以星航運 (ZIM) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the ZIM's Integrated Shipping Services Limited Fourth Quarter and Full Year 2020 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded March 22, 2021.

女士們，先生們，謝謝你們的支持。歡迎參加以星綜合航運服務有限公司 2020 年第四季度和全年業績電話會議。 （操作員說明）提醒一下，本次會議將於 2021 年 3 月 22 日錄製。

I would now like to turn the call over to Ms. Elana Holzman, ZIM's Head of Investor Relations. Ms. Holzman, please go ahead.

我現在想把電話轉給 ZIM 投資者關係主管 Elana Holzman 女士。 Holzman 女士，請繼續。

Thank you, operator, and welcome to ZIM's Fourth Quarter and Full Year 2020 Financial Results Conference Call. Joining me on the call today are Eli Glickman, ZIM's President and CEO; and Xavier Destriau, ZIM's CFO.

謝謝運營商，歡迎來到 ZIM 2020 年第四季度和全年財務業績電話會議。今天和我一起參加電話會議的有 ZIM 總裁兼首席執行官 Eli Glickman；和 ZIM 的首席財務官 Xavier Destriau。

Before I begin, we would like to remind you that during the course of this conference call, we will make forward-looking statements regarding expectations, predictions, projections and future events or results. We believe that our expectations and assumptions are reasonable. We wish to caution you that such statements reflect only the company's current expectations, and that actual events or results may differ, including materially. You are kindly referred to consider the risk factors and cautionary language described in the documents that company filed with the Securities and Exchange Commission, including our 2020 annual report filed on Form 20-F today, March 22, 2021. We undertake no obligation to update these forward-looking statements.

在開始之前，我們想提醒您，在本次電話會議期間，我們將就預期、預測、預測和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。謹請您考慮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 日今天以 20-F 表格提交的 2020 年年度報告。我們不承擔更新義務這些前瞻性陳述。

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

在這個時候，我想把電話轉給 Eli Glickman。以利？

Thank you, Elana. Beginning on Slide 4, I would like to welcome everyone to ZIM's first earnings conference call as a public traded New York Stock Exchange company. Our successful IPO marks a major milestone in ZIM's 75-year history, and we are all now to be the first global container, again, global container liner to list in the United States. When I joined ZIM as the CEO in 2017, it was clear to me that the shipping industry was ripe for disruption. And over the past few years, we have navigated ZIM to a once-in-a-generation transformation, conducting a complete turnaround of the company.

謝謝你，伊萊娜。從幻燈片 4 開始，我想歡迎大家參加 ZIM 作為紐約證券交易所上市公司的首次收益電話會議。我們成功的首次公開募股標誌著 ZIM 75 年曆史上的一個重要里程碑，我們現在都將再次成為第一個在美國上市的全球集裝箱班輪公司。當我在 2017 年加入 ZIM 擔任首席執行官時，我很清楚航運業顛覆的時機已經成熟。在過去的幾年裡，我們帶領 ZIM 進行了千載難逢的轉型，實現了公司的全面轉型。

Similar to Airbnb, Amazon and Uber, such a disruption can change the way of the industry dramatically, we are focused on changing the shipping narrative, emphasizing the class with no need to on the majority of our fleet and the critical importance of technology to our business. We are hopeful that we succeeded to add new strength to the company, an exciting spirit and a promising outlook for operating within the new realities of shipping. Today, ZIM is robust, innovative and agile digital shipping company.

與 Airbnb、Amazon 和 Uber 類似，這種顛覆可能會極大地改變行業的方式，我們專注於改變航運方式，強調不需要對我們的大部分機隊進行分類，以及技術對我們的至關重要商業。我們希望我們成功地為公司增添了新的力量、令人興奮的精神和在航運新現實中運營的充滿希望的前景。如今，ZIM 是一家穩健、創新和敏捷的數字航運公司。

On today's call, we'll discuss our strategic objectives, and priorities moving forward. But before that, I would like to briefly highlight a number of important items. First and foremost, is our milestone of generating record profitability in the fourth quarter and the full year of 2020. It is clear that our unique approach is yielding strong results, highlighted by our success in proving our EBIT and EBITDA generation. ZIM has shown consistent earning growth and is one of the leading carriers in terms of profitability.

在今天的電話會議上，我們將討論我們的戰略目標和未來的優先事項。但在此之前，我想簡要強調一些重要項目。首先也是最重要的，是我們在第四季度和 2020 年全年創造創紀錄盈利能力的里程碑。很明顯，我們獨特的方法正在產生強勁的結果，我們在證明我們的 EBIT 和 EBITDA 生成方面的成功突顯了這一點。 ZIM 的收入持續增長，是盈利能力領先的航空公司之一。

I'm happy to report that our Q4 EBIT and EBITDA results were at the highest end of the guidance range that we provided back in January, just before our listing. As anticipated, in Q4 2020, we delivered all-time record results. Outperforming the industry average, we saw EBITDA margin reaching 39% and EBIT margin reaching 32%. ZIM continues to deliver industry leading margins. In addition, we dramatically reduced our leverage ratio to 1.2x, positioning us as the top-tier of the industry. Later on the call, we will also share with you our 2021 guidance and an update on the planned dividend.

我很高興地報告，我們的第四季度息稅前利潤和息稅折舊攤銷前利潤處於我們在 1 月份上市前提供的指導範圍的最高端。正如預期的那樣，在 2020 年第四季度，我們實現了歷史最高記錄。超過行業平均水平，我們看到 EBITDA 利潤率達到 39%，EBIT 利潤率達到 32%。 ZIM 繼續提供行業領先的利潤率。此外，我們將槓桿率大幅降低至 1.2 倍，使我們處於行業領先地位。稍後在電話會議上，我們還將與您分享我們的 2021 年指導方針和計劃股息的最新情況。

Shortly after the pricing of our IPO, we announced a strategic long-term charter agreement with Seaspan for 10 green 15,000 fueled-LNG dual fuel container vessels. By adding these type of vessels to our fleet, we will achieve a number of important objectives. First, we'll strengthen our position to meet the growing market demand on the Asia-U.S. East Coast trade. As we will discuss later on the call, this is the core trade plan for ZIM, where we'll have sizable market share of about 9%.

在 IPO 定價後不久，我們宣布與 Seaspan 就 10 艘綠色 15,000 燃料-液化天然氣雙燃料集裝箱船達成戰略性長期租船協議。通過將這些類型的船隻加入我們的船隊，我們將實現許多重要目標。首先，我們將加強我們的地位，以滿足對亞美航線不斷增長的市場需求。東海岸貿易。正如我們稍後將在電話會議上討論的那樣，這是 ZIM 的核心貿易計劃，我們將在其中擁有約 9% 的相當大的市場份額。

Second, we will also enhance our ability to provide top level, reliable service to our customers on this growing trade. Consistent with our sustainability values, these LNG-fueled green vessels also advance our commitment to environmental issues. Specifically, they will add to preserve clean air and reduce the industry carbon footprint, 2 critical objectives to both ZIM and our customers. We are proud that this transaction will position ZIM as a leader in terms of carbon intensity among global liners. We are also delighted to partner with industry leaders, Seaspan and Samsung Heavy Industries, and look forward to delivery of these first vessels in less than 2 years.

其次，我們還將提高我們的能力，為這一不斷增長的貿易領域的客戶提供一流、可靠的服務。與我們的可持續發展價值觀一致，這些以液化天然氣為燃料的綠色船舶也推動了我們對環境問題的承諾。具體來說，他們將增加保護清潔空氣和減少行業碳足跡，這 2 個對 ZIM 和我們的客戶來說都是至關重要的目標。我們感到自豪的是，這項交易將使 ZIM 成為全球班輪公司碳強度方面的領導者。我們也很高興與行業領導者 Seaspan 和三星重工合作，並期待在不到 2 年的時間內交付這些第一艘船。

Going to Slide 5. Turning to the next slide, we will now discuss the new ZIM. ZIM is unique in container shipping. We are a smaller company, competing with giants from all over the world, which requires us to be different and innovative and play by new rules. Our strategy is centered on the following components. We are a global niche operator. We do not operate in every market or compete on size and volume. However, we serve markets where we have a competitive advantage and can provide exceptional customer experience and maximize our market position and profitability.

轉到幻燈片 5。轉到下一張幻燈片，我們現在將討論新的 ZIM。以星在集裝箱運輸中獨樹一幟。我們是一家規模較小的公司，與來自世界各地的巨頭競爭，這要求我們與眾不同、創新並遵守新規則。我們的戰略以以下組成部分為中心。我們是一家全球利基運營商。我們不會在每個市場開展業務，也不會在規模和數量上展開競爭。然而，我們服務於我們具有競爭優勢的市場，可以提供卓越的客戶體驗並最大限度地提高我們的市場地位和盈利能力。

We also employ a unique asset-light model. By chartering most of our capacity, primarily on short-term charter, we are able to optimize vessel deployment, support high utilization of vessels and exploit specific trade advantages based on market changes. We'll discuss this in more details on the next slide, with an example of our operational agility.

我們還採用了獨特的輕資產模型。通過租用我們的大部分運力，主要是短期租船，我們能夠優化船舶部署，支持船舶的高利用率，並根據市場變化利用特定的貿易優勢。我們將在下一張幻燈片中更詳細地討論這個問題，並舉例說明我們的運營敏捷性。

Next is our focus on profitability. We have used big data, business intelligence and artificial intelligence to facilitate and shift away from volume and utilization to operations focus on maximizing profit. Applying the most advanced technologies and the in-house capabilities, we manage our vessels and cargo mix to prioritize higher yields and enhance efficiency, cost savings and profitability across the company.

接下來是我們對盈利能力的關注。我們已經使用大數據、商業智能和人工智能來促進並從數量和利用率轉向關注利潤最大化的運營。應用最先進的技術和內部能力，我們管理我們的船舶和貨物組合，以優先考慮更高的收益並提高整個公司的效率、成本節約和盈利能力。

Innovation is the core of our culture, and we promote effectively and utilize sophisticated digital strategies to power new service and bid opportunities for customers. Specifically, we harness our Startup Nation DNA to develop growth engine with start-ups and industry leaders, providing us additional revenue streams beyond our traditional shipping business. Lastly, we are a customer-centric company that puts customers at the core of our commercial strategy. We partner with our customers to develop smart solutions that significantly enhance their experience and drive us back-to-back business success. We call this Powered by our Customers.

創新是我們文化的核心，我們有效地推廣和利用複雜的數字戰略來為客戶提供新的服務和投標機會。具體來說，我們利用我們的 Startup Nation DNA 與初創企業和行業領導者一起開發增長引擎，為我們提供傳統航運業務之外的額外收入來源。最後，我們是一家以客戶為中心的公司，將客戶置於我們商業戰略的核心。我們與客戶合作開發智能解決方案，顯著提升他們的體驗並推動我們連續取得業務成功。我們稱之為由我們的客戶提供支持。

Going to Slide 6. As we move to the next slide, our strategy, which is uniquely tailored to our strengths, enabled us to achieve impressive results in 2020. These achievements were based on 4 main pillars: operational and commercial agility; operational excellence; innovation; and digitalization. During the global pandemic, we comforted challenges directly and deployed a strict COVID-19 management plan that enabled us to perform better than the market.

轉到幻燈片 6。當我們轉到下一張幻燈片時，我們的戰略是根據我們的優勢量身定制的，使我們能夠在 2020 年取得令人印象深刻的成果。這些成就基於 4 個主要支柱：運營和商業敏捷性；卓越運營；創新;和數字化。在全球大流行期間，我們直接應對挑戰並部署了嚴格的 COVID-19 管理計劃，使我們的表現優於市場。

We identified the magnitude of the crisis very early and prepared for worst-case scenarios immediately evolving our strategy, implementing cost reduction and avoidance measures and successfully aligned with our partners to adjust capacity to low demand. All of this success was only possible, thanks to ZIM's exceptional people, organizational culture, driven by our unique Z Factor vision and value, which fully align with and support our strategy and long-term goals.

我們很早就確定了危機的嚴重程度，並為最壞的情況做好了準備，立即改進了我們的戰略，實施了成本削減和規避措施，並成功地與我們的合作夥伴保持一致，以調整產能以適應低需求。所有這些成功都是可能的，這要歸功於 ZIM 傑出的人才和組織文化，以及我們獨特的 Z Factor 願景和價值觀的驅動，這完全符合併支持我們的戰略和長期目標。

Hand-in-hand with operational excellence, we were able to demonstrate exceptional operational agility this year. Based on our asset-light model, quickly adapting and aligning our capacity to the changing market condition. Specifically, we optimized vessel deployment and size of our fleet in 2020 to support high utilization of vessels and explore specific trade and advantages given market conditions. Prior to COVID-19, our fleet included 68 vessels, and was reduced to 59 in May 2020. As the global trade resumed and began to reach pre-pandemic levels, we identified new opportunities and expanded our capacity, growing our fleet to 98 vessels. This was all done in 1 year.

憑藉卓越的運營，我們今年能夠展示出非凡的運營敏捷性。基於我們的輕資產模型，快速調整和調整我們的能力以適應不斷變化的市場條件。具體來說，我們在 2020 年優化了船舶部署和船隊規模，以支持船舶的高利用率，並根據市場條件探索特定的貿易和優勢。在 COVID-19 之前，我們的船隊包括 68 艘船，到 2020 年 5 月減少到 59 艘。隨著全球貿易恢復並開始達到大流行前的水平，我們發現了新的機會並擴大了我們的能力，將我們的船隊增加到 98 艘船.這一切都是在 1 年內完成的。

Our commercial agility was also evident and reflected in our move to increase capacity. We developed new growth engines like ZEX and the CAX, new launch -- launching these 2 new premiumized speed services to meet market demand in response to growing e-commerce trends. We also expand our partnership with Alibaba, enhancing logistics services to its customer and service provider. This innovative collaboration helps Alibaba and also its customer a more affordable transit alternative relative to air freight with seamless and easy to use interface.

我們的商業敏捷性也很明顯，並反映在我們增加產能的舉措中。我們開發了新的增長引擎，如 ZEX 和 CAX，新推出——推出這 2 種新的優質速度服務以滿足市場需求，以應對不斷增長的電子商務趨勢。我們還擴大了與阿里巴巴的合作夥伴關係，加強了對其客戶和服務提供商的物流服務。這種創新的合作通過無縫且易於使用的界面，幫助阿里巴巴及其客戶獲得比空運更實惠的運輸替代方案。

Finally, we continue to invest in developing best-in-class digital technologies. A few examples are ZIMGuard, an artificial intelligence system, to detect misdeclaration of dangerous cargo; Ladingo, a technology company developing all-time software for cross-border shipments to switch to corporate. The last example. This is Hive, an internal digital revenue management tool.

最後，我們繼續投資開發一流的數字技術。幾個例子是 ZIMGuard，一種人工智能係統，用於檢測危險貨物的錯誤申報； Ladingo 是一家技術公司，為跨境運輸開發全時軟件以切換到企業。最後一個例子。這是 Hive，一種內部數字收入管理工具。

Going to Slide 7. As I mentioned, our fourth quarter financial results reflect our consistent earnings growth and are at the high end of the initial guidance range that was provided. And importantly, we are on a continued deleveraging trend, which accompany net leverage improvement from 5.3x to 1.2x over the previous 8 quarters positioning us in the top-tier of the industry. We are one of the leading carriers in terms of profitability and are committed to consistently being 1 of the top 3 carriers in terms of EBIT margin.

轉到幻燈片 7。 正如我提到的，我們第四季度的財務業績反映了我們持續的盈利增長，並且處於所提供的初始指導範圍的高端。重要的是，我們正處於持續的去槓桿化趨勢中，淨槓桿率比前 8 個季度從 5.3 倍提高到 1.2 倍，使我們處於行業領先地位。就盈利能力而言，我們是領先的承運人之一，並致力於始終成為息稅前利潤率前 3 名的承運人之一。

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

我現在將電話轉給我們的首席財務官 Xavier，請他對財務業績發表評論。

Thank you, Eli, and welcome, everyone. I will now briefly discuss our KPIs, specifically Q4 and full year 2020 figures including our strong cash position. But before I do, I'd like to start by reiterating Eli's comments on ZIM's operational agility, as we did maneuver through the year that was highly difficult. This strategy drove our financial performance and, as we continue to show, consistent earnings growth and industry-leading margins.

謝謝 Eli，歡迎大家。我現在將簡要討論我們的 KPI，特別是第四季度和 2020 年全年數據，包括我們強勁的現金狀況。但在我這樣做之前，我想首先重申 Eli 對 ZIM 運營敏捷性的評論，因為我們在非常困難的一年中確實進行了機動。這一戰略推動了我們的財務業績，並且正如我們繼續展示的那樣，持續的盈利增長和行業領先的利潤率。

On the next slide, Slide #8, I'd like to highlight several KPIs on a year-over-year basis, reflective of our record results as discussed, including strong cash generation and the continued deleveraging of our balance sheet. 2020 presented unique challenges due to the COVID-19, and our profitable growth illustrates our ability to quickly adapt with our asset-light model, delivering substantial benefits throughout the year.

在下一張幻燈片 #8 中，我想強調幾個同比增長的 KPI，反映我們所討論的創紀錄的結果，包括強勁的現金生成和我們資產負債表的持續去槓桿化。 2020 年因 COVID-19 帶來了獨特的挑戰，我們的盈利增長表明我們有能力快速適應我們的輕資產模式，全年帶來可觀的收益。

We employed one approach that was appropriate for the first 6 months. And then when market conditions shifted, we altered our strategy accordingly during the second half of the year. Initially, with the extent and duration of the pandemic been unknown, we acted diligently extracting costs and retailer investors to service providers to minimize the potential impact of an industry downturn. This is a pretty distinctive benefit of not owning vessels.

我們採用了一種適合前 6 個月的方法。然後，當市場狀況發生變化時，我們在下半年相應地改變了我們的戰略。最初，由於大流行的範圍和持續時間未知，我們努力向服務提供商提取成本和零售投資者，以盡量減少行業低迷的潛在影響。這是不擁有船隻的一個非常獨特的好處。

Then as global trade rebounded, driven by an increased demand for consumer goods rather than services, ZIM responded immediately to seize the opportunity. And we added vessels into our fleet where it made economic sense and expanded capacity, launching new premium services to capture the growing e-commerce demand and focus on safety rules that were underserved.

隨後，隨著全球貿易在消費品需求而非服務需求增加的推動下出現反彈，ZIM 立即做出反應，抓住了機遇。我們在具有經濟意義和擴大運力的情況下將船隻加入我們的船隊，推出新的優質服務以捕捉不斷增長的電子商務需求，並關注未得到充分滿足的安全規則。

While the rest of the industry tended to carry less volume in 2020 due to COVID-19, ZIM's current volumes slightly increased when compared to 2019. The was critical to drive our record results as the average capacity rose by 22% in 2020 to $1,229 compared to $1,009 in the prior year. It is important to note that not only did this benefit from industry tailwinds that supposed to be a bit higher, but the company's prioritization of better paying capital mix and initiatives to capitalize on the e-commerce book were key differentiators that allowed us to earn even higher rates.

由於 COVID-19，該行業的其他公司在 2020 年的運量往往會減少，而 ZIM 當前的運量與 2019 年相比略有增加。這對推動我們創紀錄的業績至關重要，因為與 2020 年相比，平均運力增長了 22% 至 1,229 美元到上一年的 1,009 美元。重要的是要注意，這不僅受益於本應更高的行業順風，而且公司優先考慮更好的支付資本組合和利用電子商務賬簿的舉措是關鍵的差異化因素，使我們能夠賺取甚至更高的利率。

Regarding our balance sheet, we significantly increased our cash position, which I will discuss shortly. We also continued to improve our leverage ratio, which decreased to 1.2x from 3.6x in 2019. Turning to our free cash flow, it totaled $846 million compared to $409 million in 2019, representing a 107% increase.

關於我們的資產負債表，我們顯著增加了現金頭寸，我將在稍後討論這一點。我們還繼續提高槓桿率，從 2019 年的 3.6 倍降至 1.2 倍。談到我們的自由現金流，與 2019 年的 4.09 億美元相比，總計 8.46 億美元，增長了 107%。

Moving on to Slide 9. Our ability to adapt to changing market conditions is proving effective and is clearly evident by year-over-year improvement in all of our financial metrics. Looking at our top line, total revenues in the fourth quarter were $1.4 billion compared to $827 million in Q4 2019, a 64% increase. Full year revenue increased to $4 billion compared to $3.3 billion in 2019, a 21% increase. Even more importantly, we grew profitably as we successfully shifted towards promoting better paying cargo over seeking additional volume and market share.

轉到幻燈片 9。事實證明，我們適應不斷變化的市場條件的能力是有效的，而且我們所有財務指標的逐年改善都清楚地證明了這一點。從我們的收入來看，第四季度的總收入為 14 億美元，與 2019 年第四季度的 8.27 億美元相比增長了 64%。全年收入從 2019 年的 33 億美元增至 40 億美元，增幅為 21%。更重要的是，隨著我們成功地轉向推廣支付更高的貨物而不是尋求更多的銷量和市場份額，我們實現了盈利增長。

Net profit was a record $366 million in the fourth quarter compared to $1.2 million in Q4 2019. The full year net profit increased to $524 million compared to a loss of $13 million in 2019. Adjusted EBITDA in the fourth quarter also significantly increased to $531 million compared to $115 million in Q4 2019. Adjusted EBIT increased to $439 million in the fourth quarter compared to $47 million in the prior year period.

第四季度淨利潤達到創紀錄的 3.66 億美元，而 2019 年第四季度為 120 萬美元。全年淨利潤增至 5.24 億美元，而 2019 年為虧損 1300 萬美元。第四季度調整後的 EBITDA 也大幅增至 5.31 億美元與 2019 年第四季度的 1.15 億美元相比。調整後的息稅前利潤在第四季度增至 4.39 億美元，而去年同期為 4700 萬美元。

As Eli mentioned, these results were at the high end of the guidance range we have provided and also our all-time record. Full year adjusted EBITDA increased to $1 billion compared to $386 million in 2019, and full year adjusted EBIT increased to $729 million compared to $149 million in 2019. Importantly, consistent with our strategic focus and asset-light approach, adjusted EBITDA and EBIT margins were dramatically improved and continue to position ZIM at the top of the industry. Q4 EBITDA and EBIT margin were 39% and 32% respectively, the best results for ZIM ever.

正如 Eli 所提到的，這些結果處於我們提供的指導範圍的高端，也是我們的歷史記錄。全年調整後 EBITDA 從 2019 年的 3.86 億美元增加到 10 億美元，全年調整後 EBIT 從 2019 年的 1.49 億美元增加到 7.29 億美元。重要的是，與我們的戰略重點和輕資產方法一致，調整後的 EBITDA 和 EBIT 利潤率是顯著改善並繼續將 ZIM 置於行業領先地位。第 4 季度 EBITDA 和 EBIT 利潤率分別為 39% 和 32%，是 ZIM 有史以來最好的結果。

Moving on Slide 10, despite the COVID-19 crisis and the overall decreased global trade the shipping industry experienced, ZIM volume on the contrary slightly increased in 2020 compared to 2019. This is mostly due to our new expedited services ZEX from South China to Los Angeles and CAX from China to Australia that we opened in the second half of the year as a response to identified growth in demand. You can see that actually we did enhance our position in our strategic geographic trade, growing our volume by more than 10% from 1,017,000 TEUs in 2019, to 1,126,000 TEUs in 2020.

轉到幻燈片 10，儘管發生了 COVID-19 危機和航運業經歷的全球貿易總體下降，但 ZIM 的數量在 2020 年與 2019 年相比略有增加。這主要是由於我們從華南到洛杉磯的新加急服務 ZEX我們在今年下半年開設了從中國到澳大利亞的安吉利斯和 CAX，以應對確定的需求增長。你可以看到，實際上我們確實提升了我們在戰略地理貿易中的地位，我們的交易量從 2019 年的 1,017,000 標準箱增長了 10% 以上，到 2020 年達到 1,126,000 標準箱。

On our e-trader freight, despite the actual volume from our new CAX line, our intra-Asia volume increased slightly compared to 2019 mostly due to COVID-19 impact on the Asian volume during the first half of 2020, which were not fully recovered in the second half.

在我們的電子交易運費方面，儘管我們新的 CAX 航線的實際運量有所增加，但我們的亞洲內部運量與 2019 年相比略有增加，這主要是由於 2020 年上半年 COVID-19 對亞洲運量的影響，但尚未完全恢復在下半場。

On Slide 11, cash flow. We began 2020 with a consolidated cash position of $183 million. During the year, our adjusted EBITDA was up $1 billion, taking into account the adverse effect of $155 million of working capital and others; $35 million of investing cash flow; $470 million of debt service; and $11 million of others, we finished this year with a cash position of $570 million of cash. The year-end cash position obviously excludes IPO proceeds, which we received in the first quarter this year.

在幻燈片 11 上，現金流量。 2020 年初，我們的合併現金頭寸為 1.83 億美元。年內，考慮到 1.55 億美元的營運資金和其他因素的不利影響，我們調整後的 EBITDA 增加了 10 億美元； 3500萬美元的投資現金流； 4.7 億美元的債務償還；和其他 1100 萬美元，我們今年結束時的現金頭寸為 5.7 億美元。年終現金頭寸顯然不包括我們在今年第一季度收到的 IPO 收益。

Thank you, and I will now hand over back to Eli.

謝謝，我現在將交還給 Eli。

Thank you, Xavier. Now I'm going to review the strong market fundamentals that we continue to see in the liner sector and our positive view going forward. On this slide, Slide #12, we show that market supply-demand fundamentals are positive. In terms of supply, the order book remains at record lows, supporting further near-term dynamics and demand remains strong, which has elevated both charter hires and freight rates, specifically, new biddings on orders, including the recently placed order by carriers currently represent less than 13%, 1-3, of the total deployed capacity, which is a significant lower level versus previous years, which levels as high as 61% in 2008.

謝謝你，澤維爾。現在，我將回顧我們在班輪行業繼續看到的強勁市場基本面以及我們對未來的積極看法。在這張幻燈片 #12 中，我們表明市場供需基本面是積極的。在供應方面，訂單仍處於歷史低位，支持進一步的近期動態，需求依然強勁，這提高了租船租金和運費，特別是新的訂單投標，包括目前代表的承運人最近下的訂單不到總部署容量的 13%，1-3，與前幾年相比顯著降低，2008 年高達 61%。

It should be noted that considering the mid-time of revenue building, we have provide a firm -- we will provide a firm view on the supply forecast though the book grew from its lowest level of 8% in October 2020. We believe that current supply-demand fundamentals are still favorable taking into account the demand growth forecasted for the same period. The low order book, combined with robust demand, has resulted in higher rate and spot rates, which in turn sets global charter rates higher as well. By increasing the size of our charter in vessel fleet during the year, ZIM was able to generate record profitability despite these higher charter rates. This highlights an important point I made earlier about the agility associated with our asset-light model.

應該指出的是，考慮到收入增長的中期，我們已經提供了一個堅定的——我們將對供應預測提供一個堅定的看法，儘管該書從 2020 年 10 月的最低水平 8% 開始增長。我們相信目前考慮到同期的需求增長預測，供需基本面仍然有利。低訂單量加上強勁的需求導致更高的費率和即期費率，這反過來也推高了全球租船費率。通過在這一年增加我們的船隊包租規模，ZIM 能夠在包租費率較高的情況下創造創紀錄的盈利能力。這突出了我之前提出的關於與我們的輕資產模型相關的敏捷性的重要觀點。

In Slide #13. Looking on the freight rates, you can see that comprehensive and high container freight index has maintained its positive trend. This closed above 1,000 points for the first time since Q4 2014. The carriers have experienced a very large economic shortfall in unit revenue since 2015. And the recent increase are marginal in terms of filling up the gap. We are currently seeing long-term contracts signed much earlier than previous years. Today, we signed 5x as many contracts as compared to the same period last year and the rate -- at a rate of about 50% higher than 2020. The current record high contract rates are expected to last until spring 2022.

在幻燈片 #13 中。從運價走勢來看，綜合高位的集裝箱運價指數保持了積極的態勢。這是自 2014 年第四季度以來首次收於 1,000 點以上。自 2015 年以來，運營商的單位收入經歷了非常大的經濟短缺。就填補缺口而言，最近的增長微乎其微。我們目前看到簽訂的長期合同比往年早得多。今天，我們簽署的合同數量和比率是去年同期的 5 倍——比 2020 年高出約 50%。目前創紀錄的高合同率預計將持續到 2022 年春季。

On the next slide, Slide #14, we discuss inventory and bunker prices. Retailer inventory levels are the lowest in 28 years. We expect retailers to target the same inventory to sales ratio that had prior to the pandemic. In terms of the impact of container demand, we expect import growth for the entire of 2021 to remain elevated compared to 2019 simply to repeat inventories. A typical development in surge in the United States could sway in the inventory replenishment, sustained strong import container growth for all 2021. Prices have posted significant gains in the month of February with growing optimism for improved demand as we expect the ZIM rollout to continue.

在下一張幻燈片 #14 中，我們討論了庫存和燃油價格。零售商庫存水平為 28 年來最低。我們預計零售商的目標庫存與銷售比率與大流行之前相同。就集裝箱需求的影響而言，我們預計整個 2021 年的進口增長與 2019 年相比仍將保持較高水平，只是為了重複庫存。美國激增的典型發展可能會影響庫存補充，2021 年全年進口集裝箱持續強勁增長。由於我們預計 ZIM 的推出將繼續，人們對需求改善的樂觀情緒在 2 月份大幅上漲。

Turning to Slide 15. We had significant momentum. The shipping industry, like many others, is changing at a record pace and the case to success is to act decisively and adjust quickly. I am extremely proud of the progress we have made completely transforming ZIM into innovating leader of seaborne transportation and logistics services, well positioned for the 21st century. As we still add, we will maintain an unwavering commitment to fueling ZIM's growth and maximizing profitability into the future. With a strong foundation of talent and professionals, a commitment to utilizing big data and technology, a capture of innovation and clear sustainability value, I'm excited for our future.

轉到幻燈片 15。我們勢頭強勁。與許多其他行業一樣，航運業正在以創紀錄的速度發生變化，成功的前提是果斷行動並迅速調整。我對我們所取得的進展感到非常自豪，我們將 ZIM 完全轉變為海運運輸和物流服務的創新領導者，並為 21 世紀做好了準備。正如我們還要補充的那樣，我們將堅定不移地致力於推動 ZIM 的增長並在未來實現盈利能力最大化。憑藉強大的人才和專業人才基礎、對利用大數據和技術的承諾、對創新的捕捉和明確的可持續發展價值，我對我們的未來感到興奮。

And this is the time to go to guidance, Slide #16, guidance for 2021. We intend to continue our positive trajectory and expect to deliver a full year 2021 EBITDA within a range of $1.4 billion to $1.6 billion; and full year EBIT within a range from $850 million to $1.05 billion. Our guidance is based on assumption of expected higher volume and higher average freight rates, but also higher bunker rates and charter rates in 2021 compared to 2020.

現在是時候進行指導，幻燈片 #16，2021 年的指導。我們打算繼續我們的積極軌跡，並期望在 14 億至 16 億美元的範圍內實現 2021 年全年的 EBITDA；全年息稅前利潤在 8.5 億美元至 10.5 億美元之間。我們的指導基於與 2020 年相比 2021 年預期更高的貨運量和更高的平均運費以及更高的燃油費和包租費的假設。

We would like to also provide some clarity of what can be expected in terms of dividend distributions. We intend to distribute a yearly dividend beginning with 2021 earnings. So the first dividend can be expected to be paid 1 year from now in Q1 2022. Investors could reasonably expect a dividend payout between 30% to 50% of our 2021 net profit. Thank you very much.

我們還想就股息分配方面的預期提供一些清晰度。我們打算從 2021 年的收益開始分配年度股息。因此，第一筆股息有望在一年後的 2022 年第一季度支付。投資者可以合理地預期股息支付將占我們 2021 年淨利潤的 30% 至 50%。非常感謝你。

We will now open the call to Q&A. François?

我們現在將打開問答環節。弗朗索瓦？

(Operator Instructions) The first question is from Omar Nokta of Clarksons Platou Securities.

（操作員說明）第一個問題來自 Clarksons Platou Securities 的 Omar Nokta。

Congratulations on such a strong performance, obviously, in terms of results and stock price and very nice to see so early on in ZIM's life as a public company. Clearly, the results are very strong and your guidance points to things just continuing to stay firm for quite a bit longer. A couple of questions for you. On -- and I think, Eli, you mentioned this in your remarks just a few minutes ago. I wanted to ask about the revenue mix and the shift into some of your business being more term. Could you just go over that again? Did you mention that the contract business is about 5x as much that you booked so far this year relative to last year?

很明顯，就業績和股價而言，祝賀如此強勁的表現，很高興看到 ZIM 作為一家上市公司的生命這麼早。顯然，結果非常好，你的指導指向事情只是繼續保持穩定相當長一段時間。問你幾個問題。關於——我想，Eli，你在幾分鐘前的發言中提到了這一點。我想問一下收入組合以及向您的某些業務轉移的期限。你能再說一遍嗎？你有沒有提到今年到目前為止你預訂的合同業務大約是去年的 5 倍？

The answer is yes. We do see high demand for long-term contracts as compared to '20 -- at this time 2020. If we compare, we see as high multiple by far, speaking about the more, let's call it, quantity of contracts that have been signed. And we are speaking about much higher rate, at least 50% higher rate compared to 2020. So we're speaking about contract that the plan was to begin in May '21 until May '22. In fact, the customers have already asked us to implement this contract as of the day of that we signed the contract. So we are in a much better position and very high confidence, positive confidence, towards 2021 and the beginning of 2022.

答案是肯定的。與 20 世紀 20 年代相比，我們確實看到了對長期合同的高需求——此時是 2020 年。如果我們比較，我們看到到目前為止的倍數很高，說的是更多，我們稱之為，已經簽署的合同數量.我們談論的是更高的利率，與 2020 年相比至少高出 50%。因此，我們談論的是計劃於 21 年 5 月至 22 年 5 月開始的合同。事實上，從我們簽訂合同之日起，客戶就已經要求我們履行這份合同。因此，我們在 2021 年和 2022 年初處於更好的位置和非常高的信心，積極的信心。

Okay. Interesting. And so what do you think that as you think about ZIM's footprint today, you're up to, I believe, as of late February, around 98 ships. You've taken a handful of vessels in earlier this year on PC. How do you feel about your existing footprint? With that type of visibility becoming more, I guess, longer, did you see opportunities to add more ships? Do you want to increase ZIM's footprint today? Or do you feel comfortable with where it is?

好的。有趣的。那麼，當您考慮 ZIM 今天的足跡時，您怎麼看，我相信，截至 2 月下旬，您大約有 98 艘船。今年早些時候，您在 PC 上玩過幾艘船。您如何看待您現有的足跡？隨著這種類型的可見性變得越來越多，我猜，時間越來越長，你是否看到了增加更多船隻的機會？您今天想增加 ZIM 的足跡嗎？或者你覺得它在哪裡舒服嗎？

I will begin and Xavier may be able to ship count. At last week, we announced together with the 2, Maersk and MSC, on expanding our Trans-Pacific agreement to -- with a new service from Vietnam, South East Asia, to Savannah, U.S. East Coast. So speaking about the Trans-Pacific, we are growing first with our partners, actually competitors. We are growing with them on the service that we have to cooperate with. We have many services as part of the partnership, strategic partnership with the 2M.

我會開始，Xavier 可能會發貨。上週，我們與馬士基和地中海航運公司 2 一起宣布擴大我們的跨太平洋協議，以提供從東南亞越南到美國東海岸薩凡納的新服務。所以說到跨太平洋，我們首先與我們的合作夥伴一起成長，實際上是競爭對手。我們在必須與之合作的服務上與他們一起成長。我們有許多服務作為合作夥伴關係的一部分，與 2M 的戰略合作夥伴關係。

More than that, see, we have decided, as you know, to go to our 10 green LNG vessels. So we are growing with our vessels. We're going to give the 2, Maersk and MSC, ZIM part -- the same percentage on the new vessels. So we are growing with them. More than that, there are some services, directly e-commerce line, for example, from LA directly -- excuse me, from Shenzhen, South China, to LA. And this service, we developed the e-commerce by ourselves. This line, we are not part of the cooperation with the 2M.

不僅如此，如你所知，我們已經決定使用我們的 10 艘綠色液化天然氣船。因此，我們正在與我們的船隻一起成長。我們將給予 2、Maersk 和 MSC、ZIM 部分——新船的相同百分比。所以我們和他們一起成長。不僅如此，還有一些服務，直達電商專線，比如從洛杉磯直飛——不好意思，從華南深圳到洛杉磯。而這個服務，我們自己開發了電子商務。這條線，我們不屬於與2M的合作。

Maybe if I just want add to Eli's point that we -- I think we look at the market and see every opportunity that we can identify. We have -- as you pointed out, we have opened new trade in and towards the second half of 2020. And we will obviously capitalize on those trades in our 2021 full year. And if we see trades that are still uncertain, we will obviously continue to expand and open new lines, as Eli just mentioned.

也許如果我只想補充 Eli 的觀點，我們 - 我認為我們著眼於市場並看到我們可以識別的每一個機會。正如您所指出的，我們已經在 2020 年下半年和下半年開始了新的貿易。我們顯然會在 2021 年全年利用這些貿易。如果我們看到仍然不確定的交易，我們顯然會繼續擴大並開設新的線路，正如 Eli 剛才提到的那樣。

Got it. And maybe just one final question a bit more broadly for the industry. Obviously, the -- we've seen freight rates at very elevated levels, and they've held here kind of steady for the past couple of months. We've seen early signs maybe that the indexes are showing some signs of softness, but nothing material. Maybe just from your vantage point, how would you characterize the current situation when it comes to, say, the squeeze on box availability and port congestion? How has that maybe changed here today versus, say, 3 months ago?

知道了。對於行業來說，也許只是最後一個更廣泛的問題。顯然，我們已經看到運費處於非常高的水平，並且在過去幾個月裡它們一直保持穩定。我們已經看到早期跡象，也許指數顯示出一些疲軟的跡象，但沒有什麼實質性的跡象。也許只是從您的角度來看，您如何描述當前情況，例如，箱子可用性的擠壓和港口擁堵？與 3 個月前相比，今天這裡可能發生了怎樣的變化？

I think if we look at what happened towards the second half of 2020, the volume came back very strongly, very rapidly and took, I think, maybe everyone by surprise creating also all the operational issues that you are referring also. So that is there, and we think there is still some issues, as you said, and those will eventually hopefully ease, and they are already starting, by the way, to ease as we speak.

我認為，如果我們看看 2020 年下半年發生的事情，銷量會非常強勁、非常迅速地恢復，並且我認為，也許每個人都感到驚訝，也造成了你所指的所有運營問題。就是這樣，正如您所說，我們認為仍然存在一些問題，這些問題最終有望得到緩解，順便說一句，正如我們所說的那樣，它們已經開始緩解。

But by now the question is, I think maybe behind the direct question that you ask is what is the expectation of the new normal for the industry? What is to be expected? It's difficult to say. We don't have a crystal ball here. But one thing that I think is important maybe from where we sit, we think that we are positioned in trade where we, obviously, have competitors on the seaborne type of the market, but we are also capturing additional cargo, which are result of a model shift from air to sea, and we are also capitalizing on the growth of the e-commerce trade. And we think that COVID-19 has been an accelerator of a trend in this respect.

但現在的問題是，我想也許你問的直接問題的背後是對行業新常態的期望是什麼？可以期待什麼？這很難說。我們這裡沒有水晶球。但我認為有一點很重要，也許從我們所處的位置來看，我們認為我們在貿易中的定位，顯然，我們在海運類型的市場上有競爭對手，但我們也在捕獲額外的貨物，這是由於模式從空運轉向海運，我們也在利用電子商務貿易的增長。我們認為 COVID-19 是這方面趨勢的加速器。

And that after the COVID-19 situation hopefully resolves, we think that customer behavior will remain very strongly here towards also e-commerce where we are extremely active and with a very significant footprint here. So there will be some sort of new normalization. We don't expect any sort of collapse in this respect. But also remember that the industry has demonstrated its ability to navigate through a shift, and a significant shift maybe, in demand, that is maybe a lesson learned from the COVID-19 situation, especially towards the year, first half of 2020.

在 COVID-19 的情況有望得到解決之後，我們認為客戶的行為將在電子商務中保持非常強烈的趨勢，我們在電子商務中非常活躍，並且在這裡的足跡非常大。所以會有某種新的常態化。我們預計在這方面不會出現任何形式的崩潰。但也請記住，該行業已經展示了其應對轉變的能力，而且需求可能會發生重大轉變，這可能是從 COVID-19 情況中吸取的教訓，尤其是在 2020 年上半年。

The next question is from Randy Giveans of Jefferies.

下一個問題來自 Jefferies 的 Randy Giveans。

Congrats, obviously, on the IPO in your first call as a publicly traded company. A few questions on my end. Looking first at your net debt in the balance sheet, right, it's fallen to $1.2 billion, net leverage has fallen to 1.2x. So I guess going forward, how much in net debt and what kind of leverage are you expecting maybe at the year-end 2021, 2022? Like how low are you willing and able to take it?

很明顯，恭喜你作為一家上市公司在第一次電話會議上進行了首次公開募股。我這邊有幾個問題。首先看資產負債表中的淨債務，對，它下降到 12 億美元，淨槓桿率下降到 1.2 倍。所以我想展望未來，您可能在 2021 年年底、2022 年預計會有多少淨債務和什麼樣的槓桿？比如你願意並且能夠承受多低？

Thank you, Randy. Maybe I'll take this one. You're right that we have had a very, I think, attractive deleveraging trajectory over the past few quarters, and we are now closing at a level of 1.2x. So how long can we go with the position, the guidance that we are providing for 2021? We should continue to expect a very strong good cash conversion from EBITDA to cash. And therefore, naturally, if we do not incur additional debt on balance sheet, the leverage could even decrease.

謝謝你，蘭迪。也許我會選擇這個。你是對的，我認為在過去幾個季度我們有一個非常有吸引力的去槓桿化軌跡，我們現在收於 1.2 倍的水平。那麼，我們可以堅持我們為 2021 年提供的指導方針多久？我們應該繼續期待從 EBITDA 到現金的非常強勁的現金轉換。因此，自然地，如果我們不在資產負債表上承擔額外的債務，槓桿率甚至可能會下降。

The idea for us is not to go back to a higher leverage. We are very fortunate to be in a position now where our balance sheet will allow us, if we require to, maybe bringing additional debt on top of, obviously, the debt that we will keep on incurring and regenerating when it comes to the vessels that we hook up on the charter exceeding 1 year. But we are very pleased with the capital structure today, which opens opportunities to the company.

我們的想法是不要回到更高的槓桿率。我們非常幸運，現在我們的資產負債表將允許我們，如果我們需要的話，可能會在我們將繼續承擔和再生的債務之上增加額外的債務，當涉及到船隻時我們簽了超過 1 年的章程。但我們對今天的資本結構感到非常滿意，這為公司帶來了機會。

Got it. Okay. Fair. And then in terms of the dividend, I guess, 2 questions around that. Why an annual dividend instead of a quarterly dividend? And then secondly, how do -- or maybe will you determine that amount within the 30% to 50% range?

知道了。好的。公平的。然後就股息而言，我想有兩個問題。為什麼是年度股息而不是季度股息？然後其次，如何 - 或者你會在 30% 到 50% 的範圍內確定這個數量？

I think I'll be starting with your first question. We are actively in the industry, which we hope to get less and less volatile. Nevertheless, it is. There are a lot of parameters that we do not control. You know we can control bunker, we can even put distance of charter, the supply-demand, the dynamics that we have to react and anticipate too. So there is seasonality as well in our industry. So in this respect, we truly believe when we are a global player that it is -- that what makes sense is an annual activity in the dividend distribution policy. That's why we have opted for that.

我想我將從你的第一個問題開始。我們積極參與這個行業，我們希望這個行業的波動越來越小。儘管如此，它是。有很多我們無法控制的參數。你知道我們可以控制地堡，我們甚至可以控制租船距離、供需、我們必須做出反應和預測的動態。因此，我們的行業也存在季節性。因此，在這方面，我們真正相信，當我們成為全球參與者時，它是 - 有意義的是股息分配政策中的年度活動。這就是我們選擇它的原因。

When it comes to -- and the most important. When it comes to assessing what will be the recommendation of the management to the Board of Directors in terms of dividend distribution, we are at least -- we're fixed that, as Xavier mentioned earlier on, that we think that the right position should be between 30% to 50%. This is what we can say at this stage. And obviously, we would say more when we close the year 2021, the financial state.

說到——也是最重要的。在評估管理層在股息分配方面向董事會提出的建議時，我們至少——我們確定，正如 Xavier 之前提到的，我們認為正確的立場應該介於 30% 到 50% 之間。這就是我們現階段可以說的。顯然，當我們結束 2021 年的財務狀況時，我們會說更多。

And this is improvement of our last, let's say, dividend policy that we shared with you during the prospectus, before the IPO, and we are speaking specifically on 2021.

這是我們在 IPO 之前的招股說明書中與您分享的最後一個股息政策的改進，我們特別談到 2021 年。

Got it. Yes. Sounds good. And then briefly, just to wrap up the question around your contracting on your volumes. Historically, you contract about 25% of your volumes on those 1 year kind of fixed rate bookings with your customers. I know you said the rate is about 50% higher. What is your plan for percentage of volumes to be contracted here in the next few weeks for the year?

知道了。是的。聽起來不錯。然後簡要地結束關於您的捲合同的問題。從歷史上看，您與客戶簽訂了大約 25% 的 1 年固定費率預訂合同。我知道你說過利率高出大約 50%。您計劃在今年接下來的幾週內在這裡簽約的數量百分比是多少？

For us, the reason why you are referring to the 25%, I just needed to clarify here. The trade that is very much closer to long-term contract with the transacted date -- trade and that represents indeed close to 50% of volume. So -- and what we've done actually eventually is secure the volume in the region of 50% of our carried TEU, hence why the 25% that you are referring. We -- also we want to keep a significant percentage of the volume that we carry and then keep an exposure on the spot market. So today, there is no real reason to think that we will achieve materially in terms of overall percentage of contract cargo versus spot index rate.

對我們來說，您提到的 25% 的原因我只是需要在這裡澄清一下。與交易日期非常接近長期合同的交易——交易量確實接近 50%。所以——我們實際上所做的最終是確保我們運載的 TEU 的 50% 左右的體積，因此為什麼你指的是 25%。我們 - 我們還希望保留很大一部分我們攜帶的數量，然後在現貨市場上保持敞口。所以今天，沒有真正的理由認為我們將在合同貨物與現貨指數率的總體百分比方面取得實質性進展。

This concludes the Q&A session. Mr. Glickman, would you like to make your concluding statement?

問答環節到此結束。格利克曼先生，您要作總結髮言嗎？

I would like to thank those who believe in the company present, those are the questions. And we are here to support the company, looking forward to break the new record that we already achieved. Thank you very much.

我要感謝那些相信公司的人，這些就是問題。我們在這裡支持公司，期待打破我們已經取得的新紀錄。非常感謝你。

Thank you. This concludes the ZIM Integrated Shipping Services Fourth quarter and Full Year 2020 Results Conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝你。 ZIM Integrated Shipping Services 第四季度和 2020 年全年業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連接。