratio is significant, approximately 29% or about 9 million TEUs of equivalent capacity. But there are mitigating factors to consider with short-term and long-term impact.

在我們開始提問之前，我們再談幾點對市場的評論。當前環境的特徵是一系列比以往任何時候都更加多樣化的因素，這些因素對我們通常用來評估行業健康狀況的供需平衡產生了重大影響。預計運力將成長，目前訂單量與船隊比率很高，約 29%，或相當於 900 萬 TEU 的運力。但在短期和長期影響方面也需要考慮一些緩解因素。

First, the delivery schedule for this capacity is spread out over the next 4.5 years, with more modest deliveries in 2025 and 2026. Scrapping has been minimal in recent years and projections for the coming years are also low, resulting in an aging fleet. At some point, scrapping should catch up. Also the industry's decarbonization agenda and the need to meet stricter emission targets or customer's expectations will also require a higher pace of fleet renewal and confer further scrapping.

首先，該產能的交付計畫將在未來 4.5 年內展開，其中 2025 年和 2026 年的交付量較為適中。近年來，船舶報廢數量很少，預計未來幾年的報廢數量也很低，導致船隊老化。到了一定時候，廢棄物處理就會趕上來。此外，該行業的脫碳議程以及滿足更嚴格的排放目標或客戶期望的需要也將要求更快的船隊更新速度並導致進一步的報廢。

Yet the most significant factor impacting supply today is [exogenic] to our industry, the re-diversion around the Cape of Good Hope. As the current consensus is that we will continue to do so for the coming months, the outcome for 2025 are likely to be mostly driven -- demand driven, namely when and how we see resolution on US tariffs.

然而，目前影響供應的最重要因素對於我們的產業來說是外部因素，也就是繞過好望角的改道。由於目前的共識是我們將在未來幾個月繼續這樣做，因此 2025 年的結果可能主要由需求驅動，即我們何時以及如何看到美國關稅的解決方案。

Last week's agreement by the United States and China to bring down the level of mutual tariff for a 90-day period is a positive step and will allow demand to recover at least in the near term. It could also be viewed as mutual recognition but both sides of the need to reach an agreement. The efforts of the current US administration to address its trade deficit are not yet resolved.

上週，美國和中國達成協議，在 90 天內降低相互關稅水平，這是一個積極的舉措，將使需求至少在短期內得以復甦。這也可以被視為相互承認，但雙方需要達成協議。美國本屆政府解決貿易逆差的努力尚未有成果。

The tariff rates that will typically be established between the United States and China as well as other US trading partners will determine whether demand can return to previous levels or whether tariff levels will establish new trade barriers. Equally important is the timing of these agreements as the ongoing uncertainty on tariff levels impact purchasing and, as a result, booking decisions leading to possible disruptions within the supply chain.

美國與中國以及其他美國貿易夥伴之間通常會確定的關稅稅率將決定需求是否能夠恢復到以前的水平，或者關稅水平是否會造成新的貿易壁壘。這些協議的時機也同樣重要，因為關稅水準的持續不確定性會影響採購，進而影響預訂決策，可能導致供應鏈中斷。

Notwithstanding these tariff actions will motivate trade and manufacturing diversification as both the US and China will most probably seek to reduce their mutual dependency. This, in turn, will further complicate supply chain management, which could present both risks and opportunities for our industry and also require further investment in inland and port infrastructure, which in sufficient could hold higher potential for disruptions.

儘管如此，這些關稅行動將促進貿易和製造業的多樣化，因為美國和中國都很可能會尋求減少相互依賴。這反過來將進一步使供應鏈管理複雜化，可能為我們的產業帶來風險和機遇，也需要對內陸和港口基礎設施進行進一步投資，而這些投資不足可能會增加中斷的可能性。

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

謝謝。就此而言，我們將開始提問。

(Operator Instructions) Muneeba Kayani, Bank of America.

（操作員指示）Muneeba Kayani，美國銀行。

Thank you for taking my questions and thank you for the detailed commentary around what you're seeing in this market environment. So firstly, on the market side and demand, what are you hearing from customers in terms of inventory levels right now? And we clearly have seen the surge over the last couple of days. Are you kind of expecting possibly an early peak season in ocean shipping this year and then a slower end year-end? Just wanted to understand some of your thinking and feedback from customers.

感謝您回答我的問題，也感謝您對當前市場環境的詳細評論。那麼首先，從市場和需求方面來看，您從客戶那裡聽到的關於庫存水準的消息是什麼？我們清楚地看到了過去幾天的激增。您是否預計今年海運旺季可能會提前到來，而年底則會放緩？只是想了解您的一些想法和客戶回饋。

Second question around Red Sea. There was some news recently that the Suez Canal expects -- the authority there expects lines to resume transiting through the canal within a month after they offered some discounts on those fees. And so I think you just said that you don't expect it to open. So how are you thinking about that situation currently from an industry perspective as well as from a ZIM perspective?

第二個問題關於紅海。最近有消息稱，蘇伊士運河管理局希望在提供一些費用折扣後，一個月內恢復運河通行。所以我認為你剛才說過你不希望它開放。那麼，從行業角度以及 ZIM 的角度來看，您目前如何看待這種情況？

And if I may ask a third question, I totally understand maintaining your guidance at this point. But now with 1Q behind you, and you clearly said that the (inaudible) second half comment. Can you give us a sense of where do you think you'll be at this point landing up within your range, upper end or lower end mid-point?

如果我可以問第三個問題，我完全理解此時維持您的指導。但是現在第一季已經過去了，您明確地說了（聽不清楚）後半部的評論。您能否告訴我們，您認為您現在處於哪個範圍之內，是上限還是下限的中間值？

Thank you.

謝謝。

Thank you, Muneeba. Starting with your first question with regards to the market and the demand, what do we hear about the inventory levels of our customers. Clearly, I mean, we've seen ups and downs in the market over the past few weeks, in line with the changing situation with respect to tariff. So if we go back a little bit in time, when the 145% tariff barrier was announced not so long ago, a few weeks ago, 5- to 6-weeks ago, that had clearly a significant immediate effect in reducing and canceling the bookings that we've experienced.

謝謝你，Muneeba。從您關於市場和需求的第一個問題開始，我們了解到有關客戶的庫存水準的情況。顯然，我的意思是，過去幾週我們看到市場起伏不定，這與關稅情況的變化一致。因此，如果我們回顧過去，當 145% 的關稅壁壘於不久前（幾週前，五到六週前）宣佈時，這顯然對減少和取消我們所經歷的預訂產生了顯著的直接影響。

So the volume of cargo being moved out of China went down meaningfully from almost 1 day to the other. So as a result, clearly, on the other end, on the receiving end in the US, retailers have had to tap into their inventory levels in order to continue to offer products to their customers. And that was always a debate and a risk that if the situation was to remain as is, at some point, inventory would dry out and the risk of [empty shelves] in the US was looming around.

因此，從中國運出的貨物量幾乎每天都會大幅下降。因此，顯然，在另一端，在美國的接收端，零售商必須利用其庫存水準才能繼續向客戶提供產品。這始終是一個爭論和風險，如果情況保持現狀，到某個時候，庫存就會枯竭，美國出現[貨架空置]的風險就會迫在眉睫。

Now the recent announcement of a pause in the 145% tariff had also an immediate effect to somehow revitalize the demand, and pretty much all the shippers were willing to bring cargo as quickly as possible for many reasons because of the threat of no longer having inventories, I believe, is one. But also because the window is for now known of being 90 days and what will be thereafter is still very much unknown. So I think everybody is trying to take an opportunistic view here in this respect to try to move cargo during the times when the effect of the tariff are potentially minimum.

現在，最近宣布暫停 145% 的關稅也立即產生了某種效果，以某種方式重振了需求，幾乎所有托運人都願意盡快運送貨物，原因有很多，因為我認為不再有庫存的威脅就是其中之一。而且也因為目前已知的窗口期為 90 天，而此後的情況仍然未知。因此，我認為每個人都試圖在這方面採取機會主義的觀點，試圖在關稅影響可能最小的時候運輸貨物。

So is that -- does that mean -- and you're right in saying that from a timing perspective, this is potentially not too far away from the start of the peak season. Maybe we are a month in advance here in this respect. Time will tell. I think the more important element that will allow us to have a more a definitive view as to how volume can look like for the second half of 2025 will be very much where will we land from a tariff discussion perspective once the 90 day pause has elapsed, which is now coming up soon, July 9.

那麼，這是否意味著——您說得對，從時間角度來看，這可能距離旺季的開始並不太遠。在這方面我們可能已經提前了一個月了。時間會證明一切。我認為，讓我們能夠更明確地了解 2025 年下半年交易量情況的更重要的因素是，一旦 90 天的暫停期過去，從關稅討論的角度來看，我們將處於什麼位置，而暫停期很快就要到了，7 月 9 日。

With respect to your second question, the Red Sea. Yes, today, we are of the view that it is more likely than not that in light of the current situation that continues to prevail in the Middle East, the Red Sea canal will not be used by the industry for the foreseeable future. I think -- and we are, of course, well aware of the incentive that the canal authorities have conveyed to the market, trying to attract capacity back to the canal. The way we look at it is clearly for us, we will only come back to the canal when we are certain that it is safe to do so. We will not take any risk with our seafarers.

關於你的第二個問題，紅海。是的，今天，我們認為，鑑於目前中東的局勢持續存在，紅海運河在可預見的未來很可能不會被工業使用。我認為——當然，我們非常清楚運河管理部門向市場傳達的激勵措施，試圖吸引運力重返運河。我們的看法很明確，只有當我們確信安全時，我們才會回到運河。我們不會讓我們的海員承擔任何風險。

We will not take any risk with our assets in terms of vessels. We will not take any risk with the cargo or the customers that we carry.

我們不會拿我們的船舶資產冒任何風險。我們不會對所運送的貨物或客戶承擔任何風險。

And also importantly, we will not just give it a go and try because what I think is important to remember is that now we have a stable network going around the Cape. And if we were to return and when we will return to the Red Sea seat, this in itself needs to be for the longer time. We cannot go in and out and assume that this is neutral to the repositioning of the vessels and the effect that it has on our network. So that's why, for us, it is not really a tariff discussion or a canal fee discussion. This is not what is preventing us today from crossing the canal, it's very much the safety concerns that we believe are still extremely high.

同樣重要的是，我們不會只是去嘗試，因為我認為重要的是要記住，現在我們有一個圍繞好望角的穩定網絡。而如果我們要返回，以及何時返回紅海所在地，這本身就需要更長的時間。我們不能隨意斷定這對船舶的重新定位及其對我們的網絡的影響是中性的。所以，對我們來說，這實際上並不是關稅討論或運河費用討論。這並不是今天阻止我們穿越運河的原因，主要是我們認為安全問題仍然極高。

And then to your last question on the guidance, I think you will agree that it is extremely difficult today to have a clear view as to how the situation will be like, especially, again, after we've gone through the various milestones that are ahead of us. I mentioned July 9, which is a key date where also the discussions on the tariff levels that will potentially prevail for all the countries, but China will potentially also change.

然後關於您關於指導的最後一個問題，我想您會同意，今天很難清楚地了解情況將會如何，特別是在我們經歷了面前的各種里程碑之後。我提到了 7 月 9 日，這是一個關鍵日期，這一天還將討論所有國家都可能採用的關稅水平，但中國也可能會改變。

We will get to the end of the 90-day period. August 14 will be the end of the 90-day pause on the China tariff. So those key dates are still ahead of us and depending on what will be the outcome here will have a significant potential effect on the financial performance of the company going into the second half. So that's why we kept a wide range of options in terms of guided figures both for EBITDA and EBIT.

我們將迎來 90 天期限的結束。8月14日將是為期90天的中國關稅暫停期的結束。因此，這些關鍵日期仍在我們面前，而其結果將對公司下半年的財務表現產生重大潛在影響。因此，我們在 EBITDA 和 EBIT 指導數字方面保留了廣泛的選擇。

Omar Nokta, Jefferies.

諾克塔（Omar Nokta），傑富瑞集團。

Thank you. Hi Eli and Xavier. A couple of questions for me. Xavier, you mentioned the 2025 contracts on the transpacific will be around 30% of volumes like they were last year. Back a couple of months ago, you mentioned you had a bit more of a constructive negotiation period and that you were -- it sounded like you were going to go back to maybe a 50-50 spot versus contract. We know, obviously, a lot has happened between March and May. But can you give color as to maybe what happened or what drove the decline in this -- in that expectation going from 50-50 down to 30-70?

謝謝。嗨，Eli 和 Xavier。我有幾個問題。澤維爾，您提到 2025 年跨太平洋運輸合約的成交量將達到去年的 30% 左右。幾個月前，您提到您經歷了一段更具建設性的談判期，聽起來您可能會回到 50-50 的談判局面而不是合約。我們顯然知道，三月到五月之間發生了很多事情。但是，您能否解釋一下究竟發生了什麼，或者是什麼導致了預期從 50-50 下降到 30-70 呢？

Sure. Thank you, Omar. Look, I think what I should start by saying is that this year, just like last year, when we go into those discussions with our main customers on the transpacific trade, the state of mind has been the same. So we were indeed open to up to a 50% contract and remaining exposed to 50% to the spot market. But also, and just like last year, we had a minimum rate that we are not willing to compromise on in terms of expectation, a rate per customer that we believed was the fair rate for both parties to agree and settle at.

當然。謝謝你，奧馬爾。我覺得首先應該說的是，今年就像去年一樣，當我們與主要客戶討論跨太平洋貿易時，我們的心態是一樣的。因此，我們確實願意接受高達 50% 的合約，並且仍將 50% 的曝險置於現貨市場。但是，和去年一樣，我們有一個最低費率，我們不願意在期望上妥協，我們認為這個每位客戶的費率是雙方都同意和解決的公平費率。

Clearly, the discussion this year were very much also affected by the current market uncertainties with respect to the trade and tariff discussions. So we also had some of our customers that were more on the wait-and-see mode. And this is why, again, at the end of the day, the outcome is the one I mentioned. I mentioned that for the reason I explained, from a customer perspective, maybe a little bit willingness to wait before to commit. And from our end, also the clear instructions given to our commercial team to not go below certain rigs that were preagreed internally led to this outcome of a 30%-70% split.

顯然，今年的討論也受到貿易和關稅討論方面當前市場不確定性的影響。因此，我們的一些客戶也處於觀望狀態。這就是為什麼，最終的結果還是如我所提到的。我提到，基於我所解釋的原因，從客戶的角度來看，也許在承諾之前需要等待一段時間。從我們的角度來看，我們也明確指示我們的商業團隊不要低於內部預先商定的某些鑽機，這導致了 30％-70％ 分割的結果。

Okay, thank you. And then just kind of shifting a little bit maybe towards just volumes and expectations. You're talking now for '25 low single digits versus single digits initially expected. I know it's not a substantial change, but wanted to get -- maybe if you could qualify what's behind that? Is that because of what you saw in April and so you've adjusted accordingly? Or is it more perhaps a more modest outlook for the remainder of the year?

好的，謝謝。然後可能只是稍微轉向數量和期望。您現在談論的是『25 個低個位數，而不是最初預期的個位數。我知道這不是一個實質性的變化，但我想了解一下——也許您可以解釋一下這背後的原因是什麼？這是因為您在四月看到的情況，所以做出了相應的調整嗎？或者說，對於今年剩餘時間的前景，這可能是一種更溫和的展望？

There are second things here. First of all, I think when we look at our volume in Q1, we are very pleased with the 12% volume growth year-over-year. However, initially, we had expected a little bit more than what we delivered. And we faced a few weeks after Chinese New Year, the recovery of volume out -- in and out of the US was a little bit -- took a little bit more time than what was initially anticipated.

這裡還有第二件事。首先，我認為當我們查看第一季的銷售量時，我們對同比增長 12% 感到非常滿意。然而，最初，我們的期望比我們交付的要高一些。我們面臨著農曆新年過後的幾週，美國進出口量的恢復比最初預期的要花費更多的時間。

So that's one of this volume that we did not carry in the first quarter may not be caught up in the future ones. And the second element is also, as you know, we've transitioned to a new partnership with MSC, working away from the 2M. And that transition as well has a little bit of effect in the overall utilization of the fleet, and that contributed as well to a little bit less volume being carried.

因此，這是我們在第一季沒有完成的交易量之一，在未來可能無法趕上。第二個要素是，如您所知，我們已經與 MSC 建立了新的合作夥伴關係，不再依賴 2M。這種轉變也對船隊的整體利用率產生了一定影響，也導致運力略有減少。

So that two -- the conjunction of those two elements I think explain what has happened between now and May. And now also looking forward, we clearly do see a pickup in the demand from cargo movements between China and Asia to the US. We also, as Eli mentioned, did take decisions to redesign and adjust our network not so long ago. We are now canceling those decisions and bringing the capacity back. So that also has a little bit of an effect in the overall utilization of our fleet as we need to reposition some of the ships.

所以我認為這兩個因素的結合可以解釋從現在到五月所發生的事情。現在展望未來，我們確實看到中國和亞洲之間到美國的貨運需求有所回升。正如 Eli 所提到的，不久前我們也確實決定重新設計和調整我們的網路。我們現在取消這些決定並恢復產能。由於我們需要重新定位一些船隻，因此這也對我們船隊的整體利用率產生了一點影響。

So that's mostly why, overall now, we are a little bit more conservative in our volume assumptions for 2025 when compared to what we communicated earlier on in March.

因此，這主要是因為，總體而言，與 3 月早些時候傳達的相比，我們對 2025 年的銷售假設更加保守一些。

Okay. That's clear. And then a final quick one, perhaps, and then I'll turn it over. Are you able to give what portion of your transpacific volume is direct China US-related?

好的。這很清楚。然後也許再快速說最後一個，然後我就會把它翻過來。您能否透露一下跨太平洋運輸量中有多少是直接與中國和美國相關的？

You mean out of the transpacific, what is the weight of China in our loadings? Is that the question, Omar?

您的意思是，在跨太平洋運輸中，中國貨物的重量占我們貨物重量的多少？這是問題嗎，奧馬爾？

Yeah. Yeah, just basically the bilateral relationship, China-US, US-China, that portion of the business, perhaps maybe 2024?

是的。是的，基本上是雙邊關係，中美、中美之間的那部分業務，也許是 2024 年？

Yeah. That's the significant majority of the cargo that we move originates from Asia to the tune of 60% to 70%. The rest would be Southeast Asia, neighboring countries, Vietnam, Thailand, Korea, you name it.

是的。我們運送的貨物絕大部分來自亞洲，佔 60% 至 70%。其餘的可能是東南亞、鄰國、越南、泰國、韓國等等。

Marco Limite, Barclays.

巴克萊銀行的 Marco Limite。

Hi, thanks for taking my question. I've got two. So the first one, the CEO clearly mentioned in its opening statement, but if you could comment a bit more about your exposure to the US port fee. So if you could just remind us how much of your fleet is Chinese build? And what are the actions that you call -- take in order to mitigate the risk?

你好，謝謝你回答我的問題。我有兩個。因此，第一個問題，執行長在開場白中明確提到了，但您是否可以就您對美國港口費用的了解再發表一些評論？那麼，您能否提醒我們一下，你們的艦隊中有多少是中國建造的呢？那麼，您所說的採取什麼行動來降低風險呢？

Second question is about your, let's say, Q2 outlook in a way. So you have reported a very strong Q1. Now if we think about the second quarter, spot rates are possibly going up sequentially because of the disruption and volumes are seasonally stronger. So do you think it's right to think about the Q2 profitability that is up quarter-over-quarter? Or in Q1, there is any sort of special effect, maybe delay in revenue recognition, which will have an impact in the second quarter?

第二個問題是關於您對第二季度的展望。所以您報告的第一季業績非常強勁。現在，如果我們考慮第二季度，現貨價格可能會因中斷而持續上漲，且交易量會因季節性而增強。那麼，您認為第二季獲利能力較上季上升是正確的嗎？或者在第一季度，是否有某種特殊影響，例如收入確認延遲，這會對第二季度產生影響？

Thank you.

謝謝。

Thank you, Marco. First on the USTR and the fee that will potentially be required to be paid by us if we were to call the US with Chinese built or owned vessels. We are clearly looking into it right now. To answer your question, the fleet that we operate globally as we -- as you know, we've changed meaningfully the profiling of our fleet over the past couple of years, '23 and '24.

謝謝你，馬可。首先是關於美國貿易代表辦公室，如果我們使用中國建造或擁有的船隻停靠美國，我們可能需要支付費用。我們現在顯然正在調查此事。回答你的問題，如你所知，我們在全球營運的機隊在過去幾年（23 年和 24 年）對機隊的配置進行了重大改變。

This is when we brought those 46 brand-new ships that today allow us indeed to be far more competitive in our industry. But as those vessels are recent, we are more exposed to Chinese built tonnage than maybe some of our competitors that have not had such a big newbuild activity over the past couple of years.

正是在那時，我們引進了 46 艘全新的船舶，這些船舶確實使我們在業界更具競爭力。但由於這些船舶都是近期建造的，因此與過去幾年中沒有如此大規模新建船舶活動的競爭對手相比，我們更多地受到中國建造的船舶噸位的影響。

So just to give you a little bit of an indication, we, today, when we look at the fleet that we operate, the 780,000 TEUs of equivalent tonnage, a bit less than half of it is Chinese build and the rest is non-Chinese. So when we look at the potential levy or fees that may come in, in October this year, clearly, we are now, first of all, looking at how we can shift swap tonnage between trades to ensure that we minimize the effect of that fee on our cost structure.

僅給大家一點參考，今天，當我們查看我們運營的船隊時，當量噸位為 780,000 TEU，其中略少於一半是中國建造的，其餘的都不是中國建造的。因此，當我們考慮今年 10 月可能徵收的潛在稅費時，顯然，我們現在首先要考慮如何在交易之間轉移掉期噸位，以確保最大限度地減少該費用對我們成本結構的影響。

And as a result, avoid to having to incur incremental cost that we would need to, at some point, try to recover. So it is work in progress. We are looking at what are the options that we can take here, again, in a view to ensure that we minimize, if not neutralize, the potential impact on -- of those fees.

因此，我們避免了產生在某些時候需要嘗試恢復的增量成本。所以這是一項正在進行的工作。我們正在研究可以採取哪些選擇，以確保盡量減少（如果不能消除的話）這些費用的潛在影響。

With respect to your second question, I think I understand what you have in mind here. Clearly, as we said, the volume is picking up over the past few days. We've seen that, as I'm sure you have as well. As a result, also when the demand comes back up, the rates tend to follow. So it is a likely scenario that at least for the few weeks to come, there will be a positive driver to support the profitability of the trades. But I think what we are very careful about is how long will that last.

關於您的第二個問題，我想我明白您的想法。顯然，正如我們所說，過去幾天交易量正在回升。我們已經看到了這一點，我相信你也看到了。因此，當需求回升時，利率也會隨之上升。因此，至少在未來幾週內，可能會出現一個積極的驅動因素來支持交易的獲利能力。但我認為我們非常關心的是這種情況會持續多久。

I'm going to go back to the key dates that are still ahead of us. Yes, of course, we are focusing a lot on China, and we have up until August 14. If nothing changes, this is the 90-day window where maybe trades will be supported in that period. But we also have, as I mentioned earlier on, in between or July 9, still the key data as to what will be the situation with respect to tariff levels that are today back to a minimum level. But we don't know if that's going to persist after July 9 for all the surrounding countries around China, Vietnam, Thailand, Korea, Cambodia that I was talking about not so long ago, those may be hit hard if there is no resolution between the US.

我將回顧我們面前的重要日期。是的，當然，我們非常關注中國，截止日期是 8 月 14 日。如果沒有任何變化，這是為期 90 天的窗口期，在此期間交易可能會得到支持。但正如我之前提到的，在 7 月 9 日之間，我們仍然有關鍵數據來判斷今天已恢復到最低水平的關稅水平的情況。但我們不知道這種情況是否會在 7 月 9 日之後持續下去，對於我之前提到的中國、越南、泰國、韓國、柬埔寨等周邊國家來說，如果中美之間得不到解決方案，這些國家可能會受到沉重打擊。

And those respective countries in terms of trade discussions. So there is a lot of uncertainties still ahead. Yes, good news to start with. However, how long the momentum will continue is the big unknown.

並與相關國家進行貿易討論。因此，未來仍存在著許多不確定性。是的，首先是個好消息。然而，這種勢頭能持續多久仍是一個未知數。

Okay, thank you. And if I could stick one very quickly. So over the last 1- or 2-weeks, China to the US has recovered very, very strongly. How the other trade lanes are doing?

好的，謝謝。如果我能很快地貼一個。在過去的一兩周里，中國對美國的貿易恢復得非常強勁。其他貿易航線的狀況如何？

Because my understanding was that other Asia to US was very strong as an offset to China to the US Are those trade lanes -- has those trade lanes normalized or they are still very strong as well?

因為我的理解是，其他亞洲國家對美國的貿易往來非常強勁，可以抵銷中國對美國的貿易往來。這些貿易航線是否已經正常化，或者它們仍然非常強勁？

Thank you very much.

非常感謝。

I think today, where we see a lot of movement in a way and fluctuation and variations are clearly those trade lanes that link China and Southeast Asia to the US I would say that on the other trade lanes, it's more business as usual, if you will.

我認為，今天，我們看到的許多變化、波動和變化顯然是那些連接中國、東南亞和美國的貿易航線，我想說，在其他貿易航線上，如果你願意的話，一切照常。

Alexia Dogani, JPMorgan.

摩根大通的 Alexia Dogani。

Yeah, good afternoon.

是的，下午好。

Thank you for taking my questions. And just firstly, can you discuss a little bit about your kind of network development thoughts near term? I think in Q1, you kind of exited from transpacific trade. Where did that capacity go? And how quickly would you reintroduce services in the region? Should there be a kind of more lasting kind of trade policy agreement?

感謝您回答我的問題。首先，您能否談談您近期對網路發展的想法？我認為在第一季度，你們就退出了跨太平洋貿易。這些產能都去哪了？您將多快在該地區重新推出服務？是否應該有更持久的貿易政策協定？

Then secondly, can you help us distribute your capacity in different kind of charter duration buckets? If you talk about how much of your capacity can renew within the next 12-months, how much between 1- to 5- years and how much over 5-years, that would be quite helpful to understand kind of the profile.

其次，您能幫助我們根據不同的租船期限分配您的運能嗎？如果您談論未來 12 個月內可以更新多少產能、1 至 5 年內可以更新多少產能以及 5 年內可以更新多少產能，這將對了解概況非常有幫助。

And then finally, are you looking at all to kind of your cost base more structurally when you think about unit costs compared to, let's say, prepandemic levels, where there could be some savings, where could those savings come from so we can understand a little bit current levels of profitability on I guess, kind of current spot rates. Obviously, last week was a big move. But just to give us kind of a broad understanding of how close are we to breakeven currently.

最後，當您考慮單位成本與疫情前的水平相比時，您是否會更結構化地考慮您的成本基礎，哪些方面可以節省，這些節省可能來自哪裡，以便我們能夠根據當前的現貨價格了解當前的盈利水平。顯然，上周有一個重大舉措。但只是為了讓我們大致了解目前我們距離收支平衡還有多遠。

Thank you.

謝謝。

Thank you, Alexia. So taking your questions in order, the first one with respect to the network. I think what we mentioned is, indeed, we've tried and we will continue to try our best to always dynamically react to changing market conditions. And we have reacted and we did react following the hike in the tariffs between US and China, and this is precisely what we did to suspend, and we announced the suspension of what we call our [ZX2] service, which is a service linking China to the West Coast to L.A. because we did clearly see the bookings from China dropping meaningfully, as I mentioned earlier on, following this announcement of 145% tariff.

謝謝你，亞歷克西亞。因此，請按順序回答您的問題，第一個問題與網路有關。我認為我們提到的是，我們確實已經嘗試過並將繼續盡力對不斷變化的市場條件做出動態反應。我們已經做出了反應，並且確實對中美之間關稅上調做出了反應，這就是我們暫停並宣布暫停我們所謂的 [ZX2] 服務，這是一條連接中國西海岸和洛杉磯的服務，因為正如我之前提到的，在宣布 145% 的關稅後，我們確實看到來自中國的預訂量大幅下降。

But a few weeks later, we are in a very different situation. And indeed, with the pause in the enforcement of this 145% tariff, we've announced that we were unwinding our decision to suspend and we have reviewed the service as from next week. So we are very quick and very fast. And I think agility is the name of the game here to try our best to anticipate changing market conditions, but more importantly, because anticipation is difficult, and more importantly, to react extremely fast to changing market conditions.

但幾週後，我們的情況就大不相同了。事實上，隨著這項 145% 關稅的暫停執行，我們已宣布撤銷暫停決定，並從下週開始審查該服務。所以我們非常快，非常快。我認為敏捷性是這裡遊戲的名稱，我們會盡力預測不斷變化的市場條件，但更重要的是，因為預測很困難，更重要的是，要對不斷變化的市場條件做出極其快速的反應。

So to your point, yes, we did announce not so long ago, the suspension of that service to a few weeks later, come back and know this announcement and resuming the service between Asia and the West Coast. With respect to charter duration, what we -- when you look at the capacity that we operate today, 780,000 TEUs worth of capacity, two-third of that capacity is old or long-term charter. Precisely to your question, we define a long-term charter commitment that exceeds 5 years.

所以就你所說的，是的，我們不久前確實宣布過暫停該服務，幾週後再回來了解這一公告並恢復亞洲和西海岸之間的服務。關於租船期限，當您查看我們目前營運的運力時，您會發現，780,000 TEU 的運力中，三分之二的運力是舊租船或長期租船。正是針對您的問題，我們定義了超過 5 年的長期租船承諾。

So two-third, 520,000 TEUs today are either owned, and that is 16 ships, give or take 100,000 TEUs. And the rest, [460,000 TEUs,] give or take, is chartered for a period of duration exceeding 5 years. And that allows us to have a clear visibility on our cost structure because those charter rates are known.

因此，目前三分之二（即 520,000 TEU）的貨櫃船都是自有的，也就是 16 艘船，上下浮動 100,000 TEU。其餘貨櫃（約 46 萬個 TEU）的租期超過 5 年。由於租船費率是已知的，因此我們可以清楚地了解我們的成本結構。

And also, as I mentioned earlier on, we have options to extend. We have option to buy those vessels at the end of the charter duration. So we have a clear visibility of what the cost structure of the company can be as far as those vessels are concerned for the foreseeable future.

而且，正如我之前提到的，我們還有擴展的選擇。我們可以選擇在租期結束時購買這些船隻。因此，我們可以清楚地了解在可預見的未來，該公司這些船舶的成本結構是如何的。

And then the rest, so one-third, 33%, representing 260,000 TEU worth of capacity are made of smaller-sized vessels that are being chartered and sourced from the short-term charter market. So here, as we say, less than 5-years. And even today, when we look at the profiling of this tonnage, it is maybe even to the vast majority less than 3-years. So we have 80,000 TEUs of capacity that comes up for renewal in '25, a similar number in 2026, which gives us the flexibility to adjust at least some of the capacity that will operate in the coming quarters.

其餘部分，即三分之一（33%），相當於 260,000 TEU 的運力，由從短期租船市場租賃的小型船舶組成。所以，正如我們所說，還不到 5 年。即使在今天，當我們查看這些噸位的概況時，可能絕大多數的使用壽命還不到 3 年。因此，我們有 80,000 TEU 的運力將在 2025 年更新，2026 年也將有類似的數量更新，這使我們能夠靈活地調整未來幾季營運的至少部分運力。

And then lastly, to your question, when we look at our cost structure and where there are, of course, areas to potentially improve. We are always looking, obviously, at extracting cost in our cost structure. I think we've done a significant -- or achieved a significant improvement by finalizing our fleet transformation program. But what we are also looking at right now is maybe as opposed to reduce costs, to also try to avoid cost that could potentially be not incurred. And this is ensuring that we are doing a better job in reducing the repositioning of empty containers.

最後，回答您的問題，當我們檢視我們的成本結構時，當然會發現哪些地方有待改進。顯然，我們一直在尋求在成本結構中提取成本。我認為，透過完成車隊轉型計劃，我們已經取得了重大進展。但我們現在考慮的也許不是降低成本，而是盡量避免可能不會產生的成本。這確保我們能夠更好地減少空貨櫃的重新定位。

So that requires tools, digital tool to know precisely where the equipment is, where the equipment will be in the coming weeks in order to motivate also commercial -- the commercial team to take export cargo and make sure that we optimize the flow of equipment. So I think that's one area that we can talk about.

因此，這需要工具，數位工具來精確地了解設備的位置，以及未來幾週設備的位置，以激勵商業團隊接收出口貨物並確保我們優化設備流程。所以我認為這是我們可以談論的一個領域。

Another one is clearly also, as you know, we've been, and we will continue to invest heavily in further digitizing our industry and our company in order to also make sure that our customers enjoy a seamless experience when working with ZIM and potentially interest us with their cargo more than to others. So that will continue to be a key element for the company.

另一個顯然也是，正如你所知，我們一直在並將繼續大力投資進一步實現我們的行業和公司的數位化，以確保我們的客戶在與 ZIM 合作時享受無縫體驗，並且可能比其他公司更關注我們的貨物。因此這將繼續成為公司的關鍵因素。

Now the one thing that, unfortunately, we do not really control, is the cargo handling charge that we pay on the -- what we call terminals. And as you know, the effect of the discussions that took place between the unions and the terminals in the East Coast led to an increase in the cargo and in charge in the US, and that obviously is somewhat affecting our cost structure.

不幸的是，現在我們無法真正控制的一件事是我們在所謂的碼頭支付的貨物處理費用。如您所知，工會和東海岸碼頭之間的討論導緻美國貨物量和費用增加，這顯然在一定程度上影響了我們的成本結構。

Thank you. This concludes our Q&A session. I will turn the call back over to Mr. Glickman for closing remarks.

謝謝。我們的問答環節到此結束。我將把電話轉回給格利克曼先生，請他作最後發言。

Thank you. We are pleased with ZIM strong first quarter of 2025, in which we grew carried volumes by 12% year-over-year and delivered improve profitability. Our performance reflects the benefit of our transformed fleet, improved cost structure, outstanding commercial agility and execution as well as strong underlying demand during the first part of the year. We continue to share our success with investors and declared a dividend of $0.74 -- correction, $0.74 per share for a total of $89 million, consistent with our dividend policy and capital allocation priorities.

謝謝。我們對 ZIM 在 2025 年第一季的強勁表現感到滿意，我們的運輸量比去年同期成長了 12%，獲利能力也提高了。我們的業績反映了我們轉型後的機隊、改善的成本結構、出色的商業靈活性和執行力以及今年上半年強勁的潛在需求帶來的好處。我們繼續與投資者分享我們的成功，並宣布派發每股 0.74 美元的股息——修正後為每股 0.74 美元，總計 8900 萬美元，這與我們的股息政策和資本配置重點一致。

In a few weeks, ZIM will mark its 18 years anniversary. For a humble beginning as an operator of a single passenger ship, ZIM has established itself as a global container shipping company, holding more than 330 ports and serving over 30,000 customers worldwide. We are proud of our market position and the reputation we have among industry players as an innovative provider of seaborne transportation and logistics services.

幾週後，ZIM 將迎來成立 18 週年。ZIM 從最初僅經營一艘客船的卑微企業，發展成為一家全球性的貨櫃航運公司，擁有 330 多個港口，為全球 30,000 多家客戶提供服務。作為海運和物流服務的創新提供者，我們對自己的市場地位和在業內享有的聲譽感到自豪。

Following our successful strategic transformation and fleet renewal program, we are confident even against the backdrop of highly uncertain market environment that our differentiated strategy and enhanced industry position will drive sustainable goals over the long term.

在我們成功的策略轉型和機隊更新計畫之後，即使在高度不確定的市場環境下，我們也充滿信心，我們的差異化策略和增強的產業地位將推動長期永續發展目標。

Thank you again for joining us. We look forward to sharing our continued progress with you all.

再次感謝您的參與。我們期待與大家分享我們不斷取得的進展。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。

Thank you so much for today. We're all clear.

非常感謝您今天來到這裡。我們都清楚了。