以星航運 (ZIM) 2021 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。

I'm Natalie, your Chorus Call operator.

我是 Natalie，您的 Chorus Call 接線員。

Welcome, and thank you for joining the ZIM Integrated Shipping Services Ltd.'s Q3 2021 Earnings Call.

歡迎並感謝您加入 ZIM Integrated Shipping Services Ltd. 的 2021 年第三季度財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Elana Holzman, Head of Investor Relations.

（操作員說明）我現在想將會議轉交給投資者關係主管 Elana Holzman。

Please go ahead.

請繼續。

Thank you, Natalie.

謝謝你，娜塔莉。

And welcome to ZIM's Third Quarter 2021 Financial Results Conference Call.

歡迎參加 ZIM 2021 年第三季度財務業績電話會議。

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

今天和我一起參加電話會議的是總裁兼首席執行官 Eli Glickman；和 ZIM 的首席財務官 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.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將就預期、預測、預測或未來事件或結果做出前瞻性陳述。

We believe that our expectations and assumptions are reasonable.

我們相信我們的預期和假設是合理的。

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

我們希望提醒您，此類陳述僅反映公司當前的預期，實際事件或結果可能存在差異，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 2020 annual report filed on Form 20-F on March 22, 2021.

敬請參考公司向美國證券交易委員會提交的文件中描述的風險因素和警示性語言，包括我們於 2021 年 3 月 22 日以 20-F 表格提交的 2020 年年度報告。

We undertake no obligation to update these forward-looking statements.

我們不承擔更新這些前瞻性陳述的義務。

At this time I would like to turn the call over to Eli Glickman.

現在我想把電話轉給 Eli Glickman。

Eli?

以利？

Thank you, Elana.

謝謝你，伊萊娜。

And welcome to today's call.

歡迎來到今天的電話會議。

I'm very excited to present our record results and discuss notable third quarter 2021 updates outlined on Slide #4.

我很高興能夠展示我們創紀錄的結果，並討論幻燈片 #4 中概述的 2021 年第三季度值得注意的更新。

Our continued outstanding performance is a testament to the execution of our team, including the proactive strategies we have implemented to capitalize on both the highly attractive market and ZIM's differentiated approach.

我們持續的出色表現證明了我們團隊的執行力，包括我們實施的積極戰略，以利用極具吸引力的市場和 ZIM 的差異化方法。

Of note, ZIM's revenue of $3.1 billion, adjusted EBITDA of $2.1 billion -- excuse me, adjusted EBITDA of $2.1 billion and net profit of $1.5 billion.

值得注意的是，ZIM 的收入為 31 億美元，調整後的 EBITDA 為 21 億美元——對不起，調整後的 EBITDA 為 21 億美元，淨利潤為 15 億美元。

This is for the third quarter of 2021.

這是 2021 年第三季度的數據。

These are the highest in our history.

這是我們歷史上最高的。

We also generated our highest-ever operating cash flow of $2 billion in the third quarter and further strengthened our balance sheet, growing shareholders' equity to more than $3.1 billion.

我們還在第三季度產生了有史以來最高的 20 億美元運營現金流，並進一步加強了我們的資產負債表，使股東權益增加到超過 31 億美元。

Importantly, we continue to deliver industry-leading margin, outperforming the (inaudible) industry average.

重要的是，我們繼續提供行業領先的利潤率，優於（聽不清）行業平均水平。

Our Q3 2021 adjusted EBITDA margin was 66% and adjusted EBIT margin was 59%.

我們 2021 年第三季度調整後的 EBITDA 利潤率為 66%，調整後的 EBIT 利潤率為 59%。

Based on our exceptional financial performance to date and our favorable market outlook, we are once again raising our full-year guidance.

基於我們迄今為止出色的財務業績和良好的市場前景，我們再次提高了全年業績指引。

Specifically, we now expect to generate in 2021 adjusted EBITDA between $6.2 billion to $6.4 billion and adjusted EBIT between $5.4 billion to $5.6 billion.

具體來說，我們現在預計 2021 年調整後的 EBITDA 將在 62 億美元至 64 億美元之間，調整後的 EBIT 將在 54 億美元至 56 億美元之間。

Based on the midpoint of today guidance versus the guidance provided in August, our new focus represents a 26% increase in our EBITDA guidance, and a 31% increase in our EBIT guidance.

根據今天指導與 8 月份提供的指導的中點，我們的新重點代表我們的 EBITDA 指導增加了 26%，我們的 EBIT 指導增加了 31%。

Returning capital to shareholders also remains a priority for us, and is the central component of our capital allocation strategy.

向股東返還資本仍然是我們的首要任務，也是我們資本配置戰略的核心組成部分。

As such, we announced earlier today a change in our dividend policy that will allow us to return capital to shareholders more frequently.

因此，我們今天早些時候宣布改變我們的股息政策，這將使我們能夠更頻繁地向股東返還資本。

Effective immediately we'll distribute the dividend on a quarterly rather than annual basis.

立即生效，我們將按季度而不是按年度分配股息。

The interim dividend will be at a rate of approximately 20% on the quarter's net income with the total annual amount to be distributed to shareholders remaining 30% -- between 30% to 50% of our annual net income.

中期股息將佔本季度淨收入的 20% 左右，分配給股東的年度總金額將保持在 30%——占我們年度淨收入的 30% 至 50% 之間。

According to the new policy, we declared a dividend of Q3 2021 of $2.50 per share.

根據新政策，我們宣布 2021 年第三季度的股息為每股 2.50 美元。

The dividend will be paid in December 2021.

股息將於 2021 年 12 月支付。

On Slide #5 you can see that over the last 11 quarters our earnings has consistently increased, and we deliver consecutive record quarters.

在幻燈片 #5 中，您可以看到在過去 11 個季度中，我們的收入一直在增長，而且我們連續幾個季度創下紀錄。

At the same time, our net leverage is trending downwards, reaching 0 this quarter.

與此同時，我們的淨槓桿率呈下降趨勢，本季度達到 0。

It is 0 this quarter as compared to 5.3 in Q1 2019.

與 2019 年第一季度的 5.3 相比，本季度為 0。

We are proud to be positioned in the top tier of our industry in this regard.

我們很自豪能夠在這方面處於我們行業的頂級水平。

Turning to the next slide, Slide #6, we continue to execute at the highest level, close to our 4 strategic pillars while remaining committed to positive growth.

轉到下一張幻燈片，幻燈片#6，我們繼續以最高水平執行，接近我們的 4 個戰略支柱，同時繼續致力於積極增長。

Our exceptional operational agility continues to be a core differentiator for ZIM.

我們卓越的運營敏捷性仍然是 ZIM 的核心差異化因素。

Currently we continue to operate a fleet of 113 vessels.

目前，我們繼續運營著一支由 113 艘船隻組成的船隊。

For ZIM, vessels are a means to achieve profitable growth and our primary strategy of chartering in the vast majority of our fleet.

對於 ZIM 而言，船隻是實現盈利增長的一種手段，也是我們在絕大多數船隊中租用的主要戰略。

And this is unchanged.

這是不變的。

Notwithstanding, we recently took advantage of attractive vessel acquisition opportunities to purchase 8 second-hand vessels to secure much-needed operating capacity and meet strong market demand while remaining committed to delivering industry-superior profitability.

儘管如此，我們最近利用有吸引力的船舶收購機會購買了 8 艘二手船，以確保急需的運營能力並滿足強勁的市場需求，同時繼續致力於提供行業領先的盈利能力。

Going forward, we may selectively acquire second-hand tonnage when the appropriate opportunity arise, while executing our proven chartering approach.

展望未來，我們可能會在適當的機會出現時有選擇地收購二手噸位，同時執行我們行之有效的租船方法。

Complementing our efforts to secure capacity to serve our customers and benefit shareholders, our commercial agility has also been instrumental in driving our record results.

除了我們為確保服務客戶和股東利益的能力所做的努力外，我們的商業敏捷性也有助於推動我們創紀錄的業績。

Relying on the charter market as our primary approach to securing capacity allow us to ensure that we source the fleet we need to capitalize on attractive fundamentals and new opportunities.

依靠包機市場作為我們確保運力的主要方法，使我們能夠確保我們採購我們需要的機隊，以利用有吸引力的基本面和新機會。

While navigating through challenging circumstances in the charter market over the past several months, we have successfully maintained a high level of fleet flexibility to further advance our global niche strategy and best serve our customers.

在過去幾個月中應對包機市場充滿挑戰的環境時，我們成功地保持了機隊的高度靈活性，以進一步推進我們的全球利基戰略並為我們的客戶提供最佳服務。

Despite longer-term charters becoming more common, the average remaining duration from chartered capacity to date is now 24.8 months compared to 15.3 months as of December 31, 2020.

儘管長期包租變得越來越普遍，但截至 2020 年 12 月 31 日，包租運力的平均剩餘期限現在為 24.8 個月，而為 15.3 個月。

Also charter representing approximately 23% of our total operating capacity are scheduled for renewal in '22.

此外，占我們總運營能力約 23% 的包機計劃在 22 年續簽。

This gives us the ability to manage our fleet and adapt to changing demands fundamentals in the more immediate terms.

這使我們能夠管理我們的車隊並在更直接的條件下適應不斷變化的基本需求。

Turning to operational excellence, we believe that ZIM is well-positioned for future success.

談到卓越運營，我們相信 ZIM 為未來的成功做好了充分準備。

In September we exercised the option to long-term charter 5 additional 7,000 TEU eco-friendly LNG dual-fuel container vessels (inaudible) under the transaction that we announced in July.

9 月，我們根據 7 月宣布的交易行使了長期租用 5 艘 7,000 TEU 環保型液化天然氣雙燃料集裝箱船（聽不清）的選擇權。

After exercising options ZIM has secured a total of 15 7,000 TEU vessels, adding to the 10 15,000 TEU vessels dual-fuel we contracted earlier -- that we contracted earlier in February.

在行使選擇權後，ZIM 已經獲得了總共 15 艘 7,000 TEU 的船隻，加上我們早先簽訂的 10 艘 15,000 TEU 雙燃料船隻——我們在 2 月初簽訂了合同。

The 15,000 TEU vessels are ideally suited to serve on the easier-to-use East Coast strait, while the 7,000 TEU vessels are versatile vessels and can be used in multiple straits.

15,000 TEU 的船隻非常適合在更易於使用的東海岸海峽服務，而 7,000 TEU 的船隻是多功能船隻，可用於多個海峽。

When we take delivery of these vessels, ZIM will deploy the cleanest technology currently available.

當我們接收這些船隻時，ZIM 將部署目前最清潔的技術。

This will help us address increasing regulations on carbon emissions and meet customer demand to have the cargo transported on more eco-friendly vessels.

這將幫助我們應對日益嚴格的碳排放法規，並滿足客戶使用更環保的船隻運輸貨物的需求。

At that time, over 40% of our operating capacity -- operated capacity will be LNG-fueled, positioning us at the forefront of reducing the carbon intensity of our fleet operations among global lineups.

屆時，我們超過 40% 的運營能力 - 運營能力將以液化天然氣為燃料，使我們在全球陣容中處於降低車隊運營碳強度的最前沿。

Notably, by opting the charter -- to charter these LNG vessels rather than own them, we are also maintaining flexibility to transition to newer technologies as they become commercially viable.

值得注意的是，通過選擇包租——租用這些液化天然氣船而不是擁有它們，我們還保持了靈活性，可以在新技術變得商業可行時過渡到新技術。

We have also leveraged our improved cash positions to make long-term investments in equipment, mostly new-build containers which are continuously topping 1 million TEUs.

我們還利用改善的現金狀況對設備進行長期投資，主要是不斷突破 100 萬標準箱的新建集裝箱。

Given our higher-than expected growth this year, coupled with current congested market and limited availability of containers, investing in our container fleet has supported our ability to respond to customer needs now and will continue to do so in the future.

鑑於我們今年高於預期的增長，加上當前擁擠的市場和有限的集裝箱供應，對集裝箱船隊的投資支持了我們現在響應客戶需求的能力，並將在未來繼續這樣做。

Now more than ever, responsiveness has high impact on our customer overall service experience.

現在，響應能力比以往任何時候都對我們的客戶整體服務體驗產生更大的影響。

As such, we further enhances our human response capabilities to enable us to provide best-in-class customer experience via all channels, including phone, e-mails and chat, while we continue to advance our (inaudible) customers digital tools.

因此，我們進一步增強了我們的人工響應能力，使我們能夠通過所有渠道（包括電話、電子郵件和聊天）提供一流的客戶體驗，同時我們繼續改進我們的（聽不清）客戶數字工具。

Finally, we continue to use digital strategies to power new services.

最後，我們繼續使用數字策略來支持新服務。

In October 2021 we launched SHIP4WD, a digital freight-forwarding platform targeting the SME market.

2021 年 10 月，我們推出了針對中小企業市場的數字貨運代理平台 SHIP4WD。

ZIM recognized the global need to simplify shipping services through the use of mobile devices, especially among small- and medium-size businesses and introduced SHIP4WD in response.

ZIM 認識到全球需要通過使用移動設備來簡化航運服務，尤其是在中小型企業中，因此推出了 SHIP4WD。

SHIP4WD's innovative approach enable anyone to be a self-shipper with simple and (inaudible) digital solution, making the transfers of goods worldwide just a few click away.

SHIP4WD 的創新方法使任何人都可以通過簡單且（聽不清）數字解決方案成為自助托運人，只需點擊幾下即可在全球範圍內轉移貨物。

SHIP4WD is consistent with our strategy of developing growth engines which complements our core business and align with our innovative spirit.

SHIP4WD 符合我們開發增長引擎的戰略，該增長引擎補充了我們的核心業務並符合我們的創新精神。

We are excited about the market opportunity for SHIP4WD and expect it can become a meaningful player in the multi-billion dollar freight-forward industry.

我們對 SHIP4WD 的市場機會感到興奮，並期望它能夠成為價值數十億美元的貨運行業中有意義的參與者。

I will now turn the call over to our CFO, Xavier, for his comments on our financial results and market development.

我現在將電話轉給我們的首席財務官 Xavier，請他對我們的財務業績和市場發展發表評論。

Please.

請。

Thank you, Eli.

謝謝你，伊萊。

And again, welcome everyone to our quarterly updates.

再次歡迎大家收看我們的季度更新。

During the third quarter, our execution remains strong, and we generated outstanding operational and financial results based on our differentiated approach and proactive strategy.

第三季度，我們的執行力依然強勁，基於差異化方法和積極主動的戰略，我們取得了出色的運營和財務業績。

I will now briefly discuss our KPIs, specifically Q3 and year-to-date figures, and also our robust cash position.

我現在將簡要討論我們的 KPI，特別是第三季度和年初至今的數據，以及我們穩健的現金狀況。

Slide 8 highlights several KPIs demonstrating our extraordinary financial performance, including record earnings and further enhanced cash position.

幻燈片 8 重點介紹了幾個 KPI，展示了我們非凡的財務業績，包括創紀錄的收益和進一步增強的現金狀況。

Our annual contract with some strategic customers reflect an average rate of slightly above 60% higher than last year, as well as strong momentum in the stock rate continued to drive our results.

我們與一些戰略客戶的年度合同反映出比去年略高於 60% 的平均增長率，以及庫存率的強勁勢頭繼續推動我們的業績。

ZIM capitalized on industry tailwinds that pushed freight rates higher.

ZIM 利用推動運費上漲的行業順風。

But moreover, our prioritization of a better-paying cargo mix, an initiative to capitalize on the e-commerce boom were a key differentiator that allowed us to earn even higher rates.

但此外，我們優先考慮支付更高的貨物組合，這是一項利用電子商務繁榮的舉措，這是一個關鍵的差異化因素，使我們能夠賺取更高的費率。

Specifically, our average freight rate per TEU rose by 174% in the third quarter of 2021 to $3,226 compared to $1,176 in the comparable quarter in 2020.

具體而言，與 2020 年同期的 1,176 美元相比，我們在 2021 年第三季度每標準箱的平均運費上漲了 174% 至 3,226 美元。

In all, 78% higher than the average freight rate of $2,341 in the second quarter of this year.

總體而言，比今年第二季度的平均運費 2,341 美元高出 78%。

For the first 9 months of the year, our average freight rate per TEU was $2,510, more than double compared to last year's first 9 months.

今年前 9 個月，我們每 TEU 的平均運費為 2,510 美元，比去年前 9 個月翻了一番多。

Turning to our balance sheet, we have significantly increased our cash position with our leverage ratio now at 0. As of September 30, total net debt decreased by $1.2 billion compared to year-end 2020, resulting primarily from, first, an increase of $1.37 billion related to lease liability, offset by a decrease in other financial indebtedness following the early redemption of the Series 1 and 2 notes in June.

談到我們的資產負債表，我們的現金頭寸顯著增加，我們的槓桿率現在為 0。截至 9 月 30 日，淨債務總額與 2020 年底相比減少了 12 億美元，這主要是由於首先增加了 1.37 美元與租賃負債相關的 10 億美元，被 6 月份提前贖回系列 1 和系列 2 票據後其他金融負債的減少所抵消。

And secondly, an increase in cash position of $2.17 billion.

其次，現金頭寸增加了 21.7 億美元。

The increase of $1.37 billion related to lease liabilities is almost entirely attributable to additional charter related commitments that we incurred in 2021.

與租賃負債相關的 13.7 億美元增加幾乎完全歸因於我們在 2021 年產生的額外包租相關承諾。

Our free cash flow in the third quarter totaled $1.72 billion compared to $237 million in the comparable quarter of 2020.

我們第三季度的自由現金流總計 17.2 億美元，而 2020 年同期為 2.37 億美元。

That is an increase of over 600%.

增幅超過 600%。

Once again, we leveraged our strength to profitably grow our business as is evidenced by our success in substantially increasing quarterly revenue, EBIT, EBITDA and net profit, both sequentially and year-over-year.

我們再次利用我們的優勢實現了業務的盈利增長，我們在季度收入、息稅前利潤、息稅折舊攤銷前利潤和淨利潤方面的連續和同比大幅增長就證明了這一點。

Total revenues in the third quarter were up $3.1 billion compared to $1.01 billion in the third quarter of 2020, an increase of more than 200%, 3x more.

與 2020 年第三季度的 10.1 億美元相比，第三季度的總收入增長了 31 億美元，增幅超過 200%，增長了 3 倍。

Most importantly, and consistent with our primary objective to grow profitably, third quarter net profit was a record $1.46 billion compared to $144 million in the third quarter of last year, growing by more than 900%, 10x.

最重要的是，與我們實現盈利增長的主要目標一致，第三季度淨利潤達到創紀錄的 14.6 億美元，而去年第三季度為 1.44 億美元，增幅超過 900%，增幅為 10 倍。

Adjusted EBITDA in the third quarter also significantly increased to $2.08 billion compared to $262 million in Q3 2020.

與 2020 年第三季度的 2.62 億美元相比，第三季度調整後的 EBITDA 也大幅增加至 20.8 億美元。

Adjusted EBIT increased to $1.86 billion in the third quarter, compared to $189 million in the comparable quarter of last year.

第三季度調整後息稅前利潤增至 18.6 億美元，而去年同期為 1.89 億美元。

ZIM's Q3 2021 adjusted EBITDA and adjusted EBIT margin of 66% and 59% respectively improved sequentially and continues to position us, to position ZIM among the leading performers of the industry.

ZIM 2021 年第三季度調整後的 EBITDA 和調整後的 EBIT 利潤率分別為 66% 和 59%，環比有所改善並繼續保持領先地位，使 ZIM 躋身行業領先者之列。

Our Q3 2021 results include increased tax expenses, totally $358 million for the quarter.

我們 2021 年第三季度的業績包括增加的稅收支出，本季度總計 3.58 億美元。

As I previously indicated, considering our current and expected full-year 2021 performance, we will be utilizing our entire carry-forward losses for the tax year of 2021.

正如我之前指出的那樣，考慮到我們當前和預期的 2021 年全年業績，我們將利用 2021 納稅年度的全部結轉虧損。

Next we'll review our significant improvements across all financial metrics during the first 9 months of 2021.

接下來，我們將回顧 2021 年前 9 個月期間所有財務指標的重大改進。

Revenue for the 9-month period was $7.26 billion compared to $2.63 billion last year, driven by the improved freight rates as well as an increase in carried volume, thanks to new line that we launched especially in the second half of last year.

前 9 個月的收入為 72.6 億美元，而去年同期為 26.3 億美元，這得益於我們在去年下半年推出的新航線，運費提高以及運載量增加。

Again, consistent with our focus on profitable growth, net income for the first 9 months of the year was at $2.94 billion compared to $158 million for the first 9 months of 2020.

同樣，與我們對盈利增長的關註一致，今年前 9 個月的淨收入為 29.4 億美元，而 2020 年前 9 個月為 1.58 億美元。

Adjusted EBITDA was at $4.24 billion for the first 9 months compared to $504 million for the first 9 months of last year, representing a growth of 740%.

前 9 個月的調整後 EBITDA 為 42.4 億美元，而去年前 9 個月為 5.04 億美元，增長了 740%。

Our 9 months adjusted EBITDA and EBIT margins also improved to 58% and 51% respectively this year versus 9% and 11% last year.

我們 9 個月的調整後 EBITDA 和 EBIT 利潤率也分別從去年的 9% 和 11% 提高到今年的 58% 和 51%。

Turning to Slide 10.

轉到幻燈片 10。

Our increased carried volume year over year is a direct result of proactive efforts to launch new, expedited and other services with a focus on expanding our presence or entering new trade in order to drive profitable growth.

我們的運載量同比增加是積極努力推出新的、快速的和其他服務的直接結果，重點是擴大我們的業務或進入新的貿易以推動盈利增長。

Our enhanced position in the Pacific trade and in Intra Asia, which came in response to identified growth demand there continues to serve us well.

我們在太平洋貿易和亞洲內部的地位得到提升，這是為了響應那裡已確定的增長需求，這繼續為我們提供良好的服務。

While global volume growth in the third quarter was approximately 1.6% year-over-year for the industry, ZIM's carried volume increased by 16%, from 762,000 TEUs in Q3 last year to 884,000 TEUs in the current quarter.

雖然第三季度該行業的全球銷量同比增長約 1.6%，但 ZIM 的運載量增長了 16%，從去年第三季度的 762,000 標準箱增加到本季度的 884,000 標準箱。

Our Q3 carried volumes were relatively flat sequentially, and this was due to supply chain bottlenecks and consistent with conditions experienced across the industry.

我們第三季度的運載量環比持平，這是由於供應鏈瓶頸造成的，並且與整個行業經歷的情況一致。

To help alleviate some of these pressures as well as in response to our higher-than-expected volume growth in 2021, we have contracted to purchase $898 million of equipment this year, adding approximately 307,000 TEUs to our own container fleet.

為了幫助緩解其中的一些壓力並應對我們 2021 年高於預期的貨運量增長，我們今年已簽訂合同採購 8.98 億美元的設備，為我們自己的集裝箱船隊增加約 307,000 個標準箱。

This is about $135 million more than what we previously indicated last quarter.

這比我們之前在上個季度表示的多出約 1.35 億美元。

Containers at a cost of $689 million have already been delivered to us during the first 9 months of this year.

今年前 9 個月，價值 6.89 億美元的集裝箱已經交付給我們。

Regarding our cash flow, we ended Q3 2021 with a total cash position of $2.76 billion.

關於我們的現金流，我們在 2021 年第三季度末的總現金頭寸為 27.6 億美元。

The total cash position includes cash and cash equivalents and investments in bank deposits and marketable securities.

現金頭寸總額包括現金和現金等價物以及銀行存款和有價證券投資。

During the third quarter, our adjusted EBITDA stood at $2.1 billion, converting into a $2 billion cash flow from operation.

第三季度，我們調整後的 EBITDA 為 21 億美元，轉化為 20 億美元的運營現金流。

Other cash items included $288 million of net capital expenditure, $274 million of debt service and $237 million of dividend that we distributed in September.

其他現金項目包括 2.88 億美元的淨資本支出、2.74 億美元的償債和 2.37 億美元的我們在 9 月份分配的股息。

Now I will review market fundamentals that we see in the liner sector and our positive view also going forward.

現在我將回顧我們在班輪行業看到的市場基本面以及我們對未來的積極看法。

We continue to view fundamentals that's favorable in both the near and the longer term, considering the need for replacement tonnage and current forecast for demand growth.

考慮到更換噸位的需求和當前對需求增長的預測，我們繼續認為短期和長期的基本面都是有利的。

First, in the immediate term, supply chain challenges are persistent, and there are no near-term signs of import weakness.

首先，在短期內，供應鏈挑戰持續存在，近期沒有進口疲軟的跡象。

The queue at the port of LA Long Beach has recently reached as high as 80 vessels with the port continuing to struggle with the sheer volume of boxes arriving.

洛杉磯長灘港口最近排隊的船隻多達 80 艘，該港口繼續與大量到達的箱子作鬥爭。

Key U.S. inland logistics bottlenecks remain with truck driver shortages, (inaudible) shortages and limited inland warehouse space.

美國主要的內陸物流瓶頸仍然是卡車司機短缺、（聽不清）短缺和內陸倉庫空間有限。

We expect these market conditions to continue at least over the next 6 months, supporting elevated freight rates.

我們預計這些市場狀況將至少在未來 6 個月內持續下去，從而支撐運費上漲。

Second, looking towards 2023 and beyond.

其次，展望 2023 年及以後。

We continue to view the threats of overcapacity at the loads due to 2 unrelated factors.

由於 2 個不相關的因素，我們繼續關注負載產能過剩的威脅。

One, forthcoming environmental regulation that will likely go into effect in 2023 will (inaudible), necessitating additional capacity to carry the same volume.

第一，即將出台的環境法規可能會在 2023 年生效（聽不清），這需要額外的容量來承載相同的容量。

And by some estimates, for every 1 month in average speed reduction across the fleet this would result in an effective supply reduction of 4% to 5%.

據估計，整個車隊的平均速度每降低 1 個月，將導致有效供應量減少 4% 至 5%。

And two, congestion (inaudible) land infrastructure, particularly relevant in the U.S., will continue to adversely impact port efficiencies.

第二，擁堵（聽不清）的陸地基礎設施，尤其是在美國相關，將繼續對港口效率產生不利影響。

While pandemic-related supply chain disruptions have exacerbated challenges as demand continues to grow, operational constraints in the U.S. are likely to persist.

儘管隨著需求的持續增長，與大流行相關的供應鏈中斷加劇了挑戰，但美國的運營限制可能會持續存在。

And as such, these 2 factors are expected to partially offset 2023 net feed growth reflected in the increased order book.

因此，這兩個因素預計將部分抵消訂單增加所反映的 2023 年淨飼料增長。

Now turning to the next slide.

現在轉到下一張幻燈片。

Although the upward trend we have seen in freight rates over the past several months has softened, possibly in conjunction with China's Golden Week, freight rates will continue to be well above the past decade average, driven by high demand, which is met by supply chain bottlenecks, equipment shortages and port congestion.

儘管我們在過去幾個月看到的運費上漲趨勢已經減弱，可能與中國黃金周有關，但在供應鏈滿足的高需求推動下，運費將繼續遠高於過去十年的平均水平瓶頸、設備短缺和港口擁堵。

Circumstances, again, we do not expect to change in the near future.

同樣，我們預計情況不會在不久的將來發生變化。

On the cost side, charter higher rates correlate with freight rates.

在成本方面，較高的包機費率與運費相關。

And despite the continued shortages of ships, we see a positive trend of charter high rates beginning to plateau.

儘管船舶持續短缺，但我們看到租船高費率開始趨於平穩的積極趨勢。

Next, looking at demand expectations in the U.S., pressure of the supply chain into the U.S. is not expected to decrease in the near term.

其次，從美國的需求預期來看，短期內供應鏈進入美國的壓力預計不會減少。

The robust demand for container shipping is being supported by the largest restocking cycle in the U.S. ever.

集裝箱運輸的強勁需求得到了美國有史以來最大的補貨週期的支持。

Data continues to suggest that pressure on retail inventory is partially spilling over to wholesalers as well.

數據繼續表明，零售庫存壓力也部分蔓延至批發商。

Inventory replenishment for wholesalers continues to fail to keep pace with sales, leading to inventories to sales ratio being well below average.

批發商的庫存補充繼續跟不上銷售，導致庫存與銷售比率遠低於平均水平。

And we expect retailers and wholesalers to target higher inventory-to-sales ratio, which in turn is projected to sustain strong demand for container shipping.

我們預計零售商和批發商將以更高的庫存銷售比為目標，這反過來預計將維持對集裝箱運輸的強勁需求。

As for broker prices, as economies bounce back from COVID-induced slumps, the demand for oil is driving prices up, which we accounted for in our updated guidance.

至於經紀人價格，隨著經濟從 COVID 引發的衰退中反彈，對石油的需求正在推動價格上漲，我們在更新的指南中考慮到了這一點。

Turning to our full year outlook, as previously mentioned by Eli, based on our exceptional financial performance to date and our favorable market outlook, we now project to deliver in 2021 adjusted EBITDA within the range from $6.2 billion to $6.4 billion and adjusted EBIT within a range from $5.4 billion to $5.6 billion.

談到我們的全年展望，正如 Eli 先前提到的，基於我們迄今為止出色的財務業績和有利的市場前景，我們現在預計在 2021 年實現調整後的 EBITDA 在 62 億美元至 64 億美元之間，調整後的 EBIT 在從 54 億美元到 56 億美元不等。

The underlying assumptions driving this improved outlook include expected higher average freight rates and slightly lower long-term expenses, partially offset by higher charter expenses and slightly lower carried volume as compared to our expectations and assumptions when we provided our guidance back in August.

推動這一前景改善的基本假設包括預期更高的平均運費和略低的長期費用，與我們在 8 月份提供指導時的預期和假設相比，部分被更高的包機費用和略低的運載量所抵消。

We nevertheless still expect our volumes in 2021 on a full year basis to be approximately 25% higher when compared to 2020.

儘管如此，我們仍然預計 2021 年的全年銷量將比 2020 年高出約 25%。

Turning to our new dividend policy.

轉向我們的新股息政策。

We are confidently transitioning to a quarterly dividend rather than a single annual payout, while keeping our underlying policy of distributing between 30% to 50% of our annual net income to shareholders.

我們自信地過渡到季度股息而不是單一的年度派息，同時保持我們將年度淨收入的 30% 至 50% 分配給股東的基本政策。

The payout for each of the first 3 quarters of the year will be approximately 20% of the net income generated in that quarter.

今年前 3 個季度每個季度的支出將約為該季度產生的淨收入的 20%。

And each fourth quarter once a year ZIM will pay a dividend so that the cumulative distribution amount will total between 30% to 50% of the annual net income.

ZIM每年第四季度派發一次股息，累計派發金額佔全年淨收入的30%至50%。

We are pleased to implement this effective immediately and accordingly declare an interim cash dividend of approximately $296 million or $2.50 per ordinary share, reflecting approximately 20% of our third quarter net income.

我們很高興立即生效並相應地宣布中期現金股息約為 2.96 億美元或每股普通股 2.50 美元，約占我們第三季度淨收入的 20%。

And this dividend will be paid in December.

而這筆股息將在 12 月支付。

Now I'm turning back to Eli for his concluding remarks.

現在我要回過頭來聽取 Eli 的總結性意見。

Thank you, Xavier.

謝謝你，澤維爾。

ZIM continues to be well-positioned for the future as an innovative digital leader of seaborne transportation and logistics services.

ZIM 作為海運和物流服務的創新數字領導者，在未來繼續處於有利地位。

Once again, we delivered record quarterly earnings and profitability, reflective of our differentiated global niche strategy and outstanding execution, leveraging strong underlying market fundamentals.

我們再次創造了創紀錄的季度收益和盈利能力，反映了我們差異化的全球利基戰略和出色的執行力，充分利用了強大的基礎市場基本面。

We are excited by the progress we have made advancing this proven approach in the recent quarters, increasing our capacity to support customers and benefit shareholders while successfully maintaining a high level of fleet flexibility.

我們對最近幾個季度在推進這種行之有效的方法方面取得的進展感到興奮，提高了我們支持客戶和股東利益的能力，同時成功地保持了高水平的機隊靈活性。

Our innovative spirit continues to be on display as evidenced by multiple initiatives advanced throughout 2021.

整個 2021 年推進的多項舉措證明了我們的創新精神繼續展現。

Most recently, as I said, we launched the SHIP4WD, our digital freight-forwarding platform, which we expect to become a significant player in the freight-forwarding industry.

最近，正如我所說，我們推出了 SHIP4WD，這是我們的數字貨運代理平台，我們希望它成為貨運代理行業的重要參與者。

We remain focused on developing growth engines, complementing to our core business to provide added value.

我們仍然專注於開發增長引擎，補充我們的核心業務以提供附加值。

Lastly, we are proud of our capital allocation track record in the short period of time as a public company.

最後，我們為上市公司在短時間內的資本配置記錄感到自豪。

In addition, prudently allocating capital for future growth, including paying down debt in previous quarter, strategically securing our future (inaudible) LNG fleet and investing in equipment and innovation, ZIM is poised to return a significant amount of cash to our shareholders.

此外，通過謹慎地為未來增長分配資本，包括償還上一季度的債務、戰略性地保護我們未來（聽不清）的液化天然氣船隊以及投資設備和創新，ZIM 準備向我們的股東返還大量現金。

We'll now open the call to questions.

我們現在將開始提問。

Thank you very much.

非常感謝。

(Operator Instructions) And the first question is from the line of Randy Giveans from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Randy Giveans。

Congrats obviously on the epic quarter, improved dividend policy.

顯然祝賀史詩般的季度，改善股息政策。

I have a couple of questions.

我有一些問題。

Been pretty bullish on ZIM, but I'll try to keep it brief.

一直非常看好 ZIM，但我會盡量保持簡短。

I guess, first on the EBITDA guidance front.

我想，首先是在 EBITDA 指導方面。

You have one quarter remaining.

你還剩四分之一。

4Q should be at least in line or possibly better than 3Q based on that EBITDA guidance.

根據該 EBITDA 指南，第四季度應該至少符合或可能優於第三季度。

So with that, looking at the volumes, they seem to have ticked down from 2Q into 3Q.

因此，從數量上看，它們似乎已經從第二季度下降到第三季度。

What is this trend looking like for 4Q?

第四季度的趨勢如何？

Do you have much volume left to sell this quarter?

這個季度你還有多少銷量要賣？

Yes.

是的。

When it comes to the volume, we've seen a little bit, as you rightly pointed out, a reduction quarter-over-quarter between Q3 and Q2, which is very much linked to the current bottleneck that we're experiencing in the terminal, especially relevant on the U.S. West Coast, but also to some extent in some other locations also on the East Coast.

關於交易量，正如您正確指出的那樣，我們看到了第三季度和第二季度之間的環比下降，這與我們目前在航站樓遇到的瓶頸密切相關，尤其與美國西海岸有關，但在某種程度上也與東海岸的其他一些地方有關。

So the situation today is as it is.

所以今天的情況就是這樣。

We expect -- we hope that all the actions that are being taken by all the stakeholders in this industry will assist in easing as opposed to further deteriorating the current situation.

我們期望 - 我們希望該行業所有利益相關者正在採取的所有行動將有助於緩解而不是進一步惡化當前局勢。

So when it comes to our volume expectation for the fourth quarter, we do not anticipate that those would further reduce compared to what we experienced this quarter around.

因此，當談到我們對第四季度的銷量預期時，我們預計與本季度左右的情況相比，這些預期不會進一步減少。

Perfect.

完美的。

And then following up on that.

然後跟進。

We've seen some headlines around spot rates falling.

我們已經看到一些關於即期利率下降的頭條新聞。

Maybe one of the reasons is customers switching from booking spot to longer-term contracts.

也許原因之一是客戶從預訂現貨轉向長期合同。

So with that, have you signed some new long-term, maybe at least 12-month contracts with your customers starting in the fourth quarter?

因此，您是否從第四季度開始與您的客戶簽訂了一些新的長期合同，可能至少為期 12 個月？

Or are you kind of waiting until early 2022 for those contract agreements?

還是您要等到 2022 年初才能獲得這些合同協議？

For us, the contract season, which is relevant for the transpacific volume is a little bit later than what is the contract season for the Asia to North Europe, which is based on the calendar year.

對我們來說，與跨太平洋運輸量相關的合同季節比基於日曆年的亞洲至北歐的合同季節晚一點。

When it comes to the transpacific, the contracts run from the 1st of May to the 30th of April.

說到跨太平洋，合同從 5 月 1 日到 4 月 30 日有效。

So really we are today at the very early stage or very early days of initial discussions with customer to agree on the volume and on the rates that we prevail for -- and that's from the 1st of May next year.

所以實際上，我們今天正處於與客戶進行初步討論的早期階段或早期階段，以就我們現行的數量和費率達成一致——這是從明年 5 月 1 日開始的。

So it's too early to say for us.

所以現在對我們說還為時過早。

No, we don't see the rates at the spot.

不，我們看不到當場的匯率。

That's for the contract cargo.

那是合同貨物。

So it's a little bit too early for us to give a view as to where we will land, although the market conditions today hit towards a significant increase in the average contracted rates that (inaudible) next year.

因此，儘管今天的市場狀況正朝著明年（聽不清）的平均合同利率顯著增加的方向發展，但我們現在就我們將在哪裡著陸還為時過早。

On the spot today, yes, you're right, there are some fluctuations on the week after week.

今天現場，是的，你是對的，一周又一周會有一些波動。

And let's not forget that we are still in an industry subject to seasonality.

別忘了我們仍然處於一個受季節性影響的行業。

We are just right after the end of what we traditionally call the peak season.

我們正處於傳統上稱為旺季的結束之後。

And there was also the Golden Week effect in China.

還有中國的黃金周效應。

So that's -- it's moving a little bit up and down.

這就是 - 它有點上下移動。

But our assumptions for the fourth quarter, and obviously we have good visibility on that is that on average we don't expect our average revenue per TEU to decrease.

但我們對第四季度的假設，顯然我們對此有很好的了解，平均而言，我們預計每標準箱的平均收入不會下降。

Yes.

是的。

That makes sense.

這就說得通了。

And then lastly in terms of capital allocation, you clearly have billions to spend.

最後，在資本配置方面，你顯然有數十億美元可以支出。

You've been active on securing some long-term charters with new buildings.

你一直在積極爭取新建築的一些長期租約。

You've been buying those secondhand container ships with more prompt delivery, 0 net debt.

您一直在購買那些交貨更及時、淨債務為 0 的二手集裝箱船。

So I guess, how will you further kind of balance this in terms of acquisitions, maybe some M&A activity, equipment spending on the boxes or maybe most effectively, repurchasing shares directly from some of the legacy shareholders?

所以我想，你將如何在收購方面進一步平衡這一點，也許是一些併購活動，盒子上的設備支出，或者最有效的，直接從一些傳統股東那裡回購股票？

But for us, capital allocation is obviously very, very important.

但對我們來說，資本配置顯然非常非常重要。

And first and foremost, we are making sure that we dedicate cash resources to further in the business and to make sure that -- and as you rightly pointed out, that we secure the tonnage that we need in order to continue to deliver those very good results that we managed to deliver quarter after quarter.

首先，我們要確保我們將現金資源用於進一步發展業務，並確保——正如你正確指出的那樣，我們確保我們需要的噸位，以便繼續提供那些非常好的產品我們設法逐季交付的結果。

So that meant that we acquired some secondhand tonnage as you see.

所以這意味著我們獲得了一些二手噸位，如您所見。

That also meant that we need to set aside some cash in order to put upfront payment for our LNG vessels that we secured with a system that also allowed us to invest significantly this year on containers and bringing in.

這也意味著我們需要預留一些現金，以便為我們的液化天然氣船支付預付款，我們通過一個系統獲得保障，該系統也使我們今年可以在集裝箱和引進方面進行大量投資。

But we needed containers also to tackle the current bottlenecks that we are experiencing today.

但我們也需要容器來解決我們今天遇到的當前瓶頸。

So that's one.

這就是一個。

The second is obviously also, as we always mentioned, returning capital to shareholders is high on the agenda of the company and of its board.

第二個顯然也是，正如我們一直提到的那樣，向股東返還資本是公司及其董事會議程的重中之重。

We are very pleased with what we've achieved so far.

我們對迄今為止所取得的成就感到非常滿意。

If we just go back down and remember that over the past 9, 10 months, since we've been a listed company, we started by raising close to $220 million, $230 million back in January.

如果我們回頭想想，在過去的 9、10 個月裡，自從我們成為上市公司以來，我們從一月份開始籌集了近 2.2 億美元，2.3 億美元。

And already 9 months down the line, in September, we returned that same amount to our shareholders and we have this exceptional dividend.

9 個月後，即 9 月，我們向股東返還了同樣數額的股息，而且我們獲得了特別的股息。

We are now announcing another one in December.

我們現在在 12 月宣布另一個。

So within less than a year, we would have returned to shareholders twice as much as what we raised back in January.

因此，在不到一年的時間裡，我們向股東回報的金額是 1 月份的兩倍。

So we are looking at all the ways relevant for us to return value to shareholders.

因此，我們正在尋找與我們相關的所有方式來為股東回報價值。

We are also very pleased to transition from annual to quarterly, which I think is also -- that will allow better visibility from our shareholder base.

我們也很高興從年度過渡到季度，我認為這也是——這將使我們的股東基礎有更好的知名度。

So shareholder buyback is something that is also on the agenda, that the company might consider if this is something that becomes relevant.

因此，股東回購也在議程上，公司可能會考慮這是否變得相關。

But for us, again, we are looking at creating long-term shareholder value, and we believe that today the strategy and the decisions that we are making achieve just that.

但對我們來說，我們再次著眼於創造長期股東價值，我們相信今天我們正在製定的戰略和決策能夠實現這一目標。

The next question is from the line of Omar Nokta from Clarkson Securities.

下一個問題來自 Clarkson Securities 的 Omar Nokta。

Also congratulations on yet another strong quarter and exceeding a lot of people's expectations, including mine, of course.

還要祝賀又一個強勁的季度，超出了很多人的預期，當然也包括我的預期。

We wanted to touch on Randy's question about the freight contracts.

我們想談談蘭迪關於貨運合同的問題。

I know it's a bit early, as you highlighted, Xavier, the -- with the May contracting period still a bit away.

我知道現在有點早，正如你強調的那樣，Xavier，距離 5 月的合同期還有一段距離。

But did want to ask because we did see some reports and some discussions for the Asia-Europe legs that we were seeing freight contracts being entered into that were as long as 36 months in duration.

但確實想問，因為我們確實看到了一些關於亞歐航線的報導和討論，我們看到正在簽訂的貨運合同長達 36 個月。

And just wanted to ask, did you see that type of interest?

只是想問一下，你看到那種興趣了嗎？

I know it's a small piece of your business, but did you see that type of interest?

我知道這只是您業務的一小部分，但您看到這種興趣了嗎？

And also, are there any indications that we could be seeing something like that on the transpacific?

而且，是否有任何跡象表明我們可能會在跨太平洋地區看到類似的情況？

I know it's early, but any color you can give on that?

我知道現在還早，但是你能給它塗上什麼顏色嗎？

You're right.

你說得對。

When we look in and look at what's going on on trades where we are not an active player but it's still important for us to know what is happening there because it may give us indication as to what our customers may want to discuss with us on the trades where it is relevant.

當我們查看並查看我們不是活躍參與者的交易中發生的事情時，了解那裡發生的事情對我們來說仍然很重要，因為它可能會告訴我們客戶可能希望與我們討論什麼在相關的地方進行交易。

So through the (inaudible) Europe, we've heard and read the same thing as what you're mentioning right now Omar.

因此，通過（聽不清）歐洲，我們聽到和讀到的內容與您現在提到的奧馬爾相同。

As far as we are concerned now, we have some customers that throw the idea as to whether longer-term more than 12 months is something that the company would entertain.

就我們現在而言，我們有一些客戶提出這樣的想法，即公司是否願意接受超過 12 個月的長期服務。

We haven't made a final decision here as of yet.

到目前為止，我們還沒有在這裡做出最終決定。

First of all, for us, the primary question that we want to give an answer to internally is what is the allocation in terms of contract cargo versus spot that we want to secure for the next season.

首先，對我們來說，我們想要在內部給出答案的主要問題是，合同貨物與我們希望在下一季獲得的現貨的分配是什麼。

And then when we focus on the percentage of contract cargo, whether those are going to be 12 months as it used to be the norm or in some cases more than that will be subject to the discussions that we will have with each and every customer.

然後，當我們關注合同貨物的百分比時，無論是像過去那樣是 12 個月，還是在某些情況下超過 12 個月，都將取決於我們與每一位客戶的討論。

But a little bit too early for us to comment on this at this stage.

但我們現階段對此發表評論還為時過早。

Got it.

知道了。

I appreciate at least some of that insight.

我至少欣賞其中的一些見解。

And then just you also highlighted in your comments earlier just on some of the activity going on in the West Coast in the U.S. where everyone's getting involved trying to sort out the excess containers.

然後，您在早些時候的評論中也強調了美國西海岸正在進行的一些活動，每個人都參與其中，試圖整理多餘的集裝箱。

And there has been the threat of fees on idle boxes at the ports of Los Angeles and Long Beach.

洛杉磯和長灘港口的閒置箱子也存在收費威脅。

And it looks like that threat at least has worked because the containers apparently have come down in volume, and they pushed out when they're going to implement those fees.

看起來這種威脅至少奏效了，因為容器的數量顯然已經下降，並且在他們要實施這些費用時推出了。

But generally speaking about that, given you have a big footprint in the transpacific, do you see that as a concern, having to pay those fees potentially?

但總的來說，考慮到你在跨太平洋地區的足跡很大，你是否認為這是一個問題，必須支付這些費用？

And how do you think about being able to pass those costs on to the customer?

您如何看待能夠將這些成本轉嫁給客戶？

First, maybe I'll start by saying that nobody has any interest in incurring costs and then passing cost to customers.

首先，也許我會先說沒有人有興趣產生成本然後將成本轉嫁給客戶。

All the stakeholders in this industry need to work together and are working together to try to ensure that the equipment is going out and coming back as efficiently as possible.

該行業的所有利益相關者都需要共同努力，並共同努力確保設備盡可能高效地運出和運回。

And that is the spirit of the detention and demurrage charge, is to incentivize the return of the equipment back into the network.

這就是滯留費和滯期費的精神，是為了激勵設備返回網絡。

So we -- the terminals, the shipping lines, the customers all need to work together to try to indeed alleviate the current issues that are highly visible indeed in the port of LA.

所以我們——碼頭、航運公司、客戶都需要共同努力，努力真正緩解洛杉磯港口目前非常明顯的問題。

So for us, the -- what we are doing is trying to make sure that, first of all, we communicate with our customers on a daily basis, letting them know that their customers, when we talk about (inaudible), that needs to be picked up by the customers, that they are available for them to pick up, that they are in places where they are accessible because there's also this question about not -- inaccessible and accessible equipment.

所以對我們來說，我們正在做的是努力確保，首先，我們每天與客戶溝通，讓他們知道他們的客戶，當我們談論（聽不清）時，需要被客戶接走，他們可以接他們，他們在他們可以訪問的地方，因為還有一個關於不訪問和訪問設備的問題。

So we've made sure that we position the containers full to places where customers could come and pick up the cargo.

因此，我們確保將裝滿的集裝箱放置在客戶可以來取貨的地方。

And indeed, it is bearing fruit.

事實上，它正在結出碩果。

And as far as we are concerned, they are looking at the ZIM equipment that was -- or is sitting in the port of LA.

就我們而言，他們正在查看過去或現在位於洛杉磯港口的 ZIM 設備。

We've seen a drastic reduction of give or take 50% of the overall containers within the past 2, 3 weeks that have been now put back into the overall network.

在過去的 2 到 3 週內，我們已經看到 50% 的容器數量急劇減少，現在這些容器已經放回了整個網絡。

So that's what is very important for us, again, is to all work together to try to make sure that the customers get the cargo, that we get our customer back, that the port can work and continue to work efficiently.

因此，這對我們來說非常重要，再次是共同努力確保客戶收到貨物，我們讓客戶回來，港口可以繼續有效地工作。

The next question is from the line of Sathish Sivakumar from Citigroup.

下一個問題來自花旗集團的 Sathish Sivakumar。

I've got 3 questions here.

我在這裡有 3 個問題。

Firstly, on the share of contractor versus spot, just to clarify, is it still around 20% of your volumes are contract?

首先，關於承包商與現貨的份額，我想澄清一下，您的合同量是否仍佔 20% 左右？

And then just related to that, what is your exposure to the spot premium market actually in terms of volumes?

然後與此相關的是，就交易量而言，您對現貨溢價市場的實際敞口是多少？

And secondly, on CapEx guidance, if you look at 9 month CapEx, it's about $755 million, and the 7 vessels that were purchased in October, is at about $320 million.

其次，在資本支出指導方面，如果你看一下 9 個月的資本支出，它約為 7.55 億美元，而 10 月份購買的 7 艘船的資本支出約為 3.2 億美元。

So is it fair to think that you've kind of done for full year, it might be around $1 billion to $1.1 billion of CapEx for this year?

那麼認為你已經完成了全年，今年的資本支出可能約為 10 億至 11 億美元，這公平嗎？

And…

和…

Yes -- sorry, go ahead.

是的——抱歉，請繼續。

Sorry, sorry.

實在抱歉。

Maybe I can ask afterwards.

也許我可以事後再問。

Let's take this 2, and then I can ask the third one later.

拿這個2吧，等會再問第三個吧。

All right.

好的。

So easy answer to your second one, which is the CapEx, yes, you're right.

如此簡單地回答你的第二個問題，即資本支出，是的，你是對的。

When we look at combining the investment in the second-hand vessels and the equipment, the boxes, we will be a little bit in excess of $1 billion overall for the year 2021.

當我們考慮將對二手船和設備、箱子的投資結合起來時，我們到 2021 年的總投資將超過 10 億美元。

To the first question, in terms of what is today still the mix between contracts and spot.

對於第一個問題，就今天仍然是合約和現貨之間的組合而言。

Yes, we are on the transpacific give or take at 50-50, 50 spot, 50 contract.

是的，我們在跨太平洋上以 50-50、50 現貨、50 合同進行交易。

And for next year, it is very possible that we will continue with the same type of a split.

明年，我們很有可能會繼續採用相同類型的拆分。

And what is your split on the spot premium market?

您在現貨溢價市場上的分歧是什麼？

The premium is something that is fluctuating week after week as it is very much a function of whether customers want to jump the queue in a way and have the cargo loaded in that exposure as opposed to waiting for additional weeks.

保費每週都在波動，因為它在很大程度上取決於客戶是否願意以某種方式插隊並在這種情況下裝載貨物，而不是等待額外的幾週。

So it is marginal, to be honest with you, as far as we are concerned.

所以老實說，就我們而言，這是微不足道的。

If we look at the breakdown of premium versus, well, nonpremium, normal, if you will, if you want to call it that way, to give an indication of percentage, I think it's less than 10% of premium target.

如果我們看一下溢價與非溢價、正常情況下的細分，如果你願意，如果你想這樣稱呼它，給出百分比的指示，我認為它不到溢價目標的 10%。

Okay.

好的。

Got it.

知道了。

So my third question actually.

所以實際上我的第三個問題。

Cash conversion, if you look at, it is actually down from 90% to 83%.

現金轉換，如果你看一下，它實際上從 90% 下降到 83%。

Is it mainly driven by longer duration of charters?

它主要是由更長的包機期限驅動的嗎？

And how should one think about the normalized cash conversion?

應該如何考慮正常化的現金轉換？

So this is very much -- I think we -- what we provide here in terms of the cash conversion is free cash flow conversion.

所以這非常 - 我認為我們 - 我們在這裡提供的現金轉換是自由現金流轉換。

So there is the effect of the CapEx that we just talked about, which has been quite significant in 2021 when compared to prior year.

因此，我們剛才談到的資本支出的影響與去年相比在 2021 年非常顯著。

So in the years ahead of us, if we were to revert back to a more fully charted type of strategy as opposed to also acquiring in the secondhand market.

因此，在我們未來的歲月裡，如果我們要恢復到更全面的戰略類型，而不是在二手市場上收購。

And also considering that from an equipment perspective, we made a significant investment in 2021 that we do not intend to replicate to the same magnitude, the same levels in the years to come, the cash conversion rate will normally increase.

並且還考慮到從設備的角度來看，我們在 2021 年進行了一項重大投資，我們不打算在未來幾年復製到相同的規模、相同的水平，現金轉換率通常會增加。

Okay.

好的。

Got it.

知道了。

And will it go back to 90%?

它會回到90%嗎？

Or you should still expect it to normalize somewhere between 85% and 90%?

或者您仍然應該期望它在 85% 到 90% 之間正常化？

I would say, yes, definitely back to 90% would be a reasonable assumption.

我會說，是的，回到 90% 絕對是一個合理的假設。

The next question is from the line of Alexia Dogani from Barclays.

下一個問題來自巴克萊銀行的 Alexia Dogani。

I have also 3 questions, please.

我也有3個問題，請。

Just firstly, following up on the Eli's comment at the start.

首先，跟進Eli 一開始的評論。

Am I correct in thinking that 23% of your total capacity is on charges less than 12 months?

我認為你們總容量的 23% 是在 12 個月內收費的，我這樣認為對嗎？

And is that the number that we compare at the time of the IPO being around 70%?

我們在 IPO 時比較的數字是 70% 左右嗎？

And I just want to check, is that 23% enough for you to maintain your agile approach to capacity?

我只想檢查一下，這 23% 是否足以讓您保持敏捷的容量方法？

That's my first question.

這是我的第一個問題。

My second question is on just CapEx and lease CapEx.

我的第二個問題是關於資本支出和租賃資本支出。

Very helpful, Xavier, the comment on 2021 cash CapEx.

Xavier，對 2021 年現金資本支出的評論非常有幫助。

Can you just give a similar comment on lease CapEx and CapEx for '22, '23, if possible, between cash and lease?

如果可能的話，您能否就現金和租賃之間的租賃資本支出和 22 年、23 年的資本支出發表類似評論？

And then finally, on the supply chain disruption point, I mean, clearly, based on your comments on sort of midterm supply-demand balance, you don't expect operational reliability to recover from the current sort of trough levels.

最後，關於供應鏈中斷點，我的意思是，很明顯，根據您對中期供需平衡的評論，您預計運營可靠性不會從當前的低谷水平恢復。

I mean, what do you think are the implications if, therefore, the supply chains remain more costly and more lengthy for longer?

我的意思是，如果供應鏈在更長時間內保持成本更高、時間更長，您認為這意味著什麼？

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

Right.

正確的。

Thanks, Alexia.

謝謝，亞歷克西婭。

The first question, which is a clarification question, I guess, on the comments that we made, 23% relates to the tonnage that is up for renewal, indeed in 2022 so give or take in terms of the vessels we are talking 25 -- I think, 25 vessels that will come up for renewal in 2022.

第一個問題，我想，這是一個澄清問題，根據我們所做的評論，23% 與即將更新的噸位有關，實際上是在 2022 年，所以就我們正在談論的船隻而言給予或接受 25 --我認為，25 艘船將在 2022 年進行更新。

So to your point, we are navigating -- we're trying to solve a difficult equation here because let's remind ourselves that, first of all, we are growing.

所以就你的觀點而言，我們正在導航——我們正在嘗試在這裡解決一個困難的方程式，因為讓我們提醒自己，首先，我們正在成長。

And unlike the industry that is growing at 5%, we expect to grow in 2021 at 25%.

與以 5% 的速度增長的行業不同，我們預計 2021 年將以 25% 的速度增長。

So with that growth comes also additional needs when it comes to capacity tonnage vessels.

因此，隨著這種增長，對容量噸位船舶的需求也隨之增加。

So we need to find and source that vessel.

所以我們需要找到並找到那艘船。

Then we need to find the arbitrage in terms of looking ourselves for durations that we are happy to entertain.

然後，我們需要根據自己尋找我們樂於接受的持續時間來找到套利。

And that needs to be linked to our perception of the midterm, long-term view that we have on the access to tonnage.

這需要與我們對獲得噸位的中期、長期觀點的看法聯繫起來。

And we are of the view that -- and for the reason I've explained, the environmental related issues, for one, that there will be continuous pressure on tonnage.

我們認為——出於我已經解釋過的原因，與環境相關的問題，一方面，噸位將持續面臨壓力。

So it's okay for us, as we are going to shift towards a little bit of a longer average duration, so 25 months now versus 15 months as of end of last year.

所以這對我們來說沒問題，因為我們將轉向更長的平均持續時間，所以現在是 25 個月，而去年年底是 15 個月。

So the average duration of our charter is indeed increasing.

因此，我們包機的平均持續時間確實在增加。

But that's okay.

但沒關係。

And it is also important when we look and compare these 25 months on average, if you add 35 months to where we are today, we end up in 2023-'24, right around when we are going to get delivery of our LNG vessels, the (inaudible) vessels.

同樣重要的是，當我們平均查看和比較這 25 個月時，如果將 35 個月添加到我們今天的位置，我們將在 2023-'24 結束，就在我們要交付液化天然氣船的時候， （聽不清）船隻。

So then we will be able to make the -- also the arbitrage as to whether we are continuing to grow and then we renew and extend the chartered tonnage because we need it or we don't and the LNG vessels that we take delivery from come in as replacement capacity and it will just return to as tonnage providers, those vessels.

因此，我們將能夠就我們是否繼續增長進行套利，然後我們更新和擴展特許噸位，因為我們需要或不需要，我們從中接收的液化天然氣船來自作為替代能力，它將作為噸位供應商返回給那些船隻。

So we feel good about the fact that we are making the right arbitrage and come to a situation whereby we answer to the fact that we need to see pure tonnage for this year for the longer term.

因此，我們對我們正在進行正確的套利這一事實感到滿意，並得出這樣一種情況，即我們需要從長遠來看今年需要看到純噸位這一事實。

We need to keep the flexibility, especially (inaudible) when we are going to get delivery of that significant amount of new building in 2023-2024.

我們需要保持靈活性，尤其是（聽不清）當我們要在 2023-2024 年交付大量新建築時。

And that will continue on the growth path when it comes to the network where we operate.

當涉及到我們運營的網絡時，這將繼續在增長的道路上進行。

On the -- your second question with regards to CapEx.

關於 - 關於資本支出的第二個問題。

For me to give you the details in terms of what will be the charter assumptions for the years to come, this will be also a function of what the market and the drivers of the market are like.

為了讓我詳細介紹未來幾年的章程假設，這也將取決於市場和市場驅動因素的情況。

Surely, when it comes to forecasting, we are taking conservative assumptions and where we link our revenue per TEU assumptions with the chartering market.

當然，在預測方面，我們採用的是保守假設，我們將每 TEU 收入假設與租船市場聯繫起來。

And therefore, as long as we see a positive trend on the revenue side, we will make sure that we do also account for the fact that there will be -- no reason of the chartering market to soften.

因此，只要我們看到收入方面出現積極趨勢，我們就會確保我們也考慮到租船市場沒有理由疲軟的事實。

So that's something that we look hand-in-hand in our forecast.

因此，這就是我們在預測中攜手並進的事情。

From a cash CapEx perspective, as I mentioned earlier on, very much containers were the drivers for this year.

從現金資本支出的角度來看，正如我之前提到的，容器是今年的驅動因素。

We've now brought in more than 300,000 TEUs.

我們現在已經引進了超過 300,000 個標準箱。

Our total container capacity is exceeding 1 million TEU.

我們的集裝箱總容量超過 100 萬標準箱。

Depending on what the situation looks like, but towards normalization of our industry, which will happen one day, the question is when, but it will eventually happen, we think that we will have enough containers to carry the cargo that we tend to carry.

視情況而定，但為了我們行業的正常化，這有一天會發生，問題是什麼時候，但它最終會發生，我們認為我們將有足夠的集裝箱來承載我們傾向於承載的貨物。

And we will deliver and scale out the older equipment, keeping the brand-new boxes with us.

我們將交付和擴展舊設備，同時保留全新的設備。

And the last question on the supply chain disruption.

關於供應鏈中斷的最後一個問題。

It's very difficult to say.

這很難說。

What we can just acknowledge is that there are still the same drivers that are very much there, very strong demand on the one hand, especially true in the U.S., and there is no sign of a softening of those demand driver.

我們可以承認的是，仍然有很多相同的驅動因素，一方面是非常強勁的需求，尤其是在美國，而且沒有跡象表明這些需求驅動因素有所減弱。

And from a productivity aspect of things, from a land side operations aspect of things, from a lack of truckers, difficulties to move the cargo inland, that is still very much of an issue and maybe some time before it actually gets resolved.

從生產力方面來看，從陸上運營方面來看，缺少卡車司機，難以將貨物運往內陸，這仍然是一個非常大的問題，可能還需要一段時間才能真正解決。

Omar Nokta from Clarkson Securities.

克拉克森證券的 Omar Nokta。

I just had 1 follow-up.

我剛剛進行了 1 次跟進。

And apologies if you already addressed it, but wanted to ask about M&A.

如果您已經解決了這個問題，但想詢問有關併購的問題，我們深表歉意。

I believe last quarter you had highlighted looking at potential deals at some of the smaller scale Asian liners.

我相信上個季度你強調了一些較小規模的亞洲班輪的潛在交易。

I just wanted to get an update on that.

我只是想了解最新情況。

And also just in general, with regards to M&A, if you felt continued horizontal activity was ideal?

而且總的來說，關於併購，您是否認為繼續橫向活動是理想的？

Or if you were looking at also the vertical integration as well?

或者，如果您也在考慮垂直整合？

Yes, Omar.

是的，奧馬爾。

The -- what we said last quarter remains very true as of today.

我們上個季度所說的到今天仍然非常正確。

So we will continue to explore opportunistically options for us to acquire smaller shipping lines, that's what we are looking at.

因此，我們將繼續探索機會主義的選擇，讓我們收購較小的航運公司，這就是我們正在尋找的。

Still in the same regional trade where we see potential for growth, very much on Intra Asia and also to some extent on the Latin America or South America region.

仍然在我們看到增長潛力的同一個區域貿易中，主要是在亞洲內部，在某種程度上也在拉丁美洲或南美洲地區。

So there's nothing changed here.

所以這裡沒有任何改變。

We are looking for opportunities in this respect, and we continue to do so.

我們正在尋找這方面的機會，並將繼續這樣做。

Okay.

好的。

And then anything on going into the vertical aspect of the industry?

然後是關於進入行業垂直方面的任何事情？

Sorry, yes.

對不起，是的。

No, we are focusing on being a pure-play shipping player.

不，我們專注於成為一家純粹的航運公司。

We developed adjacent activities, but more on the digital front, and we announced and launched not so long ago SHIP4WD, this digital order.

我們開發了相鄰的活動，但更多的是在數字方面，我們不久前宣布並推出了 SHIP4WD，這個數字訂單。

That's how we potentially diversify a little bit away from pure core shipping activity.

這就是我們可能從純粹的核心航運活動中稍微多樣化一點的方式。

But when it comes to M&A potential deals, we are concentrating our research on shipping players.

但就併購潛在交易而言，我們的研究重點是航運公司。

This concludes our Q&A session, and I hand back to Eli Glickman, President and CEO.

我們的問答環節到此結束，我將交還給總裁兼首席執行官 Eli Glickman。

Thank you very much to all of you.

非常感謝大家。

See you next quarter.

下個季度見。

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone.

女士們，先生們，會議現已結束，你們可以掛斷電話了。

Thank you for joining, and have a pleasant day.

感謝您的加入，祝您度過愉快的一天。

Goodbye.

再見。