以星航運 (ZIM) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫凱特，今天我將擔任你們的會議接線生。在此，我謹代表以星航運綜合服務公司，歡迎各位參加2025年第三季財務業績電話會議。（操作說明）

I would now like to turn the conference over to Elana Holzman. You may begin.

現在我將把會議交給埃拉娜·霍爾茲曼。你可以開始了。

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

謝謝接線員，歡迎參加ZIM 2025年第三季財務業績電話會議。今天與我一起參加電話會議的有 ZIM 總裁兼執行長 Eli Glickman 和財務長 Xavier Destriau。

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

在開始之前，我想提醒各位，在本次電話會議中，我們將對預期、預測、展望或未來事件或結果做出前瞻性陳述。我們認為我們的預期和假設是合理的。我們謹此提醒您，此類聲明僅反映公司目前的預期，實際事件或結果可能有所不同，包括出現重大差異。請您仔細閱讀本公司向美國證券交易委員會提交的文件（包括我們於 2025 年 3 月 12 日向美國證券交易委員會提交的 2024 年 20-F 表格年度報告）中所述的風險因素和警示性語言。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 ZIMS's CEO, Eli Glickman. Eli?

此時，我想把電話交給ZIMS的執行長Eli Glickman。伊萊？

Thank you, Elana, and welcome, everyone. Thank you for joining us today.

謝謝你，埃拉娜，也歡迎各位。感謝您今天蒞臨。

Q3 2025 unfolded against a backdrop of continued uncertainty driven by geopolitical and trade tensions. While the shipping industry has always been characterized by volatility, we are now experiencing events and changes with greater frequency and intensity than in the past, amplifying the challenges and requiring us to be even more agile than ever. Despite these headwinds, our team has navigated a volatile rate environment with resilience, maintaining service reliability, optimizing our cost base, and delivering solid Q3 results.

2025 年第三季是在地緣政治和貿易緊張局勢持續帶來的不確定性背景下展開的。雖然航運業一直以波動性為特徵，但我們現在經歷的事件和變化比過去更加頻繁和劇烈，這加劇了挑戰，並要求我們比以往任何時候都更加靈活。儘管面臨這些不利因素，我們的團隊憑藉著韌性，在波動的費率環境中保持了服務的可靠性，優化了成本基礎，並取得了穩健的第三季業績。

Slide number four. Consistent with our expectation, we generated revenue of $1.8 billion and net income of $123 million. Q3 adjusted EBITDA was $593 million, and adjusted EBIT was $260 million with adjusted EBITDA margin of 33% and adjusted EBIT margin of 15%. We maintain total liquidity of $3 billion at September 30.

第四張投影片。與預期一致，我們實現了18億美元的營收和1.23億美元的淨利。第三季調整後 EBITDA 為 5.93 億美元，調整後 EBIT 為 2.6 億美元，調整後 EBITDA 利潤率為 33%，調整後 EBIT 利潤率為 15%。截至9月30日，我們的總流動資金為30億美元。

Slide number five. ZIM Board of Directors continue to prioritize returning capital to shareholders and has amended ZIM dividend policy in 2021 and 2022, aiming to reward long-term shareholders. Additionally, when financial results have exceeded expectations, the Board has promoted a special dividend distribution to further reward shareholders. Accordingly, under this policy, the Board of Directors has declared a dividend of $0.31 per share or a total of approximately $37 million, representing 30% of third-quarter net income. Throughout '24 and '25, ZIM distributed a total dividend of $9.09 per share, including the dividend declared today or a total of approximately $1.1 billion. Since the IPO, we distributed a total of approximately $5.7 billion as dividends of $47.54 per share, including the dividend declared today.

第五張投影片。ZIM董事會繼續優先考慮向股東返還資本，並已在2021年和2022年修訂了ZIM股息政策，旨在回報長期股東。此外，當財務表現超出預期時，董事會提議派發特別股息，以進一步回報股東。因此，根據這項政策，董事會宣布派發每股 0.31 美元的股息，總計約 3,700 萬美元，佔第三季淨收入的 30%。在 2024 年和 2025 年，ZIM 共派發了每股 9.09 美元的股息，包括今天宣布的股息，總計約 11 億美元。自IPO以來，我們已累積派發約57億美元的股息，每股股息為47.54美元，其中包括今天宣布的股息。

Turning to our guidance. The fourth quarter is trending weaker than originally projected when we provided guidance in August. However, despite the considerable uncertainty, our nine months results have enabled us to refine our full-year guidance ranges and increased midpoints. As such, based primarily on our performance year to date, we now expect to generate adjusted EBITDA between $2 billion to $2.2 billion and adjusted EBIT between $700 million and $900 million. Xavier, our CFO, will provide additional context and our underlying assumption for our 2025 guidance later on the call.

請參考我們的指導意見。第四季的發展趨勢弱於我們在8月提供業績指引時的預期。然而，儘管存在相當大的不確定性，但我們前九個月的業績使我們能夠改善全年業績指引範圍並提高其中點值。因此，主要根據我們今年迄今為止的業績，我們現在預計調整後的 EBITDA 將在 20 億美元至 22 億美元之間，調整後的 EBIT 將在 7 億美元至 9 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 年業績指引的基本假設。

Slide number six. In a highly dynamic environment, we continue to take proactive steps in line with our strategic objectives during the third quarter and into the fourth quarter. Capitalizing on the versatility of our fleet, we have been able to adjust capacity quickly as market conditions have evolved. On the transpacific, we've continuously adapted our network to account for changes in cargo flow patterns resulting from the ongoing US-China trade standoff.

第六張幻燈片。在瞬息萬變的環境中，我們將繼續採取積極主動的措施，以實現我們在第三季和第四季的策略目標。憑藉我們船隊的靈活性，我們能夠隨著市場狀況的變化迅速調整運力。在跨太平洋航線上，我們不斷調整航線網絡，以因應持續的中美貿易僵局而導致的貨物流動模式變化。

The recent US-China trade agreement marks a positive development, potentially reducing market uncertainty and enabling our customers to plan with greater confidence. The tariff reduction on Chinese goods announced as part of this trade agreement could support demand going forward, though the extent of its impact remains uncertain. Nonetheless, the long-term trend towards economic decoupling between China and the US is likely to persist as both continue efforts to diversify their export and import markets. ZIM's long-term strategy, which we have previously discussed, is closely in line with this trend, expanding and diversifying our network, so we can capture new opportunities as global trade patterns evolve.

最近中美達成的貿易協定標誌著一個積極的進展，有可能降低市場的不確定性，使我們的客戶更有信心地進行規劃。作為該貿易協定的一部分，宣布降低對中國商品的關稅可能會在未來提振需求，但其影響程度仍不確定。儘管如此，中美經濟脫鉤的長期趨勢可能會持續下去，因為兩國都在繼續努力實現進出口市場的多元化。我們之前討論過的ZIM的長期策略與這一趨勢密切相關，即擴大和多元化我們的網絡，以便我們能夠在全球貿易格局演變的過程中抓住新的機會。

Two critical focus areas for us are Southeast Asia and Latin America. As manufactured diversified production away from China, countries like Vietnam, Korea, and Thailand have increased their share of US imports. Our expanded presence in Southeast Asia continued to be an important strategic advantage for ZIM. By establishing a strong foothold in this market, we've been able to capture new trade growth and partially offset the reduction in transpacific cargo from China to the US.

我們的兩個重點關注地區是東南亞和拉丁美洲。隨著製造業生產從中國向其他國家多元化轉移，越南、韓國和泰國等國在美國進口中所佔的份額不斷增加。我們在東南亞不斷擴大的業務仍然是以星航空的重要戰略優勢。透過在這個市場站穩腳跟，我們得以抓住新的貿易成長機遇，並部分抵消了從中國到美國的跨太平洋貨物運輸量的減少。

We have also strategically focused on expanding our presence in Latin America over the last two years. In Q3, we continued to grow our volumes and still see meaningful opportunities in this region, supported by the steady expansion of trade between Latin America and in key markets, including the United States and China. Overall, regional diversification enhances our network flexibility, broadens our customer base, and reduces our dependence on any single trade lane.

過去兩年，我們也策略性地專注於擴大了在拉丁美洲的業務。第三季度，我們的銷售量持續成長，並且仍然看到該地區存在著重要的機遇，這得益於拉丁美洲與包括美國和中國在內的主要市場之間貿易的穩步增長。總體而言，區域多元化增強了我們的網路靈活性，擴大了我們的客戶群，並降低了我們對任何單一貿易路線的依賴。

Our ability to capitalize on this opportunity is a direct result of our cost competitive fleet and agile deployment strategy. Following the delivery of 46 new builds in 2023 and 2024, which significantly improved the efficiency of our operating capacity, we have transformed fleet of larger modern vessels well suited to the trade in which we operate. We remain diligent in keeping our fleet modern and competitive.

我們能夠抓住這一機遇，直接得益於我們具有成本競爭力的機隊和靈活的部署策略。繼 2023 年和 2024 年交付 46 艘新船後，我們的營運能力得到了顯著提高，船隊也因此煥然一新，擁有了更大型、更現代化的船舶，非常適合我們所從事的貿易。我們始終致力於保持機隊的現代化和競爭力。

Earlier this year, we secured a significant charter agreement for 10 11,500 TEU LNG dual-fuel vessels scheduled to delivery in 2027 and 2028. This continued investment in our fleet is central to our growth strategy, enhancing both the sustainability and competitiveness of our capacity. The versatile size and design of this vessel will further enhance our operational flexibility and support long-term profitable growth.

今年早些時候，我們獲得了一項重要的租船協議，租船10艘11500標準箱的液化天然氣雙燃料船，計劃於2027年和2028年交付。對機隊的持續投資是我們成長策略的核心，它既能提高我們產能的可持續性，又能增強我們的競爭力。船尺寸和設計用途廣泛，將進一步增強我們的營運靈活性，並支持長期獲利成長。

In addition, to strengthen our core fleet, we continue to prioritize flexibility and optionality in our fleet strategy. As part of this approach, we actively manage our operated fleet to align with evolving market conditions. During the third quarter, we continue to redeliver vessels to owners, which Xavier will discuss in more detail.

此外，為了加強我們的核心機隊，我們將繼續在機隊策略中優先考慮靈活性和選擇性。作為這項策略的一部分，我們積極管理我們營運的車隊，以適應不斷變化的市場狀況。第三季度，我們將繼續向船東交付船舶，Xavier 將對此進行更詳細的討論。

Our approach to renewing charter this year signal a cautious outlook, particularly as the market fundamental still point to supply growth, outpacing demand moving forward. As such, we anticipate continued pressure on freight rates during the remainder of the fourth quarter and into 2026. Overall, we remain confident in our strategy and competitive position. Today, approximately 60% of our capacity is new build, and 40% of our fleet is LNG power, reflecting our early investment in cost- and fuel-efficient vessels and commitment to sustainability.

我們今年續簽包機合約的做法表明了謹慎的前景，尤其是在市場基本面仍然表明供應增長將超過需求的情況下。因此，我們預計在第四季剩餘時間和 2026 年，貨運價格將繼續面臨壓力。總體而言，我們對我們的策略和競爭地位仍然充滿信心。目前，我們約 60% 的產能來自新建船舶，40% 的船隊採用液化天然氣動力，這反映了我們早期對成本效益和燃料效率高的船舶的投資以及對永續發展的承諾。

With the addition of the 10 11,500 new LNG-powered vessels by 2028, we expect to operate not only the youngest fleet in our segment, but also the greenest with the largest proportion of LNG-powered capacity, further strengthening our leadership in sustainability and operational efficiency.

到 2028 年，隨著 10 艘 11,500 艘新的 LNG 動力船舶的加入，我們預計不僅將運營業內最年輕的船隊，而且將運營最環保、LNG 動力產能佔比最高的船隊，從而進一步鞏固我們在可持續發展和運營效率方面的領先地位。

Looking ahead, we intend to build on our progress to date maintaining and further enhancing our competitive advantages while capitalizing on attractive opportunity that will ensure our fleet remains modern and cost effective. We believe our nimble commercial approach, coupled with prudent investment in fleet equipment and technology continues to drive resilience across ZIM business and position us to deliver long-term value for our shareholders.

展望未來，我們將在迄今為止的進展基礎上，保持並進一步增強我們的競爭優勢，同時抓住有利機遇，確保我們的機隊保持現代化和成本效益。我們相信，我們靈活的商業策略，加上對車隊設備和技術的審慎投資，將繼續推動 ZIM 業務的韌性，並使我們能夠為股東創造長期價值。

Before turning the call to Xavier, I would like to address our view on Suez Canal. Ensuring the safety of our crew, customer cargo, and vessels remain our highest priority. While the current ceasefire in Gaza is encouraging progress, return to Suez Canal will require further assurance regarding the durability of this ceasefire, and we are monitoring the situation closely.

在將電話轉給澤維爾之前，我想先談談我們對蘇伊士運河的看法。確保船員、客戶貨物和船舶的安全仍然是我們的首要任務。雖然加薩目前的停火取得了令人鼓舞的進展，但要重返蘇伊士運河還需要進一步保證停火的持久性，我們正在密切關注局勢。

Having said that, we believe that the return to the Suez Canal in the near future now appears increasing slightly. Therefore, we are preparing an operational plan to support this transition once the security situation has stabilized. Resuming passage through the Suez Canal represents both opportunities and risks. While it will allow improved fleet efficiency and generate operational cost savings, it will also increase effective supply currently tied up by longer routes and around the Cape of Good Hope, adding pressure on freight rates.

話雖如此，我們認為在不久的將來蘇伊士運河重新開放的可能性似乎略有增加。因此，一旦安全情勢穩定下來，我們將制定一項行動計畫來支持這項過渡。恢復通過蘇伊士運河既是機會也是風險。雖然這將提高船隊效率並節省營運成本，但也會增加目前因較長航線和好望角附近航線而佔用的有效供應，從而給貨運價格帶來壓力。

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

接下來，我將把電話交給我們的財務長澤維爾，讓他更詳細地討論我們的財務表現、2025 年的業績指引，以及對市場環境的補充評論。澤維爾，拜託了。

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

謝謝你，伊萊。再次代表我，歡迎各位。

On slide 7, we present our key financial and operational highlights. We delivered solid profitability in Q3 despite a volatile operating environment. Third-quarter revenues were $1.8 billion, down 36% compared to last year, reflecting both lower freight rates and lower volume. Total revenues in the first nine months of 2025 of $5.4 billion were down $840 million or 13% year over year.

第 7 頁，我們展示了我們的主要財務和營運亮點。儘管經營環境動盪，但我們在第三季仍實現了穩健的獲利。第三季營收為 18 億美元，比去年同期下降 36%，反映出貨運價格和貨運量均有所下降。2025 年前九個月的總收入為 54 億美元，年減 8.4 億美元，降幅達 13%。

Average freight rate per TEU in the third quarter was $1,602 compared to $2,480 per TEU in the third quarter of last year. Q3 carried volume of 926,000 TEUs was 4.5% lower year over year, mostly due to lower volume in Crossways and Atlantic, but 3.5% higher sequentially. Revenues from non-containerized cargo, which reflects mostly our car carrier services, totaled $78 million for the quarter, and that is compared to $145 million in the third quarter of 2024, attributable to both, again, here lower volume as we operated two fewer vessels in the current quarter as well as lower rates. Our free cash flow in the third quarter totaled $574 million compared to $1.5 billion in the third quarter of 2024.

第三季每標準箱平均運費為 1,602 美元，而去年第三季每標準箱為 2,480 美元。第三季貨運量為 926,000 個標準箱，年減 4.5%，主要是由於 Crossways 和 Atlantic 貨運量下降，但季增 3.5%。非貨櫃貨物的收入（主要反映了我們的汽車運輸服務）在本季度總計 7800 萬美元，而 2024 年第三季度為 1.45 億美元，這主要是由於本季度我們運營的船舶數量減少了兩艘，以及運價下降。第三季我們的自由現金流總額為 5.74 億美元，而 2024 年第三季則為 15 億美元。

Turning to the balance sheet. Total debt decreased by $369 million since prior year-end. As previously noted, total debt is expected to continue to trend down as repayment of lease liabilities exceeds lease additions and extensions until we start receiving new build chartered capacity in the second half of 2026.

接下來看一下資產負債表。總債務較上年結束時減少了3.69億美元。如前所述，隨著租賃負債的償還超過租賃新增和延期，預計總債務將繼續呈下降趨勢，直到我們在 2026 年下半年開始獲得新的包租運力。

Next, the following slide provides an overview of our fleet. Eli covered key aspects of our fleet strategy, but I would like to add a few more data points that we believe are important to consider. ZIM currently operates 115 container ships with a total capacity of 709,000 TEUs. This reflects a decrease of approximately 80,000 TEUs, so lower than our peak after having received all 46 new build vessels in early 2025.

接下來，下一張投影片概述了我們的機隊。Eli 介紹了我們艦隊策略的關鍵方面，但我還想補充一些我們認為需要考慮的重要數據點。以星航運目前營運115艘貨櫃船，總運力為709,000標準箱。這反映出運力減少了約 80,000 個標準箱，低於我們在 2025 年初接收全部 46 艘新造船舶後的峰值。

Approximately 70% of this capacity we consider as our core fleet. It includes the 46 new build vessels which were received throughout 2023 and 2024, with the last vessel delivered in January this year, 2025. These vessels carry charter duration from 5 to 12 years, and another 16 vessels are owned by ZIM. To remind you, we opted to secure this new build and long-term duration contracts rather than continue to rely on the short-term charter market. And this accomplished multiple key objectives.

其中約 70% 的運能被我們視為核心機隊。其中包括 2023 年和 2024 年接收的 46 艘新造船舶，最後一艘船舶於今年（2025 年）1 月交付。這些船舶的租期為 5 至 12 年，另有 16 艘船舶由 ZIM 擁有。再次提醒您，我們選擇簽訂新的建造合約和長期租約，而不是繼續依賴短期租船市場。這樣就達成了多個關鍵目標。

First, we ensured access to larger vessels better suited to the trades in which we operate, thereby improving our competitive position. These vessels are generally not available in the shorter-term charter market. And second, the longer-term charter periods contribute to an improved predictability in our cost structure.

首先，我們確保能夠使用更適合我們所從事貿易的大型船舶，從而提高了我們的競爭地位。這些船舶通常不在短期租賃市場上提供。其次，較長的租期有助於提高我們成本結構的可預測性。

Moreover, for 25 of the 28 LNG vessels, our core strategic 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 also have an option to purchase the 10 11,500 TEU LNG vessels that we mentioned earlier, following the 12-year charter period.

此外，對於我們核心戰略能力的 28 艘 LNG 船舶中的 25 艘，我們擁有延長租期的選擇權以及購買選擇權，這使我們能夠完全掌控這些船舶的命運，就像我們是船舶所有者一樣。我們也可以選擇在 12 年租期結束後購買我們之前提到的 10 艘 11,500 TEU LNG 船。

The remaining 30% of our fleet or approximately 192,000 TEUs allows us to maintain important flexibility. By the end of 2026, there will be a total of 20 vessels up for charter renewal with three vessels or 5,600 TEU still up for renewal in 2025 and 17 vessels or 55,000 TEUs of capacity up for redelivery in 2026. This optionality to keep the capacity already delivered to owners allows them to adjust its capacity according to changing market conditions or shifts in our commercial strategy.

我們剩餘的 30% 船隊，約 192,000 個標準箱，使我們能夠保持重要的靈活性。到 2026 年底，將有 20 艘船舶需要續租，其中 3 艘船舶（運力 5,600 TEU）的租約將於 2025 年到期，17 艘船舶（運力 55,000 TEU）的運力將於 2026 年到期。這種保留已交付給業主的產能的選擇權，使他們能夠根據不斷變化的市場條件或我們商業策略的轉變來調整產能。

We have opted to redeliver 22 vessels this year based on our cautious outlook moving forward, as spot freight rates have come under pressure during the second half of the year. With respect to our car carrier capacity, we currently operate 14 vessels, down from 16 car carriers last year, and we expect to deliver another vessel by year-end. As we previously communicated, we expanded our car carrier capacity in the past few years to benefit from favorable market trends, but we maintain optionality with no long-term commitments on our chartered tonnage. We continue to assess our level of participation as the car carrier market dynamics evolve.

基於我們對未來前景的謹慎展望，我們決定今年重新交付 22 艘船舶，因為下半年現貨運費面臨壓力。就我們的汽車運輸能力而言，我們目前營運 14 艘船舶，比去年的 16 艘有所減少，我們預計到年底將交付另一艘船舶。正如我們之前所溝通的那樣，為了受益於有利的市場趨勢，我們在過去幾年擴大了汽車運輸能力，但我們保持了選擇權，沒有對租用的噸位做出長期承諾。隨著汽車運輸市場動態的變化，我們將繼續評估我們的參與程度。

Next moving on to slide 9. We present ZIM's third quarter and nine months 2025 financial results compared to last year's third quarter and first nine months. We delivered solid profitability in Q3. Adjusted EBITDA in this year's third quarter was $593 million, and adjusted EBIT was $260 million. Adjusted EBITDA and EBIT margins for the third quarter were 33% and 15% respectively, and that compares to 55% and 45% in the third quarter of last year.

接下來，請看第9張投影片。我們將 ZIM 2025 年第三季和前九個月的財務表現與去年同期進行比較。第三季我們實現了穩健的獲利。今年第三季調整後 EBITDA 為 5.93 億美元，調整後 EBIT 為 2.6 億美元。第三季的調整後 EBITDA 利潤率和 EBIT 利潤率分別為 33% 和 15%，而去年第三季分別為 55% 和 45%。

For the first nine months of 2025, adjusted EBITDA margin was 34%, and adjusted EBIT margin was 16%. This is compared to 44% and 30% in 2024. Net income in the third quarter was $123 million, compared to $1.1 billion in the same quarter of last year.

2025 年前九個月，調整後的 EBITDA 利潤率為 34%，調整後的 EBIT 利潤率為 16%。相較之下，2024 年這一比例分別為 44% 和 30%。第三季淨利為 1.23 億美元，去年同期為 11 億美元。

Next, on slide 10, you see that we carried 926,000 TEUs in the third quarter compared to 970,000 TEUs during the same period last year, a 4.5% decline. Compared to the prior quarter, so Q2, carried volume was up 3.5%. The year-over-year decline was mainly attributable to weaker volume on Crossways and Atlantic. Transpacific volume this quarter stayed robust down just 1.5% compared to the same period last year, which saw exceptionally strong demand in the US. Sequentially, Transpacific volume increased by 17%. In Latin America trade, we also continued to see growth with a 2.4% increase in volumes year over year.

接下來，在第 10 張幻燈片中，您可以看到，我們第三季的貨櫃吞吐量為 926,000 個標準箱，而去年同期為 970,000 個標準箱，下降了 4.5%。與上一季（即第二季）相比，運輸量增加了 3.5%。年減主要歸因於 Crossways 和 Atlantic 航線貨運量減弱。本季跨太平洋貨運量保持強勁，僅比去年同期下降 1.5%，主要得益於美國市場的異常強勁需求。跨太平洋貨運量較上季成長 17%。在拉丁美洲貿易方面，我們也持續看到成長，銷量較去年同期成長 2.4%。

Next, we present our cash flow bridge. So for the quarter, our adjusted EBITDA of $593 million converted into $628 million of net cash generated from operating activities. Other cash flow items for the quarter included $451 million of debt service, mostly related to our lease liability repayments and a dividend payment of $7 million.

接下來，我們將介紹我們的現金流橋樑方案。因此，本季我們調整後的 EBITDA 為 5.93 億美元，轉化為營運活動產生的 6.28 億美元淨現金。本季其他現金流項目包括 4.51 億美元的債務償還，主要與我們的租賃負債償還有關，以及 700 萬美元的股息支付。

Turning now to our outlook. We have narrowed ranges and increased 2025 guidance midpoints. Specifically, we are raising the lower end of our adjusted EBITDA range by $200 million and now expect to generate adjusted EBITDA between $2 billion and $2.2 billion. We have also updated adjusted EBIT guidance to reflect a narrow range, raising the low end and lowering the high end of our prior outlook.

現在來談談我們的展望。我們縮小了預期範圍，並提高了 2025 年預期中位數。具體來說，我們將調整後 EBITDA 範圍的下限提高了 2 億美元，現在預計將產生 20 億美元至 22 億美元的調整後 EBITDA。我們也更新了調整後的息稅前利潤預期，使其範圍縮小，提高了先前預期的下限，降低了上限。

Today, we expect to achieve adjusted EBIT in the range of $700 million and $900 million. To reiterate Eli's earlier comment, these increased midpoints reflect primarily our performance year to date. And we note the continued high degree of uncertainty related to global trade and related to the geopolitical environment. With respect to our assumptions, our view on freight rates has softened since our August guidance when our assumptions about operated capacity, carried volume, and also bunker rates remain unchanged. --

今天，我們預計調整後息稅前利潤將在 7 億美元至 9 億美元之間。正如 Eli 之前所說，這些成長的中點主要反映了我們今年迄今為止的表現。我們注意到，全球貿易和地緣政治環境仍存在高度不確定性。就我們的假設而言，儘管我們對營運能力、運輸量以及燃油價格的假設保持不變，但我們對運費的看法自 8 月的指導意見以來已經有所緩和。--

Before we open the call to questions, just a few more comments on the market. The outlook for container shipping remains cautious, as growth in supply is expected to outpace the growth in demand in the foreseeable future. The order book has continued to grow and now stands at 31%. While the growth in supply is expected to slow down in 2026 when we compare to 2025, deliveries are projected to surge again in 2027 to more than 3 million TEUs of capacity, exceeding the record set in 2024.

在正式開始提問環節之前，我想再就市場狀況談幾點看法。由於預計在可預見的未來供應成長速度將超過需求成長速度，貨櫃航運的前景依然謹慎。訂單量持續成長，目前已達 31%。雖然與 2025 年相比，2026 年的供應成長預計將會放緩，但預計 2027 年的交付量將再次激增，達到 300 萬標準箱以上的運力，超過 2024 年創下的紀錄。

There are, nevertheless, mitigating factors to consider even if their impact may not be immediate. First, vessel scrapping has been minimal over the past five years, and this trend cannot last forever. And at some point, vessel deletion will increase. Second, the industry's decarbonization agenda. Carriers will move forward to meet their own emission targets, and expectations from customers to offer greener shipping solutions even if the regulatory framework has met a road block. And these efforts may also accelerate scrapping of older vessels, which will become increasingly less economically viable, especially in comparison with the significant new build deliveries in the post-COVID era.

儘管如此，仍有一些緩解因素需要考慮，即使它們的影響可能不會立即顯現。首先，過去五年船舶拆解量極少，但這種趨勢不可能永遠持續下去。在某個階段，血管缺失會增加。其次，是該產業的脫碳議程。即使監管框架遇到阻礙，承運商仍將繼續推進，以實現自身的排放目標，並滿足客戶提供更環保的航運解決方案的期望。這些措施也可能加速老舊船舶的報廢，因為老舊船舶的經濟可行性將越來越低，尤其是在與後新冠疫情時代大量新造船舶交付相比時。

On the other side of this supply-demand equation, global container volume is forecasted to grow by about 4% this year, largely driven by robust Chinese exports. However, the question is whether this growth is sustainable into 2026. It's also important to note that the increase in Chinese exports has not been uniform as US imports from China were negatively affected by the trade tensions between the two countries.

在供需關係的另一端，受中國強勁出口的推動，預計今年全球貨櫃吞吐量將成長約 4%。然而，問題是這種增長能否持續到 2026 年。值得注意的是，中國出口的成長並不均衡，因為中美貿易緊張局勢對美國從中國的進口產生了負面影響。

Looking into 2026, it remains to be seen whether the trade agreement announced earlier this month will lead to a recovery in cargo flow on this trade lane. The supply/demand imbalance in 2026 will likely be exacerbated by the industry's return to Suez Canal which will, after a period of adjustment, significantly increase effective capacity.

展望 2026 年，本月稍早宣布的貿易協定能否帶動該貿易航線的貨物運輸量復甦，還有待觀察。2026 年供需失衡的情況可能會因航運業重返蘇伊士運河而加劇，經過一段時間的調整後，蘇伊士運河的有效運力將大幅提高。

And as Eli mentioned, the reopening of Suez offers some benefits, allowing for improved fleet efficiency and operational cost savings. It will also most likely add pressure to freight rates.

正如 Eli 所提到的，蘇伊士運河的重新開放帶來了一些好處，可以提高船隊效率並節省營運成本。這很可能也會對貨運價格帶來壓力。

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

接下來，我們將開放提問環節。謝謝。

(Operator Instructions)

（操作說明）

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑富瑞集團。

Really good commentary, lots, I think, to discuss. I have a few questions. But just maybe first off, just on ZIM and maybe just the broad governance side of things. Can you give a comment on obviously, the market chatter regarding a management buyout? Is that something still being explored?

評論非常精彩，我覺得有很多值得討論的地方。我有一些問題。但或許首先，就津巴布韋而言，或許就更廣泛的治理面向而言。您能否就目前市場上關於管理層收購的傳聞發表一些看法？那方面還在研究嗎？

And related to that, how should we be thinking about the changes to the Board composition you disclosed yesterday. I recognize a lot of this is sensitive, but is there anything you can share?

與此相關的是，我們應該如何看待您昨天披露的董事會組成變更？我知道這其中有很多敏感話題，但您能分享一些嗎？

Hi, Omar. First, the Board is managing the process of Board member, two of the Board members decided to resign as such, the Board, we've chosen two new, highly professional board member that meet the requirement, and we have a full scale of eight Board members in the company.

你好，奧馬爾。首先，董事會正在處理董事會成員的變更事宜。由於兩位董事會成員決定辭職，我們已選出兩名符合要求的、高度專業的董事會成員，目前公司董事會成員人數已達八人。

What was the next question? What is the next question, please?

下一個問題是什麼？請問下一個問題是什麼？

Just in terms of, I guess, the broader management buyout potential, if that's something that's still being explored?

我猜，就更廣泛的管理層收購潛力而言，如果這仍然是正在探索的方向的話？

For this, we have no comment. If are going to be common for sure, the Board will decide when, how. And no comment for this question.

對此，我們無可奉告。如果這些措施肯定會成為常規做法，董事會將決定何時以及如何實施。對於這個問題，我無可奉告。

Understood. And then just wanted to ask about the Red Sea. I think you made some very interesting comments on that. And I wanted to ask in terms of how you're viewing a return. I know you're in the early planning stages and the process of that.

明白了。然後我還想問一下關於紅海的問題。我認為你對此發表了一些非常有趣的評論。我想問您是如何看待回報的。我知道你們目前還處於早期規劃階段。

I guess for ZIM, the Asia-Europe routes had not been really a major focus. Do you see this shifting? Is a Red Sea return or at least what you're evaluating? Is this an opportunity for you to grab market share build a presence that you haven't had before in that leg?

我猜對於以星航空來說，亞歐航線並不是他們的主要關注點。你覺得這種趨勢正在改變嗎？這是紅海回歸嗎？或至少是您正在評估的？這是你搶佔市場份額、在該領域建立前所未有的影響力的機會嗎？

The answer is yes. We are actually waiting for the insurance company to approve our returning to the Red Sea. So it's Kanan, Babbel Manda, and we're looking forward to be -- to go for shorter trade than the Cape of Good Hope as fast as we can.

答案是肯定的。我們目前正在等待保險公司批准我們重返紅海。所以，這是卡南，巴別曼達，我們期待著——盡快進行比好望角更短的貿易。

Okay. And then just a final one, and I'll pass it over. Xavier, you were kind of highlighting the ships you've returned this year, we can see the costs coming down as a result of that. Are you able to give any quantification or some expectations on, say, 2026 how you think costs would look relative to what they've averaged this year?

好的。最後還有一個，我就把它交給你了。Xavier，你剛剛重點提到了今年返航的船隻，我們可以看到，因此成本有所下降。您能否對例如 2026 年的成本情況給予一些量化預測或預期，例如您認為成本相對於今年的平均值會如何變化？

Look, I think from a vessel or a fleet profile perspective, depending, of course, as to what 2026 will look like from a rate dynamic perspective, but maybe there are risks in this respect. It is likely that we will return and continue to return vessels that are coming up for renewal and focusing on, at the end of the day, continue to operate the larger ship, the more efficient tonnage, the newer and greener capacity that we have received over the course of the past couple of years.

你看，我認為從船舶或船隊概況的角度來看，當然，這取決於 2026 年的運價動態，但在這方面可能存在風險。我們可能會繼續讓即將更新換代的船舶回歸，最終，我們將專注於繼續運營我們在過去幾年中獲得的更大、更高效的噸位、更新、更環保的運力。

So today, I think 2025 was clearly a downward trend in terms of operated tonnage. We started the year at around 780,000 TEUs. We say that today, we are at 710,000 TEUs, and we need to acknowledge that the charter market is still, to date, elevated. So it's expensive to reach out the tonnage at a time when the revenue per TEU carried is under pressure.

所以今天，我認為從營運噸位來看，2025 年顯然是一個下降趨勢。年初時，我們的貨櫃吞吐量約為 78 萬標準箱。我們說，今天我們的貨櫃吞吐量達到了 71 萬個標準箱，我們需要承認，迄今為止，租船市場仍然處於高位。因此，在每標準箱運輸收入面臨壓力的情況下，提高噸位成本很高。

I think for as long as this situation continues, it is more likely than not that we will deliver the vessels that come up for renewal as opposed to trying to recharter them.

我認為，只要這種情況持續下去，我們更有可能交付到期需要續租的船舶，而不是嘗試重新租賃它們。

Marco Limite, Barclays.

巴克萊銀行的馬可·利米特。

My first question is on the dividend. So the implied Q4 for your guidance, implies that net income in Q4 will be negative. And given the outlook you're providing, probably, we're going to have negative net income for a few quarters at least. So can you just remind us what is your dividend policy? So as long as the net income that is negative on a quarterly basis, it means that you won't pay dividends. So this is, let's say, maybe the last divi for a while.

我的第一個問題是關於股息的。因此，供您參考的隱含第四季度數據表明，第四季度淨收入將為負值。根據你提供的預測，我們可能至少在未來幾季會出現淨虧損。那麼，您能否提醒我們一下貴公司的股利政策是什麼？只要季度淨收入為負，就代表你不會支付股利。所以，這大概是近期最後一次除息了。

Second question, so on the Red Sea reopening, you've been very helpful on giving your view. But if you want to dig out a little bit more in how much visibility on timing of the Red Sea. Have you got any strong conviction or visibility? I don't know, have you been discussing with authorities or other companies? So what is the kind of visibility you have got there?

第二個問題，關於紅海重新開放的問題，您提供的觀點非常有幫助。但如果你想更深入地了解紅海的可見度和時間安排。你是否有堅定的信念或明確的知名度？我不知道，你有沒有和相關部門或其他公司討論過？那麼，你們在那裡的曝光度如何？

And third question is a bit more technical. You haven't changed the upper end of the EBITDA guidance, but you have reduced the upper end of the EBIT guidance. Why is that? And so sorry to stick another one. But when we think about 2025, clearly, there have been issues with the US ports and the Asian ports, China ports in Q4 probably. So is the China port fee included in your Q4 guidance? And are you able to estimate how much have you got in terms of one-off this year that are not recurring next year from all the issues with the US and Chinese ports?

第三個問題比較技術性。你沒有改變 EBITDA 預期上限，但降低了 EBIT 預期上限。這是為什麼？很抱歉又添了一筆。但當我們展望 2025 年時，很明顯，美國港口和亞洲港口，特別是中國港口，在第四季度可能會出現問題。那麼，你們第四季業績預期是否包含了中國港口費用？您能否估算一下，由於中美港口之間的各種問題，今年有多少一次性支出不會在明年再次發生？

I will begin with the first two questions, and then we'll go. Since the IPO, as for the dividend, we distributed about $5.7 billion. The last two is more than $1 billion. And this is about and more than 25 times amount we raised in the IPO in January '25. ZIM dividend policy which distributed 30% per quarter from the net profit and one sale at the end of the year, this coming March, with a catch-up up to 50% of the net profit of the year.

我先回答前兩個問題，然後我們再繼續。自IPO以來，就股息而言，我們已分配了約57億美元。最後兩項加起來超過10億美元。這大約是我們在 2025 年 1 月 IPO 中籌集資金的 25 倍以上。ZIM 的股利政策是每季從淨利分配 30%，並在年底（今年 3 月）進行一次銷售，並可追加至全年淨利的 50%。

As for your next question about the next quarter, we haven't published results yet, but hopefully, this quarter will be profitable as well. So we have the policy. And I just want to mention here that the port has the ability, can decide on special dividend as we did two special dividends.

至於你提出的關於下一季的問題，我們還沒有公佈業績，但希望本季也能獲利。所以我們有了這項政策。我在這裡只想提一下，港口有能力決定是否要派發特別股息，就像我們之前派發過兩次特別股息一樣。

First one, on September 2021, $2 per share. And then again, in December 2024. So the Board has the authority on top of the policy to decide on special dividend. And this is their authority. I cannot speak for the Board. I believe in the end of the next quarter, the Board will take a decision or any time you can decide and take a decision on special dividend.

第一次是在 2021 年 9 月，每股 2 美元。然後，在 2024 年 12 月，又將再次舉行。因此，董事會除了政策規定之外，還有權決定是否發放特別股利。這就是他們的權威。我無法代表董事會發言。我相信在下一季末，董事會將會就特別股息做出決定，或者您也可以隨時做出決定。

As for the Red Sea, according to the announcement of the Houthis and the Egyptian authorities, as I said before to Omar Nokta, willing to go as fast as we can to change the direction of vessel to go through Babbel Manda and Suez Canal. According to our policy and according to our -- and this is our responsibility, first, we have to have approval by ship owner and the insurance company. And this is what we are going to do. Bottom line, as soon as we can, we'll go through Suez canal.

至於紅海，根據胡塞武裝和埃及當局的聲明，正如我之前對奧馬爾·諾克塔所說，我們願意盡快改變船隻航向，經由巴別爾曼達和蘇伊士運河。根據我們的政策和我們的責任，首先，我們必須獲得船東和保險公司的批准。這就是我們要做的事情。總之，一旦條件允許，我們就會走蘇伊士運河。

Right. And I will take maybe the last two questions, Marco, if you allow me. So you are correct in terms of EBIT guidance, the original guidance range suggested a $1.25 billion difference between the two metrics, EBITDA and EBIT, so $1.25 billion of depreciation and amortization. It was -- there's a little bit of rounding going on here. Now we say $1.3 billion. It was obviously not exactly $1.5 billion started. It was a little bit more than that. Now we are tilting towards the rounding of $1.3 billion. A few things explain it.

正確的。馬可，如果你允許的話，我或許可以回答最後兩個問題。所以，就 EBIT 指引而言，您的說法是正確的，最初的指引範圍顯示 EBITDA 和 EBIT 這兩個指標之間存在 12.5 億美元的差異，因此有 12.5 億美元的折舊和攤提。確實——這裡稍微做了些四捨五入。現在我們說是13億美元。顯然，它的啟動資金並非剛好是15億美元。實際上比這還要多一些。現在我們傾向於將金額四捨五入到 13 億美元。有幾點可以解釋這一點。

First, the two vessels that we acquired in the course of -- in the first half of 2025. having some effect on the amortization in the tail of the year, in the second half of the year, also some equipment. And we have taken the opportunity of maybe the equipment in terms of boxes, containers are cheap to acquire today, and it's good to take opportunity to continue to renew our fleet and maintain a very efficient fleet of equipment and let go of the older boxes. And there is also on top of that, a bit of IT cost that got capitalized and find its way in terms of depreciation towards the end. That's the reason, a mix of quite a few small things that add up to rounding to the $1.3 billion as opposed to $1.25 billion.

首先，我們在 2025 年上半年收購的兩艘船舶，對年底的攤銷以及下半年的一些設備產生了一定的影響。我們利用現在貨櫃等設備價格低廉的機會，繼續更新我們的設備，保持高效的設備隊伍，並淘汰舊的貨櫃。此外，還有一些 IT 成本被資本化，並在後期以折舊的形式體現。這就是原因，很多小因素加起來，最終結果為 13 億美元，而不是 12.5 億美元。

With respect to the last part of your question, now that we are in a situation and we've been in a situation since the announcement from both the US administration and the Chinese Ministry of Transport, there is no such thing as extra levy that we are subject to in any jurisdiction when we go in the US or in China.

關於您問題的最後一部分，鑑於目前的情況，自從美國政府和中國交通運輸部宣布以來，我們一直處於這種狀態，因此，無論我們前往美國還是中國，在任何司法管轄區都不會被徵收額外的稅費。

I would like also to take the opportunity because the question about the dividend. I want to emphasize to the best of my knowledge, didn't check it solely. So there's no company in the history that return in two years more than 20 times the amount that we raised in the IPO in January 2021. And by today, more than 25 times the amount that we raised, $204 net in IPO. So in this, we made a history. Maybe our company raised more money. But there is no other company return such high or distribute such high dividend in such a short time.

我還想藉此機會談談股利問題。我想強調的是，這是我盡我所知所做的判斷，我並沒有完全核實。因此，歷史上沒有任何一家公司能在兩年內獲得超過我們在 2021 年 1 月 IPO 中籌集資金 20 倍的回報。截至今日，我們籌集的資金已超過 25 倍，IPO 淨收入達 204 美元。所以，我們創造了歷史。或許我們公司募集到了更多資金。但是，沒有其他公司能在如此短的時間內獲得如此高的回報或派發如此高的股息。

Please, next question.

請問下一個問題。

Alexia Dogani, JP Morgan.

Alexia Dogani，摩根大通。

Just Firstly, on cost savings. In the previous downturn, you looked at kind of resizing the network being kind of for more efficiency measures. Is this something that you are currently considering? And what could be the potential scope. And secondly, can you give us an update on your CapEx commitments in terms of cash, but also new lease inceptions and based on your comment that you are not looking to renew charges that are expiring.

首先，我們來談談成本節約。在上一次經濟衰退期間，你們曾考慮調整網路規模以提高效率。這是你目前正在考慮的事情嗎？潛在範圍可能有多大？其次，能否請您更新一下您在現金方面的資本支出承諾，以及新的租賃合約的簽訂情況？鑑於您之前表示不打算續簽即將到期的合約。

How much of the asset base do -- should we expect will kind of roll off in the next two months.

未來兩個月內，我們預期有多少資產基礎會逐漸萎縮？

And then finally, are there any financial leverage parameters that your team to work towards even if there is a potential downward done mindful that most of your debt is kind of lease debt or kind of chartered debt?

最後，即使有潛在的下行風險，您的團隊是否有任何財務槓桿參數需要努力實現，同時考慮到您的大部分債務是租賃債務或特許債務？

Thank you, Alexia. I'll try to take your questions in the order that you raised them. First, you were asking on the cost savings and sizing potentially the network. Clearly, the company is always looking at trying to respond the agility to the changing market conditions. What I think is very important, again, to reemphasize, and I think that makes it links with your that links with your third question, is that the vessels that we are committed to in terms of a long-term charter are the most efficient one today that we operate and so will keep those ones and those -- the ones that potentially we will let go, again, depending on what the markets look like, will de facto be the ones that are less efficient, older not LNG powered and more expensive.

謝謝你，阿萊克西婭。我會盡量按照你們提問的順序來回答。首先，您詢問的是成本節約以及網路規模的可能情況。顯然，該公司始終致力於靈活應對不斷變化的市場環境。我認為非常重要的一點，需要再次強調，而且我認為這與您的第三個問題有關，那就是我們長期租約的船舶是我們目前運營中最高效的船舶，因此我們會保留這些船舶；而那些我們可能會放棄的船舶，同樣取決於市場情況，實際上將是那些效率較低、船齡較長、非液化天然氣動力且價格更高的船舶。

So I think this is very important when we think about the capacity that we end up operating the efficient tonnage is with us for the longer term. And in terms of percentage, I need to link again with your third question, how much does it mean in terms of asset base or right-of-use asset as you indeed rightly said, -- when we look -- I don't have the exact number, but maybe to assist here in trying to get the picture. We in terms of total capacity today out of the 710,000 TEU that we operate, 70% of that capacity even maybe close to 75% of that capacity is either long-term charters or owned, leaving at 25% of the amount of our route-of-use asset give or take on our balance sheet, being the one capacity that can be returned.

所以我認為這一點非常重要，當我們考慮最終的營運能力時，高效率的噸位能夠長期伴隨我們。至於百分比，我需要再次聯繫到你的第三個問題，正如你正確指出的那樣，就資產基礎或使用權資產而言，這意味著什麼——當我們查看時——我沒有確切的數字，但也許有助於我們理解情況。就我們目前營運的 710,000 TEU 總運力而言，其中 70% 甚至可能接近 75% 的運力是長期租約或自有運力，剩餘的 25% 左右是我們資產負債表上的航線資產，也是可以回收的運力。

In terms of next year 2026, this is that we have an 190,000 TEUs of capacity that is charted on what we define short-term charter out of which I think we said we have something like 80,000 TEUs that could be redelivered in 2026. So that's the way, I mean, I think to look at that and come up with the -- with what it -- the best assessment of the asset base that could be resulted. With respect to your second question, so we did not end up taking them in the order as you raised them. The second question on Capex, we don't have much commitment in this respect very much because we are chartering as opposed to anything else. So very limited, the CapEx that we have is more related to sometimes equipment.

就明年 2026 年而言，我們有 190,000 TEU 的運力，這些運力是根據我們定義的短期租船計劃安排的，其中我們說過，大約有 80,000 TEU 可以在 2026 年重新交付。所以，我的意思是，我認為應該這樣看待這個問題，並得出——利用它——對資產基礎的最佳評估結果。關於你的第二個問題，我們最終並沒有按照你提出的順序來處理它們。關於資本支出的第二個問題，我們在這方面並沒有太多投入，因為我們主要從事包租業務，而不是其他任何業務。因此，我們的資本支出非常有限，更多地與設備相關。

But we've been, as I just mentioned in the prior comment, we've been very active in already renewing our fleet of containers. So there is limited needs, especially if we do not grow fleet in the coming years. So I think we are set in this respect with respect -- with regards to our fleet of equipment, by the way, including the refers that we operate. So very limited cash CapEx. It's always IT and maybe there will always be some from an equipment perspective, but limited in the years to come.

但是，正如我在之前的評論中提到的，我們一直在積極地更新我們的貨櫃船隊。因此需求有限，尤其是在未來幾年我們不擴大船隊規模的情況下。所以我認為我們在這方面已經做好了準備——順便說一句，就我們的設備車隊而言，包括我們運營的冷藏車。因此，現金資本支出非常有限。總是 IT 相關問題，從設備角度來看，可能永遠都會存在一些 IT 相關問題，但在未來幾年內，這些問題將會受到限制。

And if you allow me to ask a follow-up question on the point about kind of chartered vessels versus owned. You hopefully put the chart around oversupply in the deck. We've clearly noticed that in the past four to five years, a lot of operators have increased the share -- sorry, the part of ownership of the vessels compared to charters how does that kind of impact you think competitive dynamics and discipline in the market, does it make it easier for people to take capacity out or harder?

如果允許我再問一個關於租賃船舶與自有船舶區別的後續問題。希望你能把這張圖表放在牌組中的供過於求區域。我們明顯注意到，在過去的四五年裡，許多業者增加了船舶所有權份額——抱歉，是船舶所有權份額與租船份額相比——您認為這會對市場的競爭動態和紀律產生怎樣的影響？這會使人們更容易還是更難撤出運力？

I think it depends on the capacity, and there is not, I think, one straight answer to that question because then I think we need to deep dive into the vessel segment. So whether we're talking about the large capacity vessel or the smaller one. And then also with respect to their edge and finally, with respect to their environmental footprint as well. So -- but by and large, I think what we are seeing and what has been, I think, very much motivating the company to shift its strategy after the IPO of 2021, 2022 days is that we felt that we could no longer rely on the short-term charter market to source the vessels that we needed.

我認為這取決於產能，而且我認為這個問題沒有一個簡單的答案，因為我認為我們需要深入研究船舶領域。所以無論我們說的是大容量船舶還是小容量船舶。然後還要考慮它們的優勢，最後還要考慮它們對環境的影響。所以——但總的來說，我認為我們所看到的，以及我認為在 2021 年、2022 年 IPO 之後促使公司轉變策略的很大一部分原因是，我們覺得我們不能再依靠短期租船市場來獲得我們需要的船舶。

And hence, we had to go seek that capacity for ourselves, and we went through the avenue of partnering with -- to go to shipyards order the ships that were the ones that we needed and agree with those vessel owners on a financing solution at the end of the day, that's one way of looking at it. And I think nowadays, when we look at the order book for the new tonnage that is on order. It is very much carrier orders that we can see or if it is not carriers and non vessel operators, there is very often already at the time of placing the order a charter attached.

因此，我們不得不自己去尋求這種能力，我們透過與造船廠合作的方式來實現——去造船廠訂購我們需要的船舶，最終與船東商定融資方案，這是其中一種方法。我認為，如今當我們查看新船噸位的訂單簿時，就會發現這一點。我們看到的大多是承運人訂單，或者如果不是承運人或無船運營商，那麼在下訂單時通常已經附帶租船合約。

So a pre-agreement between that vessel on vessel operator and the potential, let's see that will take those vessels on charter. So we feel that we did operate the transition timely in '21, '22, got the vessel in '23, '24. And now we feel much more confident in our ability to continue to operate the right tonnage in the years to come, having less dependency on the short-term charter market.

因此，船舶營運商與潛在的租船方之間需要達成預先協議，看看誰會租用這些船舶。因此，我們認為我們在 2021 年、2022 年及時完成了過渡，並在 2023 年、2024 年獲得了船舶。現在，我們對未來幾年繼續營運合適的噸位更有信心，對短期租船市場的依賴性也更低。

Chloe, Citi.

Chloe，花旗銀行。

My first question is on the the diversification you have mentioned that you're adding into the Southeast Asia and Latin markets. And I just wanted to ask at the current rate environment, which looks like a sub breakeven overall which route is more profitable for you at the moment and which is less profitable? And how quickly can you adjust those capacities as you see opportunities here?

我的第一個問題是關於您提到的向東南亞和拉丁美洲市場進行多元化投資的計劃。我想問一下，在目前的匯率環境下（看起來整體低於損益平衡點），哪條航線對您來說目前更有利可圖，哪條航線更不利於您？看到機會時，你能多快調整這些能力？

And my second question is that, obviously, you mentioned that you anticipate rate pressure in Q4 and 2026 as we know that the new capacities are coming in, in the next five years, where do you see that the rates were recover? And what do you think will be that pivotal moment in your perspective?

我的第二個問題是，顯然，您提到您預計第四季度和 2026 年利率將面臨壓力，因為我們知道未來五年內新的產能將會投入使用，您認為利率何時才能恢復？你認為在你看來，那個關鍵時刻會是什麼？

Thank you. The diversification that you are referring to, and it's true that we've been historically, and we continue to be very exposed to the Transpacific trade. We are no stranger to the trend that was initiated between the two countries, China, and the US, and we have taken actions already over the past years to increase our footprint in Southeast Asia to capture the cargo that is moving from China to the neighboring country in Southeast Asia whether they find their way in terms of countries of destination to the US or elsewhere.

謝謝。您所提到的多元化，的確，我們過去一直非常依賴跨太平洋貿易，而且現在仍然如此。我們對中美兩國之間興起的這種趨勢並不陌生，過去幾年我們已經採取行動，擴大我們在東南亞的業務，以搶佔從中國運往東南亞鄰國的貨物，無論這些貨物最終的目的地是美國還是其他地方。

And you're right in saying that also outside of this pure Southeast Asia market, we do see and believe that there is growth opportunity on the Latin America trade. Now which one are the most profitable trade. This is a question that depends on when we ask the question, the volatility of our environment and trade by trade, the dynamic may differ as well. We see positive signs in one trade in a given week or a given period, maybe a couple of weeks.

您說得對，除了東南亞市場之外，我們也看到並相信拉丁美洲貿易存在成長機會。那麼，哪些交易最賺錢呢？這個問題取決於我們何時提出這個問題，我們所處環境的波動性以及每筆交易的動態也可能有所不同。我們在一周或兩週內，可能會在一筆交易中看到積極的跡象。

And then we see something else happening and the trend changing. So it is really much a moving environment, and I don't think we can look at it that way. I think it is also important for us to when we build a position in a trade where we were maybe not a significant player in the past. We need to do it gradually. We need also to make sure that when we come and open a service, we guarantee to our customers the reliability that they need.

然後我們看到其他事情發生，趨勢也隨之改變。所以這是一個不斷變化的環境，我認為我們不能這樣看待它。我認為，當我們在過去可能並非重要參與者的交易中建立地位時，這對我們來說也很重要。我們需要循序漸進地進行。我們還需要確保，當我們進行一項服務時，能夠向客戶保證他們所需的可靠性。

So we need to provide a service that is reliable, sometimes it means investing a little bit, irrespective of what the market dynamic does in order to capitalize on that. And I think a very good illustration of that is the success that we've had on the Pacific Southwest with our expedite service that we initiated in 2020 -- June 2020 and which now is highly recognized by the market as a very reliable and successful service. So we need to really look at it as well, I think, from a customer vantage point.

所以我們需要提供可靠的服務，有時這意味著要進行一些投資，無論市場動態如何，都要從中獲利。我認為，我們在太平洋西南地區推出的加急服務就是一個很好的例子。這項服務於 2020 年 6 月啟動，現在已被市場高度認可為非常可靠且成功的服務。所以我覺得，我們也需要從客戶的角度來認真檢視這個問題。

And then to your next question, I think very difficult for me to answer when the rate dynamic will change. Clearly, what we can see today are the threats, which come more specifically with the order book and the capacity that is about to hit the trade with the market, the water.

至於你的下一個問題，我認為我很難回答利率動態何時會改變。顯然，我們今天看到的威脅是訂單簿和即將衝擊市場交易的產能，也就是市場水。

We also talked about the stress canary reopening and emphasizing that this comes with opportunities and risks. And the risk is indeed clearly an influx of tonnage that may not be absorbed by the market, and as a result, putting additional pressure on the freight rates, on the rate environment. But in front of that, at the end of the day, the liners always have capacities to manage. At the end of the day, the capacity that is being deployed to better adapt to the demand and to the changing demand. We are clearly also leveraging the the operating together in order to reduce cost at the end of the day.

我們也討論了金絲雀重新開放帶來的壓力，並強調這既有機遇也有風險。風險確實很明顯，那就是大量貨運量湧入市場，而市場可能無法吸收這些貨運量，從而對運費和運價環境造成額外的壓力。但在此之前，歸根究底，班輪始終有一定的承載能力。歸根結底，部署產能是為了更好地適應需求和不斷變化的需求。我們顯然也在利用協同營運來最終降低成本。

We also will need -- and we need to see at some point, as we mentioned, vessels being retired, aging capacity being taken out of the trade. So that has yet to start. And I think when the situation changes on that front, we should start to see rates stabilize and potentially come back to higher levels.

我們也需要——而且我們遲早會看到，正如我們所提到的，船舶退役，老舊運力退出貿易。所以這件事還沒開始。我認為，當這方面的情況發生變化時，我們應該會看到利率趨於穩定，並有可能回升到更高的水平。

(Operator Instructions) This concludes our Q&A session today. I will now turn the call back over to Eli Glickman for closing remarks.

（操作說明）今天的問答環節到此結束。現在我將把電話轉回給伊萊·格利克曼，請他作總結發言。

Thank you. Slide number 17. To conclude, despite continued uncertainty in the market, our solid Q3 results reflect the agile nature of our commercial strategy as well as the advantages of our modern upscale fleet, cost-efficient vessels. We've remained disciplined and proactive navigating headwinds with resilience and maintaining service reliability for customers while optimizing our cost base. We continue to share our success with investors and declare a dividend of $0.31 per share for a total of $37 million consistent with our dividend policy and capital allocation priorities.

謝謝。投影片編號 17。總之，儘管市場持續存在不確定性，但我們穩健的第三季業績反映了我們商業策略的靈活性以及我們現代化的高端船隊和高性價比船舶的優勢。我們始終保持自律和積極主動，以韌性應對逆境，在優化成本結構的同時，保持為客戶提供可靠服務。我們將繼續與投資者分享我們的成功，並宣布派發每股 0.31 美元的股息，總計 3700 萬美元，這符合我們的股息政策和資本配置優先事項。

Looking ahead, the fourth quarter is trending weaker than originally projected. However, based on our strong performance year to date, we've increased the midpoint of our 2025 guidance ranges. Overall, we are confident even against the backdrop of highly volatile rate environment that our differentiated strategy and enhanced industry position will drive sustainable growth over the long term.

展望未來，第四季的發展趨勢弱於最初的預期。然而，鑑於我們今年迄今的強勁業績，我們提高了 2025 年業績指引範圍的中點。總體而言，即使在利率環境高度波動的情況下，我們仍然有信心，我們差異化的策略和增強的行業地位將推動長期可持續成長。

I would like to thank ZIM employees around the globe for the professionalism and dedication as well as our customers and shareholders for their continuous trust and support. We look forward to share our continued progress with you all. Thank you very much.

我要感謝ZIM全球員工的專業和敬業精神，也要感謝我們的客戶和股東們一直以來的信任與支持。我們期待與大家分享我們所取得的最新進展。非常感謝。

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

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。