以星航運 (ZIM) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the ZIM Integrated Shipping Services second-quarter 2025 financial results conference call. (Operator Instructions)

感謝您的支持，歡迎參加 ZIM 綜合航運服務 2025 年第二季財務業績電話會議。（操作員指示）

I'd now like to turn the call over to Elana Holzman, Head of Investor Relations. You may begin.

現在我想將電話轉給投資人關係主管 Elana Holzman。你可以開始了。

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

謝謝接線員，歡迎參加 ZIM 2025 年第二季財務業績電話會議。今天與我一起參加電話會議的還有 ZIM 總裁兼執行長 Eli Glickman 和 ZIM 財務長 Xavier Destriau。

Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements regarding expectations, predictions, projections, or future events or results. We believe that our expectations and assumptions are reasonable.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將對預期、預測、預期或未來事件或結果做出前瞻性陳述。我們相信我們的預期和假設是合理的。

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 the company filed with the Securities and Exchange Commission, including our 2024 annual report on Form 20-F filed with the SEC on March 12, 2025. We undertake no obligation to update these forward-looking statements.

我們希望提醒您，此類聲明僅反映公司當前的預期，實際事件或結果可能存在差異，甚至可能存在重大差異。請您考慮本公司向美國證券交易委員會提交的文件中所述的風險因素和警示性語言，包括我們於 2025 年 3 月 12 日向美國證券交易委員會提交的 20-F 表 2024 年度報告。我們不承擔更新這些前瞻性陳述的義務。

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

現在，我想將電話轉給 ZIM 的執行長 Eli Glickman。伊萊？

Thank you, Elana, and welcome, everyone. Thank you for joining us today. Despite severe market disruption and volatility, mainly due to American tariff announcements, we leverage our transformed fleet and improved cost structure in Q2 to mitigate negative effects.

謝謝你，埃拉娜，歡迎大家。感謝您今天加入我們。儘管市場出現嚴重混亂和波動（主要是由於美國關稅公告），但我們利用第二季轉型的機隊和改進的成本結構來減輕負面影響。

Slide number 4. We generated revenue of $1.6 billion and net income of $24 million. Q2 adjusted EBITDA was $472 million and adjusted EBIT was $149 million, with adjusted EBITDA margin of 29% and adjusted EBIT margin of 9%. We maintained total liquidity of $2.9 billion at June 30, having paid approximately $470 million in dividends in the second quarter.

投影片編號 4。我們創造了 16 億美元的收入和 2,400 萬美元的淨收入。第二季調整後的 EBITDA 為 4.72 億美元，調整後的 EBIT 為 1.49 億美元，調整後的 EBITDA 利潤率為 29%，調整後的 EBIT 利潤率為 9%。截至 6 月 30 日，我們的總流動資金為 29 億美元，第二季支付了約 4.7 億美元的股息。

Slide number 5. Per our dividend policy to distribute 30% of quarterly net income, our Board of Directors has declared a dividend of $0.06 per share or a total of $7 million based on Q2 results. Despite the considerable uncertainty given our performance today, we are revising our full-year guidance ranges. We are raising the lower end of our full-year guidance such that we expect to generate adjusted EBITDA between $1.8 billion to $2.2 billion and adjusted EBIT between $550 million and $950 million. Xavier, our CFO, will provide additional context and our underlying assumptions for our 2025 guidance later on the call.

投影片編號 5。根據我們的股息政策，我們將分配季度淨收入的 30%，我們的董事會已宣布根據第二季度業績派發每股 0.06 美元或總計 700 萬美元的股息。儘管我們今天的表現存在很大的不確定性，但我們仍在修改全年指導範圍。我們正在提高全年預期的下限，預計調整後的 EBITDA 將在 18 億美元至 22 億美元之間，調整後的 EBIT 將在 5.5 億美元至 9.5 億美元之間。我們的財務長 Xavier 將在稍後的電話會議上提供更多背景資訊以及我們對 2025 年指導的基本假設。

Slide number 6. While it has been an unpredictable 2025 so far with wide swings in freight rates, we are confident in our competitive position in the industry and believe ZIM is well positioned to navigate turbulent periods like the one we are in today. These trends lies in our modern competitive fleet and agile commercial strategy, and we will remain proactive responding to changes in demand across our global trade lanes.

投影片編號 6。儘管到目前為止，2025 年的情況難以預測，運費波動較大，但我們對自己在行業中的競爭地位充滿信心，並相信 ZIM 完全有能力度過像今天這樣的動盪時期。這些趨勢在於我們現代化的競爭性船隊和靈活的商業策略，我們將繼續積極應對全球貿易航線需求的變化。

We have adapted our trans-Pacific network to account for the changes in the cargo flow following the various tariff announcements since April. We first rearranged our trans-Pacific network to address the sharp decline in cargo from China to the US and parallel improvement in cargo flow from other Southeast Asian markets, and later, we reinstate capacity to China after the spike in demand following the tariff suspension announcement in May.

自四月以來，隨著各項關稅公告的發布，我們已經調整了跨太平洋網絡，以適應貨運流量的變化。我們首先重新安排了跨太平洋網絡，以應對中國至美國貨運量的急劇下降以及其他東南亞市場貨運量的同步改善，隨後，在 5 月份宣布暫停關稅後需求激增，我們恢復了至中國的運力。

As we have previously discussed, we aim to build a strong commercial presence in key markets in which we operate and diversify our geographic footprint to enhance our business resilience. Accordingly, ZIM has worked to expand and diversify its network to both mirror changes in trade flows to the US, as well as increase our exposure to trade from China to diverse end markets beyond the United States.

正如我們之前所討論的，我們的目標是在我們營運的關鍵市場建立強大的商業影響力，並實現地理覆蓋範圍的多元化，以增強我們的業務彈性。因此，ZIM 一直致力於擴大和多樣化其網絡，以反映對美國的貿易流量變化，並增加我們從中國到美國以外不同終端市場的貿易曝險。

Our expanded presence in Southeast Asia, especially in Vietnam and Thailand, align with region's rise as manufacturing hubs for the US and globally. ZIM's strong and growing position in this market will enable us to capitalize on the expected continued growth in these trades. During the second quarter, this presence in Southeast Asia served as an advantage, enabling us to partially mitigate the impact of reduced cargo flows from China. Nevertheless, the incremental volume from Southeast Asia was not sufficient to fully offset the shortfall, as reflected in our overall carried volume for the period.

我們在東南亞，尤其是越南和泰國的業務不斷擴大，這與該地區崛起成為美國和全球製造業中心的進程一致。ZIM 在該市場中強大且不斷增長的地位將使我們能夠利用這些貿易預期的持續成長。在第二季度，我們在東南亞的存在發揮了優勢，使我們能夠部分減輕來自中國的貨運量減少的影響。然而，東南亞的增量不足以完全彌補短缺，這反映在我們在此期間的總承運量。

The surge in trans-Pacific demand we experienced in May was short-lived, and current demand on this trade continues to be relatively weak. Furthermore, due to ongoing uncertainty regarding tariffs between the US and China, and based on our current feasibility, we did not anticipate a strong peak season this year. As a supply that was previously withdrawn from the trans-Pacific has been reinstated, we also anticipate continued pressure on freight rates during the second half of 2025. In light of this development, we are pleased with our growing presence in Latin America, where we saw 10% volume growth year over year. ZIMs tend to benefit from growing trade between Latin American countries and both the US and China.

五月我們經歷的跨太平洋需求激增是短暫的，目前該交易的需求仍然相對疲軟。此外，由於美國和中國之間的關稅持續存在不確定性，並且根據我們目前的可行性，我們預計今年不會出現強勁的旺季。由於先前從跨太平洋撤出的供應已經恢復，我們預計 2025 年下半年運費將繼續承壓。鑑於這一發展，我們對我們在拉丁美洲日益增長的業務感到高興，我們的銷量同比增長了 10%。津巴布韋經濟體往往受益於拉丁美洲國家與美國和中國之間不斷增長的貿易。

In addition to growing geographic diversification, our operational excellence remains a core strength. We operate today a modern and cross-competitive fleet that is highly suited to the trades where we currently operate, and we continue to focus on ensuring access to the right capacity. Following a transition period from '23 to 2024, during which we had 46 new-built vessels delivered to us, we entered '25 with transformed fleet, significantly improving our cost structure, and the efficiency of our operated capacity turned to larger, more modern vessels.

除了不斷成長的地域多樣化之外，卓越的營運仍然是我們的核心優勢。我們目前經營著一支現代化且具有跨競爭能力的船隊，非常適合我們目前運營的行業，並且我們將繼續致力於確保獲得正確的運力。在經歷了 2023 年至 2024 年的過渡期之後，我們收到了 46 艘新建造的船舶，進入 2025 年，我們的船隊進行了轉型，顯著改善了我們的成本結構，我們的營運運力效率轉向了更大、更現代化的船舶。

Moving forward, our objective is to maintain and further enhance our competitive position while capitalizing on attractive opportunities that will ensure our fleet remains modern and cost-effective. In April, we announced new long-term charting agreement for 10 11,500 TEU LNG dual-fuel vessels that will be delivered in 2027 and 2028. Not only is this versatile capacity ideally suited for ZIM's various global trades, but it will also further strengthen our core LNG fleet, which is a critical commercial differentiator.

展望未來，我們的目標是保持並進一步提高我們的競爭地位，同時利用有吸引力的機會確保我們的船隊保持現代化和成本效益。今年 4 月，我們宣布了一項新的長期租船協議，租賃 10 艘 11,500 TEU LNG 雙燃料船，這些船將於 2027 年和 2028 年交付。這種多功能容量不僅非常適合 ZIM 的各種全球貿易，還將進一步加強我們的核心液化天然氣船隊，這是一個關鍵的商業差異化因素。

In the future, we see significant values as operators of LNG tonnage and customers increasingly seek eco-friendly shipping solutions. We also view it as imperative that ZIM maintains some degree of flexibility at all times to act dynamically and reshuffle vessel capacity based on market demand. We recognize that the market realities of today may be different than the realities of tomorrow.

未來，隨著液化天然氣噸位營運商和客戶越來越多地尋求環保型航運解決方案，我們將看到巨大的價值。我們也認為，ZIM 必須始終保持一定程度的靈活性，以便根據市場需求採取動態行動並重新調整船舶運力。我們認識到當今的市場現實可能與未來的現實不同。

We implement the same agility operationally, aligning our operated capacity with the shifting dynamics of the trending environment. This year, we regained this importance optionally with respect to our fleet size and have redelivered charter capacity. Xavier will discuss our current fleet profile in more detail.

我們在營運上實施同樣的敏捷性，使我們的營運能力與趨勢環境的變化動態保持一致。今年，我們在船隊規模方面選擇性地重新獲得了這一重要性，並重新交付了包機運力。澤維爾將更詳細地討論我們目前的船隊狀況。

Overall, market fundamentals still point to supply growth outpacing demand moving forward. However, as we have seen, the rate environment can be volatile and unpredictable, driven by a range of factors impacting global trade and economic expectations. In the face of such uncertainty, our focus is controlling what we can to position ZIM for sustainable and profitable growth. We are confident that our commitment to excellence and our agility will serve us well, and we continue to take steps forward to further enhance ZIM business resilience, both commercially and operationally.

整體而言，市場基本面仍顯示未來供應成長將超過需求。然而，如我們所見，受一系列影響全球貿易和經濟預期的因素影響，利率環境可能會變得不穩定且難以預測。面對這種不確定性，我們的重點是控制一切可能，以使 ZIM 實現可持續和盈利的成長。我們相信，我們對卓越的承諾和敏捷性將為我們提供良好的服務，我們將繼續採取措施，進一步增強 ZIM 的商業和營運業務彈性。

On this note, I will turn the call over to Xavier, our CFO, for a more detailed discussion for financial results, 2025 guidance, as well as additional comments on the market environment. Xavier, please.

在此，我將把電話轉給我們的財務長 Xavier，以便更詳細地討論財務業績、2025 年指引以及對市場環境的補充評論。請澤維爾。

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

謝謝你，伊萊。我再次代表大家歡迎大家。

Slide 7 will present our key financial and operational highlights. Second-quarter revenues were $1.6 billion, down 15% compared to last year, reflecting lower freight rates and lower volume. Total revenues in the first half of 2025 of $3.6 billion were up $147 million or 4% year over year.

幻燈片 7 將展示我們的主要財務和營運亮點。第二季營收為 16 億美元，較去年同期下降 15%，反映出運費下降和貨運量下降。2025 年上半年總營收為 36 億美元，年增 1.47 億美元，增幅為 4%。

Our average freight rate per TEU in the second quarter was $1,479 compared to $1,674 per TEU in the second quarter of last year. Q2 carried volumes of 895,000 TEUs was 6% lower year over year due to the disruption in the market that Eli already referred to.

我們第二季每標準箱的平均運費為 1,479 美元，而去年第二季為每標準箱 1,674 美元。由於 Eli 提到的市場混亂，第二季的貨運量為 895,000 TEU，年減 6%。

Revenue from non-containerized cargo, which reflects mostly our car carrier services, totaled $111 million for the quarter, compared to $128 million in the second quarter of 2024. Our free cash flow in the second quarter totaled $426 million, compared to $712 million in the second quarter of 2024.

本季非貨櫃貨物收入（主要反映我們的汽車運輸服務）總計 1.11 億美元，而 2024 年第二季為 1.28 億美元。我們第二季的自由現金流總計 4.26 億美元，而 2024 年第二季為 7.12 億美元。

Turning to our balance sheet, total debt decreased by $115 million since prior year-end. As previously noted, total debt is expected to trend down as repayment of lease liabilities exceeds lease additions and extensions until we start receiving new-build charter capacity in the second half of 2026.

從我們的資產負債表來看，自去年末以來，總債務減少了 1.15 億美元。如前所述，由於租賃負債的償還額超過租賃增加額和延期額，預計總債務將呈下降趨勢，直到 2026 年下半年我們開始接收新建的租船能力。

Next, the following slide provides an overview of our fleet. While Eli has already addressed a few key elements of our fleet strategy, I'd like to expand on his comments and share additional data points that we believe are important to consider.

接下來，下面的幻燈片概述了我們的機隊。雖然 Eli 已經談到了我們車隊策略的一些關鍵要素，但我想擴展他的評論並分享我們認為值得考慮的其他數據點。

ZIM currently operates 123 container ships with a total capacity of 767,000 TEUs. Two-thirds of this capacity comes from the 46 new-build vessels received during 2023 and 2024, which carry durations in terms of charter from 5 to 12 years, and also another 16 vessels that are owned by ZIM.

ZIM目前營運123艘貨櫃船，總運力達76.7萬標準貨櫃。其中三分之二的運力來自 2023 年至 2024 年接收的 46 艘新建船舶，租期為 5 至 12 年，另外還有 16 艘由 ZIM 擁有的船舶。

To remind you, we opted to secure our new-build capacity on long-term contracts rather than continue to rely on the short-term charter market. By doing so, we ensured access to vessel sizes better suited to the trades in which we operate, which are not available on the charter market, thereby improving our competitive position.

提醒您，我們選擇透過長期合約來確保我們的新運力，而不是繼續依賴短期租船市場。透過這樣做，我們確保能夠獲得更適合我們經營的行業的船舶尺寸，而這些船舶在租船市場上是買不到的，從而提高了我們的競爭地位。

The longer-term charter periods also contribute to a better predictability in our cost structure. Moreover, for 25 of the 28 LNG vessels, our core strategy capacity, we hold options to extend the charter period as well as purchase options, giving us full control over the destiny of these vessels, very much as if we were the vessel owners. We have a similar option to purchase the 10 11,500 TEU LNG vessels we recently committed to at the end of the charter period.

較長的租船期也有助於提高我們成本結構的可預測性。此外，對於我們28艘液化天然氣船舶中的25艘（我們的核心戰略運力），我們擁有延長租期的選擇權以及購買選擇權，這使我們能夠完全控制這些船舶的命運，就像我們是船東一樣。我們也有類似的選擇，就是在租船期結束時購買我們最近承諾的 10 艘 11,500 TEU LNG 船舶。

The remaining one-third, or 250,000 TEUs, allows us to maintain important flexibility. At the end of 2026, there will be a total of 34 vessels up for charter renewal, with 12 vessels, or 64,000 TEUs, still up for renewal in 2025 and 22 vessels, or 70,000 TEUs, in 2026. This optionality to keep the capacity or redeliver to owners allows ZIM to adjust its capacity according to changing market conditions or shifts in our commercial strategy.

剩下的三分之一，即 250,000 TEU，使我們能夠保持重要的靈活性。截至 2026 年底，共有 34 艘船舶需要續租，其中 2025 年有 12 艘船舶（64,000 TEU）需要續租，2026 年有 22 艘船舶（70,000 TEU）需要續租。這種保留運力或重新交付給船東的選擇權使得 ZIM 能夠根據不斷變化的市場條件或商業策略的轉變來調整其運力。

With respect to our car carrier capacity, we currently operate 14 vessels, having recently redelivered another car carrier. The car carrier industry has also been under some pressure, given supply growth and the introduction of new tariffs on Chinese electric vehicles by both the US and the European Union. While ZIM expanded its car carrier capacity in the past few years, up to 16 car carriers last year, to benefit from favorable market trends, we do not have long-term commitments on our chartered capacity, and we are prepared to adjust our participation if market dynamics change.

就我們的汽車運輸船運力而言，我們目前營運 14 艘汽車運輸船，最近又重新交付了另一艘汽車運輸船。由於供應成長以及美國和歐盟對中國電動車徵收新關稅，汽車運輸業也面臨一些壓力。雖然 ZIM 在過去幾年中擴大了其汽車運輸船運力，去年汽車運輸船運力已增至 16 艘，以受益於有利的市場趨勢，但我們對租用的運力並沒有長期承諾，並且我們準備在市場動態發生變化時調整我們的參與。

Now moving on to slide number 9, we present ZIM's second-quarter and six-month 2025 financial results compared to last year Q2 and last year's first half. Adjusted EBITDA in this year's second quarter was $472 million and adjusted EBIT was $149 million. Adjusted EBITDA and EBIT margins for the second quarter were 29% and 9%, respectively, to be compared to 40% and 25% in the second quarter of last year.

現在轉到投影片 9，我們展示了 ZIM 2025 年第二季和六個月的財務表現與去年第二季和去年上半年的財務表現相比。今年第二季調整後的 EBITDA 為 4.72 億美元，調整後的 EBIT 為 1.49 億美元。第二季調整後的 EBITDA 和 EBIT 利潤率分別為 29% 和 9%，而去年第二季分別為 40% 和 25%。

For the first six months of 2025, adjusted EBITDA margin was 34% and adjusted EBIT margin was 17%. This is compared to 34% and 19% in 2024. Net income in the second quarter was $24 million, compared to $373 million in the same quarter of last year.

2025 年前六個月，調整後的 EBITDA 利潤率為 34%，調整後的 EBIT 利潤率為 17%。相較之下，2024 年這一比例分別為 34% 和 19%。第二季淨收入為 2,400 萬美元，而去年同期為 3.73 億美元。

Next, on slide 10, you see we carried 895,000 TEUs in the second quarter, compared to 952,000 TEUs during the same period last year. That is a 6% decline. This decline was mainly attributable to weak trans-Pacific demand driven by tariff-related disruptions, as volume from other Southeast Asian markets were insufficient to offset the reduction in cargo from China. In Latin America, on the other hand, we continued to see growth, 10% year over year, in the second quarter.

接下來，在第 10 張投影片上，您可以看到我們在第二季運送了 895,000 個 TEU，而去年同期為 952,000 個 TEU。降幅達 6%。這一下降主要歸因於關稅相關中斷導致的跨太平洋需求疲軟，因為來自其他東南亞市場的貨運量不足以抵消來自中國的貨運量的減少。另一方面，拉丁美洲第二季度持續保持成長，年增 10%。

Next, we present our cash flow bridge. For the quarter, our adjusted EBITDA of $472 million converted into $441 million net cash generated from operating activities. Other cash flow items for the quarter included dividend payments of $471 million and $470 million of debt service, mostly related to our lease liability repayments.

接下來，我們介紹我們的現金流橋。本季度，我們的調整後 EBITDA 為 4.72 億美元，轉化為 4.41 億美元的營運活動淨現金。本季的其他現金流項目包括 4.71 億美元的股息支付和 4.7 億美元的債務償還，主要與我們的租賃負債償還有關。

Moving now to our 2025 guidance. We have raised the lower end of our guidance range and now expect to generate adjusted EBITDA between $1.8 billion and $2.2 billion and adjusted EBIT between $550 million and $950 million, with the second half still expected to lag the first half. We have narrowed ranges reflective of our performance year to date, but note the continued high degree of uncertainty related to global trade and the geopolitical environment.

現在轉向我們的 2025 年指導。我們已上調了預期範圍的下限，目前預計調整後的 EBITDA 將在 18 億美元至 22 億美元之間，調整後的 EBIT 將在 5.5 億美元至 9.5 億美元之間，預計下半年仍將落後於上半年。我們已經縮小了反映今年迄今為止的業績範圍，但注意到與全球貿易和地緣政治環境相關的不確定性仍然存在。

Our view on freight rates and operating capacity is unchanged as compared to our guidance assumption for March and May. We expect freight rates on a full-year basis to be significantly lower in 2025 when compared to the ones of 2024, with average freight rates in the remainder of 2025 lower than the first-half average. Also, our view remains that sailing through the Red Sea will not resume this year, continuing to absorb significant capacity.

與 3 月和 5 月的指導假設相比，我們對運費和營運能力的看法沒有改變。我們預計，2025 年全年運費將較 2024 年大幅下降，2025 年剩餘時間的平均運費將低於上半年的平均運費。此外，我們仍然認為，紅海航行今年不會恢復，將繼續吸收大量運力。

We assume that we will maintain similar operating capacity on average to the one of 2024 over the course of the year, as we renew some of the existing capacity or similar tonnage. Given our exposure to the trans-Pacific and weaker outlook for the remainder of 2025, we revisited our volume growth assumptions again and now assume flat volume year over year compared to 2024. Finally, as for our bunker costs, we expect slightly lower cost per tonne in 2025 when compared to 2024.

我們假設，隨著我們更新部分現有運力或類似噸位，我們將在今年內保持與 2024 年類似的平均營運運力。鑑於我們在跨太平洋地區的業務以及 2025 年剩餘時間的前景較弱，我們再次重新審視了我們的運量增長假設，現在假設與 2024 年相比，運量同比持平。最後，至於我們的燃油成本，我們預計 2025 年每噸成本將比 2024 年略低。

Now, before opening the call to questions, a few more comments on the market dynamics. The supply-demand balance previously used as an indicator for market expectations appears to be a less effective predictor. On the supply side, rerouting around the Cape of Good Hope continues to absorb substantial capacity, while congestion also remains a factor influencing effective supply. Despite notable increases in supply, 10% in 2024, and additional 6% expected for the full year of 2025, scrapping has been minimal for several years. Idle capacity has stayed low, below 1%, for the past 18 months, and the charter market has remained relatively strong.

現在，在開始提問之前，我想先就市場動態發表幾點評論。先前用作市場預期指標的供需平衡似乎不再是一種有效的預測指標。在供應方面，繞過好望角的航線繼續吸收大量運力，而壅塞也是影響有效供應的因素。儘管供應量顯著增加，2024 年將增加 10%，預計 2025 年全年將增加 6%，但幾年來報廢量一直很少。過去 18 個月，閒置運力一直維持在 1% 以下的低位，租船市場保持相對強勁。

Demand, particularly on the trans-Pacific, on the other hand, has been greatly impacted, both positively and negatively, by uncertainty with respect to American tariff. Beginning in late 2024, in response to an anticipated higher US tariff, demand was strong entering into 2025. We've already discussed the effect of shifting tariff decisions throughout April and May on our trans-Pacific cargo flow.

另一方面，美國關稅的不確定性對需求，特別是跨太平洋的需求，產生了巨大的正面和負面影響。從 2024 年底開始，由於預期美國關稅上調，2025 年的需求將十分強勁。我們已經討論過四月和五月關稅決定的變化對跨太平洋貨運量的影響。

On a positive note, inventory levels, which are available up to June, remained relatively stable throughout 2025, suggesting that the strong demand we experienced from late 2024 into early 2025 did not result in significant inventory build-up. Recently, new trade agreements have been announced between the US and several significant trading partners, including the European Union, Japan, Korea, and Vietnam, resulting in higher overall tariffs on products entering the US.

從積極的一面來看，截至 6 月的庫存水準在 2025 年全年保持相對穩定，這表明我們從 2024 年末到 2025 年初經歷的強勁需求並沒有導致庫存大幅增加。近期，美國與歐盟、日本、韓國、越南等多個重要貿易夥伴相繼宣布達成新的貿易協定，導致進入美國的產品整體關稅上升。

The long-term impact of these changes is not yet clear. Additionally, a trade agreement between the US and China has not been reached, contributing to ongoing uncertainty that complicates planning for US importers and for carriers to forecast demand, particularly beyond the third quarter. Frequent tariff announcements and the introduction of unusually high tariffs, as seen in recent announcements regarding India and Brazil for various reasons, have also introduced further unpredictability.

這些變化的長期影響尚不清楚。此外，美國和中國尚未達成貿易協議，這導致持續的不確定性，使美國進口商和承運商難以預測需求，尤其是在第三季之後。經常宣布關稅以及引入異常高的關稅，例如最近針對印度和巴西出於各種原因宣布的關稅，也帶來了進一步的不可預測性。

It is important to note that ZIM, or any other carrier for that matter, need not be active in a particular trade to be impacted by these tariff decisions, as container shipping works as a global network. If tariffs undermine a particular trade in the long term, the resulting network adjustment can create overcapacity on other trades.

值得注意的是，ZIM 或任何其他承運商無需積極參與特定貿易即可受到這些關稅決定的影響，因為貨櫃運輸是一個全球網路。如果關稅長期損害某一特定貿易，則由此產生的網路調整可能會導致其他貿易的產能過剩。

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

就此而言，我們將開始提問。謝謝。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員指示）奧馬爾·諾克塔（Omar Nokta），傑富瑞（Jefferies）。

Thank you. Hi, Eli and Xavier. Thanks for the update.

謝謝。嗨，Eli 和 Xavier。感謝您的更新。

A couple of questions from my side, and maybe just first on the volume discussion you were just highlighting. Obviously, you're expecting flat volumes for the year, which implies the second half is going to be down year on year. I wanted to just check with you, is this expectation driven by your views on the market itself being down in the second half? Or is it driven by maybe a pullback on the part of ZIM, given some of your vessels are rolling off charter and you don't plan to renew them?

我這邊有幾個問題，首先是關於您剛才強調的音量討論。顯然，您預計今年的銷量將持平，這意味著下半年的銷量將比去年同期下降。我想向您確認一下，這種預期是否源自於您對下半年市場本身下滑的看法？或者這可能是由於 ZIM 的撤資所致，因為你們的一些船隻正在租賃期滿，而你們不打算續租？

Hi, Omar. It's a little bit of both. I think first, when we compare year over year 2024 versus 2025, for the second half, we benefited last year from a very strong volume growth, if you remember. Quarter over quarter, we beat records in Q3 and also in Q4 from a carried quantity perspective.

你好，奧馬爾。兩者都有一點。我認為首先，當我們比較 2024 年與 2025 年下半年的情況時，如果您還記得的話，去年我們受益於非常強勁的銷售成長。與上一季相比，從承載量角度來看，我們在第三季和第四季都打破了紀錄。

This year, we will operate a similar type of overall effective capacity in terms of TEU that we deploy on the various trades where we operate. But it is to be said that the peak season in Q3 is somewhat expected to be not as strong as what we experienced last year. And so that is, I think, why we don't believe that we are going to renew beating our record in terms of carried quantity into the second half.

今年，我們將以 TEU 為單位，在我們所營運的各個貿易航線上部署類似的整體有效容量。但可以說，第三季的旺季預計不會像去年那麼強勁。所以，我認為這就是為什麼我們不相信我們會在下半年刷新我們的運輸量記錄。

We still believe that we are going to hopefully come back to a higher volume sequentially. So Q2 has been a little bit of a weaker quarter from that perspective for the reasons we talked about and the reshuffling of our capacity as a result of the change in the US tariff discussions between the US and China that impacted us, give or take, 50,000 TEUs. So in Q3, we expect that if we are to operate in a stable environment, we will recover that volume. Whether we're going to beat last year is less likely.

我們仍然相信，我們的銷售量有望逐步回升至更高的水平。因此，從這個角度來看，第二季的表現略顯疲軟，原因如上所述，而且由於中美之間關稅談判的變化導致我們的運力重新調整，對我們的影響大約為 50,000 TEU。因此，我們預計，在第三季度，如果我們要在穩定的環境中運營，我們的業務量就會恢復。我們能否超越去年的成績還不太確定。

Okay. Thank you. And I guess from -- clearly, the market can be very volatile, and you mentioned how the current market dynamics are in your commentary. I guess what's your best guess if you were to think about the business over the next 18 months? You have the 34 ships that are up for renewal between now and the end of '26. If you don't get a change in the market dynamic, what portion do you think of those 34 would you look to renew?

好的。謝謝。我想，顯然，市場可能會非常不穩定，您在評論中提到了當前的市場動態。我想，如果您考慮未來 18 個月的業務，您最好的猜測是什麼？從現在到 26 年底，共有 34 艘船需要更新。如果市場動態沒有變化，您認為您會考慮續簽這 34 份中的哪一份？

That's an interesting question and an important one. What is very important to us is that what we label as our core capacity, which mostly relates to the large capacity vessels, going back to those 46 ships that we ordered and got delivered to us in '23, '24, we know that this is the capacity that we need in the longer term and that we will continue to operate in the longer term. So that's -- with the capacity that we own, that's two-thirds of the capacity that we operate today.

這是一個有趣且重要的問題。對我們來說非常重要的是，我們的核心運力主要與大容量船舶有關，回顧我們在 2023 年和 2024 年訂購並交付的 46 艘船舶，我們知道這是我們長期需要的運力，並且我們將在長期內繼續運作。所以，以我們擁有的產能計算，這相當於我們目前營運產能的三分之二。

And yes, we have, give or take, 250,000 TEUs today of capacity, these 34 ships that you were referring to, that will come up in terms of a charter period for possible renewal between now and the end of next year. And clearly, those ships will act as variable for us to navigate the market conditions.

是的，我們目前的運力大約為 250,000 TEU，也就是您提到的這 34 艘船，這些船的租期將在現在到明年年底之間到期，可能還會續租。顯然，這些船舶將成為我們應對市場狀況的變數。

And if the market is continuing to deteriorate, more likely than not, we will let go more of the ships than we will recharter. And if this is to be a different story, then we will recharter. But back to your question, I think if the market is trending down meaningfully into 2026, chances are that we will end up downsizing as opposed to renewing those vessels.

如果市場繼續惡化，我們很可能放棄更多的船舶，而不是重新租用更多的船舶。如果情況有所不同，我們將重新簽訂租船合約。但回到你的問題，我認為如果市場在 2026 年呈現大幅下滑趨勢，我們很可能會縮小規模而不是更新這些船舶。

Okay. Thank you, Xavier. And one final one for me, and I'll turn it over. Eli had mentioned the capacity on the trans-Pacific that's been reinstated, and then they have it in combination with the muted peak season that kept rates depressed. Why would you say that the capacity influx that we did see, why has that not been rerouted? And when would you expect to see that start to kind of shift away from the market, given the market remains fairly soft on the trans-Pacific?

好的。謝謝你，澤維爾。對我來說還有最後一個，我會把它翻過來。伊萊曾提到跨太平洋航線的運能已經恢復，再加上旺季淡季的影響，導致運價處於低點。為什麼說我們看到的容量湧入沒有被重新安排？鑑於跨太平洋市場仍然相當疲軟，您認為什麼時候會看到這種趨勢開始從市場上轉移？

That's an interesting question. I think when we look still ahead of us for Q3, Q4, from a volume perspective, even though we may not beat our last year volume in terms of carried quantities, we still anticipate quite a robust volume in the second half. And that also obviously applies to our expectation on the trans-Pacific.

這是一個有趣的問題。我認為，當我們從交易量角度展望第三季和第四季時，儘管我們的運輸量可能不會超過去年的水平，但我們仍然預計下半年的運輸量會相當強勁。這顯然也適用於我們對跨太平洋的期望。

I think there is also, and you're no stranger to the fact that the alliances have been reshuffled a little bit into earlier this year. And so the network and the various partners and the various alliances also got into the initial year of working together. So that also, I think, plays a little bit in favor of maybe less agility in terms of managing capacity, but that may change.

我認為也有，而且你對今年早些時候聯盟稍有改組的事實並不陌生。因此，該網路和各個合作夥伴以及各個聯盟也進入了合作的初始年。因此，我認為這也在一定程度上可能導致管理能力的靈活性降低，但這種情況可能會改變。

Great. Thank you a lot. I'll pass it back.

偉大的。非常感謝。我會把它傳回去。

Alexia Dogani, JPMorgan.

摩根大通的 Alexia Dogani。

Yeah, thanks for taking my question. Two questions, please. Firstly, when we look at the third quarter, is there any kind of timing effect of the exit rate from the high June spot rates that will benefit you? And do you have kind of a sense of that already?

是的，感謝您回答我的問題。請問兩個問題。首先，當我們看第三季時，6 月高現貨價格的退出是否會產生某種時間效應，讓您受益？您是否已經意識到這一點了？

And then when you look at your deployed capacity, I understand the number of vessels have come down year over year, but these are larger vessels. So in fact, in the second quarter, you actually increased capacity quite substantially and yet volumes were also down quite substantially. When we look at the second half, I'm estimating that you will still grow capacity year over year based on your average deployed capacity last year. Should we expect the load factors to continue to erode therefore? Or are you taking more near-term action now?

然後，當您查看已部署的運力時，我知道船隻數量逐年下降，但這些都是更大的船隻。因此，事實上，在第二季度，產能實際上大幅增加，但產量也大幅下降。當我們展望下半年時，我估計根據去年的平均部署容量，您的容量仍將逐年成長。那麼，我們是否應該預期載客率會繼續下降呢？還是您現在正在採取更多近期行動？

And then just to follow up on the previous question, I think you talked about 250,000 TEUs that could be up for renewal in the next 18 months. But on the slide, I only get 140,000. What am I missing, please? Thanks.

然後，為了跟進上一個問題，我想您談到了未來 18 個月內可能需要續約的 250,000 個 TEU。但在幻燈片上，我只得到 140,000。請問我遺漏了什麼？謝謝。

So first, on your question with respect to the timing effect, I think you're correct. When we look at what has happened in this first half, the tariff effect of April -- you may remember, on April 9, the tariff were hiked to 145% for import of cargo from China to the US. And as a result of that, what happened, we saw pretty much overnight, the export or the bookings out of China take a nose dive. And what we did is change the capacity. And as a result, we lost the volume that we just talked about during the prior question.

首先，關於時間效應的問題，我認為你是對的。當我們回顧上半年發生的事情時，您可能還記得，4 月 9 日，從中國進口到美國的貨物的關稅上調至 145%。由此產生的結果是，我們幾乎在一夜之間看到，中國的出口量或訂單量急劇下降。我們所做的就是改變容量。結果，我們失去了剛才在上一個問題中談到的音量。

But then what happened is when in May, mid-May, the 90-day pause was introduced, what we saw is a very sharp rebound in demand, all the, indeed, importers in the US trying to benefit from this window of opportunity to scale back up their inventories. And that also came with a nice increase in the spot rate -- spot market, to which we, at ZIM, are significantly exposed.

但隨後發生的事情是，當 5 月份，也就是 5 月中旬，90 天的暫停期開始實施時，我們看到需求出現了非常急劇的反彈，事實上，美國所有的進口商都試圖利用這個機會之窗來縮減庫存。這也伴隨著現貨價格的大幅上漲——現貨市場，我們 ZIM 在這方面受到很大影響。

But so when it comes to revenue recognition perspective, you remember maybe that as per the accounting rules, we recognize revenue based on the pro rata temporis, so over the duration of the voyage. So the surge in the rates that we experienced towards the second half of the second quarter, at the end of the day, were only partially recorded in our second quarter. And some of that -- those voyages and the bill of ladings will find their way in our financial statements into the third quarter.

但是，當涉及收入確認的角度時，您可能記得，根據會計規則，我們根據航行期間的比例確認收入。因此，我們在第二季後半段經歷的利率飆升，最終只是部分地體現在第二季。其中一些——這些航次和提單將會出現在我們第三季的財務報表中。

Hence why, maybe if you look at our Q2 performance and you also put that in parallel with the guidance that we just recommunicated, there might be a calendarization of that peak effect that we saw in terms of a spot market happening in Q2 over a very short time frame. It went up and down quite fast. So yes, there is a bit of a time lag that will pour into Q3 on that front.

因此，如果您看一下我們第二季度的表現，並將其與我們剛剛重新傳達的指導意見進行比較，我們可能會看到，在非常短的時間內，現貨市場在第二季度出現的峰值效應會以日曆形式呈現。它上下波動得相當快。所以是的，在這方面存在一些時間滯後，這將影響到第三季。

When it comes to the capacity that we will deploy in the second half of this year, I think when compared to last year, I wouldn't say that there is going to be or we should expect a significant difference in terms of operating the TEU. By the time of December 2024, we had received almost all but one of the 46 ships that we had on order. If I remember well, we closed 2024 operating 782,000 TEUs of capacity. We operate today 760,000 TEUs, so I think it's going to be pretty much like for like.

至於我們今年下半年將部署的運力，我認為與去年相比，在 TEU 營運方面不會出現或我們不應該預期會出現顯著差異。截至 2024 年 12 月，我們已接收了所訂購的 46 艘船中的幾乎全部，只有一艘沒有接收。如果我沒記錯的話，我們在 2024 年關閉了 782,000 TEU 的運力。我們目前經營 760,000 個 TEU，所以我認為這將非常相似。

And with respect to your last question of clarification when it comes to the TEUs, maybe I wasn't clear. We have 250,000 TEUs that are subject to a short-term charter. We define short-term charter by less than five years in a way. And what you have, 140,000, is what relates to 2025 and 2026 expiration date. The rest is beyond 2026 to go back to your 250,000.

關於您最後提出的有關 TEU 的澄清問題，我可能沒有說清楚。我們有 250,000 個 TEU 需要短期租賃。我們對短期租船的定義是租期少於五年。而您擁有的 140,000 與 2025 年和 2026 年的到期日有關。剩下的就是2026年後才能回到你的25萬。

Thank you, Xavier. And can I just ask one more, if I may? In terms of the cost structure of the whole industry, we've heard from Hapag-Lloyd, Maersk, that unit costs are materially above pre-pandemic levels. Can you give us an indication of your breakeven unit cost level? And I guess if we think about the 2Q, did you incur any operating losses at the start of the quarter versus the end of the quarter? Thanks.

謝謝你，澤維爾。我可以再問一個問題嗎？就整個產業的成本結構而言，我們從赫伯羅特、馬士基了解到，單位成本大幅高於疫情前的水準。您能否告訴我們您的損益平衡單位成本水準？我想如果我們考慮一下第二季度，那麼在本季度初和本季末您是否遭受了任何經營虧損？謝謝。

I think when we are considering our cost structure, it is clear that cost went up in terms of moving the box today compared to what was the prevailing cost structure. I think maybe pre-COVID you were asking, Alexia. I mean, if we look at pre-COVID, for example, we were bunkering the ships on the HFO. Since then, we transitioned to LSFO in itself. This is a cost increase. If we look at the new building price, as I'm sure you've seen as well, that went up. And as a result, as well, the chartering rates went up. So the cost of securing tonnage has also gone up compared to a prior period.

我認為，當我們考慮我們的成本結構時，很明顯，與現行的成本結構相比，今天移動箱子的成本有所上升。我想也許你是在 COVID 之前問的，Alexia。我的意思是，如果我們回顧一下新冠疫情之前的情況，我們當時是用重油 (HFO) 為船隻加油。從那時起，我們就轉向了 LSFO。這會增加成本。如果我們看一下新建築的價格，我相信你也看到了，價格上漲了。結果，租船費率也漲了。因此，與前期相比，確保噸位的成本也有所上升。

I think also when we look on the variable component aspect of things, the cargo handling charge also went up. If we look at the US, you're no stranger to the discussions and the agreement that was reached between the various terminals in the US East Coast -- first in the West Coast and then in the East Coast with the unions. So that triggered an increase in salaries that is reflected at the end of the day in an increase passed on to the carriers when it comes to paying for loading or discharging a box.

我認為，當我們從事物的可變成分方面來看時，貨物處理費也會上漲。如果我們看看美國，你對美國東海岸各個碼頭與工會進行的討論和達成的協議並不陌生——首先是西海岸，然後是東海岸。因此，這引發了工資的上漲，最終體現在承運人支付裝卸箱子的費用增加。

So all those elements of additional costs found their way in, I think, our cost structure, which, yes, do contribute to increasing the overall cost per TEU carried. And then you add to that something that is maybe more linked to the congestion that we are experiencing today compared to what was the situation maybe. Again, pre-COVID, there are more and more ships on the water, maybe the terminal capacity did not grow at the same pace.

因此，我認為，所有這些額外成本因素都進入了我們的成本結構，確實導致每 TEU 運輸的總成本增加。然後，你再添加一些可能與我們今天遇到的擁堵情況更相關的內容，與之前的情況相比。再說，在疫情之前，水上的船隻越來越多，也許碼頭容量並沒有以同樣的速度成長。

We need to put more ships in order to maintain weekly service. To give you an example, our main Asia to the US East Coast, our ZCP line, we used to operate that line on a weekly basis with 10 ships pre-COVID. Now, we need 12 in order to maintain the weekly schedule. So yes, I would say that overall the cost structure of the industry and of ZIM has gone up when compared to pre-COVID levels.

我們需要投入更多的船隻來維持每週的服務。舉個例子，我們的主要航線是從亞洲到美國東海岸的 ZCP 航線，在疫情爆發之前，我們每週有 10 艘船運營該航線。現在，我們需要 12 個人來維持每週的計畫。所以是的，我想說，與疫情之前的水平相比，整個行業和 ZIM 的成本結構總體上有所上升。

(Operator Instructions) Chloe Fu, Citi.

（操作員指示）花旗銀行的 Chloe Fu。

Hi. Thank you for your presentation, and thank you for taking my questions.

你好。感謝您的演講，也感謝您回答我的問題。

My first question is also on the cost. So you have mentioned that you have an improved cost structure in Q2 and you aim for a sustainable growth in this highly uncertain market. Can you elaborate on what have you done in terms of cost in Q2 and what are some further cost improvement plans? And since you have also talked about what the part of cost that is more difficult to decrease, such as cargo handling, I'm just interested to know which part of cost can you improve.

我的第一個問題也是關於成本的。所以您提到，您在第二季度改善了成本結構，並希望在這個高度不確定的市場中實現永續成長。您能詳細說明一下您在第二季度在成本方面做了哪些工作以及還有哪些進一步的成本改進計劃嗎？而且既然您也談到了哪些成本部分比較難降低，例如貨物處理，我只是想知道您可以改進哪些部分的成本。

And my second question is on freight rate in H2. So normal seasonality suggests that peak season is mostly done at the stage of now and freight rates should trend lower from here to end of year. Do you think that the same pattern will happen this year, or do you believe there is something that will be different? Thank you.

我的第二個問題是關於下半年的運費。因此，正常的季節性表明旺季目前已基本結束，從現在到年底，運費應該呈下降趨勢。您認為今年還會出現同樣的模式嗎？或者您認為會有所不同嗎？謝謝。

Thank you, Chloe. Maybe addressing your second question to start with from a rate dynamic perspective. Yes, there are, I think, clouds on the horizon with all the element of uncertainty that we talked before. The fact also that some of the shippers in the US did anticipate a little bit the peak season and then we don't expect, as I think we stated, a stronger peak season ahead of us and maybe the bulk of it is already behind us. So we don't anticipate that we will not be able to utilize our capacity, but there might be a little bit of a weaker sentiment from a seasonality perspective when it comes to volume for Q3 and Q4. And as a result, if there is no stronger demand from a seasonality perspective, then this is not a good indicator to support the freight rate. So we'll see what happens on that front. But it is a risk that we think we are highlighting, especially with respect to the latter part of the year, Q4.

謝謝你，克洛伊。也許先從利率動態角度來回答你的第二個問題。是的，我認為，地平線上確實烏雲密布，充滿了我們之前談到的不確定因素。事實上，美國的一些托運人確實對旺季有所預期，但正如我們所說的那樣，我們並不認為未來會有更強勁的旺季，而且大部分旺季可能已經過去了。因此，我們預計我們不會無法利用我們的產能，但從季節性角度來看，第三季和第四季的銷售量可能會略微疲軟。因此，如果從季節性角度來看沒有更強勁的需求，那麼這並不是一個支持運費的好指標。因此我們將拭目以待這方面會發生什麼。但我們認為這是一個值得關注的風險，尤其是對於今年下半年，即第四季而言。

With respect to the cost structure, I think when we talk about the initiatives that we are entertaining on a quarter-over-quarter basis, to name a few, I think first, we continue to benefit from the scaling up of our average vessel size. Just to illustrate, with the newbuild capacity that we received in '23 and in '24 and now we are operating on a full-year basis in 2025, the average vessel size went up by 50% when compared to the average vessel size that we were operating back in 2022. And as you know, by scaling up, we reduce our cost of moving a box, providing again that we can maximize the utilization.

關於成本結構，我認為，當我們談論我們按季度考慮的舉措時，舉幾個例子，我認為首先，我們繼續受益於平均船舶尺寸的擴大。舉例來說，考慮到我們在 2023 年和 2024 年獲得的新造船能力，現在我們在 2025 年全年運營，與我們 2022 年運營的平均船舶尺寸相比，平均船舶尺寸增加了 50%。而且如您所知，透過擴大規模，我們降低了搬運箱子的成本，從而再次確保了我們可以最大限度地提高利用率。

The second element for me maybe to emphasize is the transition that we embarked on shifting away from LSFO and increasing our LNG conversion. So today, 40% of the capacity that we operate runs on LNG. We have secured as well good access to supply for the trades where we operate. And this transition from lower sulfur fuel oil to LNG also contributes to reducing our cost of operation.

對我來說，可能要強調的第二個因素是我們開始從低硫燃料 (LSFO) 轉向增加液化天然氣 (LNG) 轉換的轉變。因此，今天我們營運的 40% 產能都依賴液化天然氣。我們也確保了我們經營所在產業的良好供應管道。從低硫燃料油到液化天然氣的轉變也有助於降低我們的營運成本。

Third, I would say that we are also continuing to leverage the partnership that we entered into with MSC in February, following the change in the 2M Alliance. And that is also for us a continuation of maintaining the cost down, offering a wide range of service to our customers.

第三，我想說，在 2M 聯盟發生變化之後，我們也將繼續利用我們在 2 月與 MSC 建立的合作關係。對我們來說，這也是繼續降低成本，為客戶提供廣泛服務的一種方式。

Four, I think what we are also considering is reducing the imbalance between our trades. This is a hidden cost, but trying to avoid to the maximum extent possible repositioning of empties. And that is also a commercial attention that we put on that to maximize the weak leg in terms of loading.

第四，我認為我們也在考慮減少我們之間的貿易不平衡。這是一項隱性成本，但試圖最大程度地避免重新定位空箱。這也是我們在商業上關注的重點，旨在最大限度地提高薄弱腿的承重能力。

And finally, I think I would point to our digital initiatives. We've been quite active on that front, both in terms of developing tools to assist us to be better, to anticipate better, to price better, and also active in proposing to our customers an easier way to deal with us and hopefully potentially capturing additional volume from the competition.

最後，我想指出我們的數位化措施。我們在這方面一直非常活躍，不僅開發工具來幫助我們做得更好、更好地預測、更好地定價，還積極向我們的客戶提出一種更容易與我們打交道的方式，並希望有可能從競爭對手那裡獲得更多的銷售。

That's clear. Thank you.

這很清楚。謝謝。

And that concludes our question-and-answer session. I will now turn the call back over to Mr. Glickman for some final closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給格利克曼先生，請他做最後的總結演講。

Thank you.

謝謝。

To conclude, while 2025 has so far been marked by significant volatility and wide swings in the freight rates, we remain confident in ZIM's ability to navigate this turbulent environment. Our modern upscale fleet of cost-efficient vessel, as well as our agile commercial strategy, positions ZIM well to continue to respond quickly to changes in the market, in demand, and across our global trade lanes.

總而言之，儘管 2025 年迄今的波動性很大，運費也大幅波動，但我們仍然對 ZIM 應對這一動盪環境的能力充滿信心。我們擁有現代化的、高性價比的高檔船隊，以及靈活的商業策略，使 ZIM 能夠繼續快速響應市場、需求和全球貿易航線的變化。

As we have demonstrated time and again, we will remain proactive, realigning our network, redeploying capacity, and capitalizing our growth opportunities as market conditions evolve. We believe our disciplined, nimble approach, combined with a commitment to operational efficiency and strong balance sheet, will enable ZIM to manage through the current period of uncertainty and emerge even stronger over the long run. Based on our performance to date, we've increased the midpoints for 2025 guidance ranges and intend to draw on our transformed fleet and improved cost structure to continue to create value for our shareholders, even in the face of challenging market dynamics.

正如我們一次又一次證明的那樣，我們將繼續積極主動，隨著市場條件的變化重新調整我們的網絡，重新部署容量，並利用我們的成長機會。我們相信，我們嚴謹、靈活的方法，加上對營運效率和強勁資產負債表的承諾，將使 ZIM 能夠度過當前的不確定時期，並在長期內變得更加強大。根據迄今為止的表現，我們提高了 2025 年指導範圍的中點，並打算利用轉型後的機隊和改進的成本結構，即使面對充滿挑戰的市場動態，也能繼續為股東創造價值。

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

再次感謝您今天加入我們。我們期待與大家分享我們不斷取得的進展。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。