以星航運 (ZIM) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I'm Natalie, your Chorus Call operator. Welcome, and thank you for joining the ZIM Integrated Shipping Services Ltd. Full Year and Fourth Quarter 2021 Earnings Call. (Operator Instructions) I would now like to turn the conference over to Elana Holzman, Head of Investor Relations. Please go ahead.

女士們，先生們，謝謝你們的支持。我是娜塔莉，你的合唱電話接線員。歡迎並感謝您加入以星綜合航運服務有限公司 2021 年全年和第四季度財報電話會議。 （操作員說明）我現在想將會議轉交給投資者關係主管 Elana Holzman。請繼續。

Thank you, and welcome to ZIM's Full Year and Fourth Quarter 2021 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，歡迎參加以星 2021 年全年和第四季度財務業績電話會議。今天和我一起參加電話會議的還有以星總裁兼首席執行官 Eli Glickman；和以星的首席財務官 Xavier Destriau。

Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements regarding expectations, predictions, projections or future events or results. 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 2021 annual report filed on Form 20-F today, March 9, 2022. We undertake no obligation to update these forward-looking statements.

在開始之前，我想提醒您，在本次電話會議期間，我們將就預期、預測、預測或未來事件或結果做出前瞻性陳述。我們相信我們的預期和假設是合理的。我們希望提醒您，此類聲明僅反映公司當前的預期，實際事件或結果可能會有所不同，包括重大差異。請您考慮公司向美國證券交易委員會提交的文件中描述的風險因素和警示性語言，包括我們於 2022 年 3 月 9 日今天以 20-F 表格提交的 2021 年年度報告。我們不承擔更新的義務這些前瞻性陳述。

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

在這個時候，我想把電話轉給以星的首席執行官 Eli Glickman。伊萊？

Thank you, Elana, and welcome to today's call. Before we turn to our call, I would like to take a moment and say that over the past couple of weeks, we have witnessed with great concern in segments the union strategy unfolding in Ukraine and the suffering of the people there. Our hearts go out to the men, women and children affected by the environments.

謝謝你，Elana，歡迎來到今天的電話。在我們開始呼籲之前，我想花一點時間說，在過去的幾周里，我們非常關切地目睹了烏克蘭的工會戰略和那里人民的苦難。我們的心與受環境影響的男人、女人和兒童同在。

The safety of our employees and their family has been and continues to be our highest priority. Since the outbreak of the war, we have made every effort to assist them to stay safe. We are also in touch with customer in Ukraine, and support them in any way we can. Our duty towards reserve human life exceeds all other considerations. (inaudible) ZIM has donated to help build and operate (inaudible) hospital to care for Ukraine war victims.

我們員工及其家人的安全一直是並將繼續是我們的首要任務。自戰爭爆發以來，我們盡一切努力幫助他們保持安全。我們還與烏克蘭的客戶保持聯繫，並儘我們所能為他們提供支持。我們對保留人類生命的責任超過了所有其他考慮。 （聽不清）以星捐贈幫助建立和運營（聽不清）醫院，以照顧烏克蘭戰爭受害者。

Now back to the business. 2021 was an extraordinary year for ZIM. We executed at the highest level and achieved many important milestones that are listed on this slide. These actions and decisions we took in 2021, making me very optimistic about our future. We have demonstrated that we are a decisive and fast-growing company with a leadership team and corporate culture to take full advantage of both near and long-term favorable fundamentals for container shipping. We believe that the container liner industry has fundamentally changed in recent period and giving ZIM -- and given ZIM an all competitive edge, we see a bright future for ZIM in 2022 and beyond. I note that today, ZIM is in a stronger position than ever.

現在回到業務上。 2021 年對以星來說是不平凡的一年。我們以最高水平執行並實現了這張幻燈片上列出的許多重要里程碑。我們在 2021 年採取的這些行動和決定，讓我對我們的未來非常樂觀。我們已經證明，我們是一家果斷且快速發展的公司，擁有一支領導團隊和企業文化，可以充分利用集裝箱航運的近期和長期有利基本面。我們相信，集裝箱班輪行業在最近一段時期發生了根本性的變化，這給了以星帶來了全面的競爭優勢，我們看到了以星在 2022 年及以後的光明前景。我注意到今天，以星比以往任何時候都處於更強大的地位。

In Slide #5 highlights, we highlight the number of key operational accomplishments that contributed to our 2021 record results. It is important to me to thank our employees worldwide for the hard work and dedication during the year of unique and unprecedented challenges, their efforts directly contributed to ZIM's momentous results.

在幻燈片 #5 的亮點中，我們強調了促成我們 2021 年創紀錄業績的關鍵運營成就的數量。對我而言，重要的是要感謝我們全球員工在這一年獨特和前所未有的挑戰中的辛勤工作和奉獻精神，他們的努力直接促成了以星的重大成果。

We recognize that 2021 was also difficult for customers, and we continue to look for ways to provide best-in-class service. Most notably, we used our substantial cash generation in 2021 to make significant investments in ZIM's equipment to facilitate the movement of cargo for our customers. We also significantly expanded our operating fleet capacity and launched many new services.

我們認識到 2021 年對客戶來說也很艱難，我們將繼續尋找提供一流服務的方法。最值得注意的是，我們利用我們在 2021 年產生的大量現金對以星的設備進行了大量投資，以促進我們客戶的貨物運輸。我們還顯著擴大了我們的運營車隊容量並推出了許多新服務。

On June 2020 and throughout 2021, we launched 17 new lines, including new expense lines to meet growing e-commerce trends and provide viable shipping alternatives to airfreight. As a result, ZIM's carried volume grew 23% in 2021 compared to 2020 -- compared to 2020, while global volumes grew only by approximately 7%.

2020 年 6 月和整個 2021 年，我們推出了 17 條新線路，包括新的費用線路，以滿足不斷增長的電子商務趨勢並提供可行的空運替代運輸方式。因此，與 2020 年相比，以星航空 2021 年的貨運量比 2020 年增長了 23%，而全球貨運量僅增長了約 7%。

In 2021, we also took important steps to secure access to high-quality and cost-effective tonnage by entering into chartering agreement for 36 newbuild vessels or 318,000 TEUs, most of this capacity is LNG powered. This access to EBITDA tonnage will enable ZIM to meet growing demand to deploy more carbon efficient tonnage to assist our customers in meeting their own ESG targets. In fact, given the significant newbuild capacity, there will be no carbon and cost-efficient when operating these vessels starting in 2023, then it is today improving our competitive position.

2021 年，我們還採取了重要措施，通過簽訂 36 艘新建船舶或 318,000 標準箱的租船協議，確保獲得高質量和具有成本效益的噸位，其中大部分運力是液化天然氣。獲得 EBITDA 噸位將使以星能夠滿足日益增長的需求，以部署更多碳效率噸位，以幫助我們的客戶實現他們自己的 ESG 目標。事實上，鑑於大量的新建能力，從 2023 年開始運營這些船舶將不會產生碳排放和成本效益，那麼今天它正在提高我們的競爭地位。

Turning to Slide 6. We highlight our exceptional financial performance. During the first quarter, we delivered yet another record quarter of revenues, record adjusted EBITDA and record net profit, enabling ZIM to achieve its [third full year] results. For the year, we generated $10.7 billion in revenues, $6.6 billion in adjusted EBITDA and $4.64 billion in net profit.

轉到幻燈片 6。我們強調我們卓越的財務業績。在第一季度，我們實現了另一個創紀錄的季度收入、創紀錄的調整後 EBITDA 和創紀錄的淨利潤，使 ZIM 能夠實現其 [第三個全年] 業績。這一年，我們創造了 107 億美元的收入、66 億美元的調整後 EBITDA 和 46.4 億美元的淨利潤。

We also grew shareholders' equity to $4.6 billion. Consistent with our focus on profitability, we achieved record margins as well. Our full year 2021 margins were 61% for adjusted EBITDA and 54% for the adjusted EBIT. We continue to outperform the liner industry average.

我們還將股東權益增加到 46 億美元。與我們對盈利能力的關註一致，我們也實現了創紀錄的利潤率。我們 2021 年全年的調整後 EBITDA 利潤率為 61%，調整後 EBIT 為 54%。我們繼續跑贏班輪行業平均水平。

Moving to Slide 7. This exceptional performance has positioned ZIM to return some substantial capital to shareholders. Our dividend policy says that we will distribute between 30% and 50% of our annual net income in dividend, including interim dividends. Today, we are delivering one -- the high end of these expectations. Based on our strong performance and outlook going forward, our Board declared a dividend of $17 per share.

轉到幻燈片 7。這種出色的表現使 ZIM 能夠向股東返還一些可觀的資本。我們的股息政策規定，我們將每年淨收入的 30% 至 50% 分配給股息，包括中期股息。今天，我們提供了一個——這些期望的高端。基於我們強勁的業績和未來前景，我們的董事會宣布派發每股 17 美元的股息。

We are also excited about the future we are providing full year '22 guidance. Reflective of our strong performance in 2022 to date and further market outlook, which Xavier, our CFO, will discuss in greater detail. Specifically, our guidance for 2022 is that we expect to generate adjusted EBITDA between $7 (sic) [$7.1] billion to $7.5 billion and adjusted EBIT between 5.5 to 6 -- $5.6 billion to $6 billion in 2022. Based on the midterm of today's guidance versus our 2021 results, our 2022 forecast represents a 10% increase in our EBITDA, while EBIT is in line with 2021 results.

我們也對我們提供 22 年全年指導的未來感到興奮。反映我們迄今為止在 2022 年的強勁表現和進一步的市場前景，我們的首席財務官 Xavier 將更詳細地討論這一點。具體來說，我們對 2022 年的指導是，我們預計 2022 年調整後的 EBITDA 將在 7 (sic) [7.1] 億美元至 75 億美元之間，調整後的 EBIT 將在 5.5 至 6 至 56 億美元至 60 億美元之間。基於今天指導的中期與我們 2021 年的結果相比，我們的 2022 年預測代表我們的 EBITDA 增長 10%，而 EBIT 與 2021 年的結果一致。

Slide 8 outlines key achievements and activity across our 4 strategic pillars. ZIM's differentiated position and success rely on our operational and commercial agility and can do approach. As we have previously discussed, we view vessels as a means to achieve profitable growth. Since mid-2020, we are taking advantage to attractive opportunities to add necessary capacity to meet strong market demand and best position ZIM to continue delivering superior profitability.

幻燈片 8 概述了我們 4 個戰略支柱的主要成就和活動。以星的差異化地位和成功依賴於我們的運營和商業敏捷性和可以做的方法。正如我們之前所討論的，我們將船舶視為實現盈利增長的一種手段。自 2020 年年中以來，我們正在利用有吸引力的機會來增加必要的產能，以滿足強勁的市場需求和以星國際的最佳定位，以繼續提供卓越的盈利能力。

Most recently, we announced a charter agreement for 5 secondhand vessels and 8 newbuilds to target (inaudible) operating fleet and advance our proven strategy of charter engine, cost-effective, highly duel-fuel vessels to meet significant and sustained demand in our global network.

最近，我們宣布了 5 艘二手船和 8 艘新造船的租船協議，目標是（聽不清）運營船隊，並推進我們經過驗證的包機戰略、具有成本效益的高雙燃料船舶，以滿足我們全球網絡中的重大和持續需求.

Since the beginning of 2021 to date, we have increased our operated capacity by approximately 20%, and we currently operate 125 vessels, up from 87 vessels as of the end of 2020. We adapted our fleet management strategy to the change in the charter market (inaudible) average duration of new charging is, in fact, longer, we successfully maintained upper flexibility to allow us to adjust our fleet size to market conditions. The capacity we added in 2021 has enabled us to further advance our global niche strategy to meet growing market demand.

自 2021 年初至今，我們的運營能力增加了約 20%，我們目前運營 125 艘船舶，而截至 2020 年底為 87 艘。我們調整了船隊管理策略以適應租船市場的變化（聽不清）新充電的平均持續時間實際上更長，我們成功地保持了較高的靈活性，使我們能夠根據市場情況調整車隊規模。我們在 2021 年增加的產能使我們能夠進一步推進我們的全球利基戰略，以滿足不斷增長的市場需求。

I mentioned our 17 new lines earlier. Following the pandemic lows in the first half of 2020, we identified the recovering demand early and capitalize on the turnaround in the market dynamics. Most notably, we identified the opportunity to promote an alternative mode of transport for e-commerce customers and launch ZEX, our first premium express service from Asia to Los Angeles.

我之前提到了我們的 17 條新線。繼 2020 年上半年的疫情低點之後，我們及早發現了正在復甦的需求，並利用了市場動態的好轉。最值得注意的是，我們發現了為電子商務客戶推廣替代運輸方式的機會，並推出了 ZEX，這是我們從亞洲到洛杉磯的首個優質快遞服務。

We have since expanded our network of express services and now offer them to other destinations, including to Australia and New Zealand and now we have the new line to (inaudible) and Boston. It is also important to note that we see strong customer retention in this new customer segment for seasonal transportation and many of them are engaged in longtail contracts.

此後，我們擴大了我們的快遞服務網絡，現在將它們提供到其他目的地，包括澳大利亞和新西蘭，現在我們有新線路到（聽不清）和波士頓。還需要注意的是，我們看到這一季節性運輸新客戶群的客戶保留率很高，其中許多客戶都簽訂了長尾合同。

Another example of our ability to identify and grow profitable commercial opportunities with our car carrier services. This is consistent with our focus on identifying attractive markets where we can develop competitive advantages. At the beginning of the year, our fleet included 2 car carriers, and this number grew to 8 car carriers as we identified opportunities to drive further profitability.

另一個例子是我們能夠通過我們的汽車運輸服務識別和發展有利可圖的商業機會。這與我們專注於尋找有吸引力的市場是一致的，我們可以在這些市場中發展競爭優勢。今年年初，我們的車隊包括 2 輛汽車運輸車，隨著我們發現提高盈利能力的機會，這個數字增加到 8 輛汽車運輸車。

A few weeks ago, we also announced the extension of operational collaboration with the 2M alliance on the Asia to the U.S. East Coast and the U.S. US Gulf Coast range. The collaboration will now operate on the basis of a slot exchange and vessel sharing, making ZIM an incredible partner on these joint services.

幾週前，我們還宣布將與 2M 聯盟在亞洲的運營合作擴展到美國東海岸和美國墨西哥灣沿岸地區。此次合作現在將在艙位交換和船舶共享的基礎上進行，使以星在這些聯合服務方面成為令人難以置信的合作夥伴。

Operationally, our standard of excellence continues to serve us well. A key component of ZIM's advancing ESG targets, particularly sustainability objectives. We are seizing the opportunity to be a shipping sector-led leader in implementing policies and initiatives that help mitigate the impact of our operations and the plan.

在運營方面，我們的卓越標準繼續為我們服務。以星推進 ESG 目標，尤其是可持續發展目標的關鍵組成部分。我們正在抓住機會成為航運業領導者，實施有助於減輕我們的運營和計劃影響的政策和舉措。

Of the 36 new deals to be added to our fleet, 28 are LNG dual-fuel container vessels. This represents (inaudible) new tonnage. When we take delivery of these vessels, approximately 40% of our operating capacity could be LNG fuel, positioning us at the forefront of carbon intensity reduction among global liners and supporting our customers in the ESG efforts to reduce the carbon footprint.

在我們船隊新增的 36 艘新船中，28 艘是 LNG 雙燃料集裝箱船。這代表（聽不清）新噸位。當我們接收這些船舶時，我們大約 40% 的運營能力可能是液化天然氣燃料，這使我們在全球班輪中處於降低碳強度的前沿，並支持我們的客戶在 ESG 方面努力減少碳足跡。

While the need to decarbonize can be tricky like the threat in our industry for (inaudible) and opportunity. Given our strategy to finally operate charter capacity, we do not have the legacy fleet to replace and can easily and quickly transition to liner tonnage.

雖然脫碳的需求可能很棘手，就像我們行業對（聽不清）和機遇的威脅一樣。鑑於我們最終運營包機運力的戰略，我們沒有要更換的傳統船隊，並且可以輕鬆快速地過渡到班輪噸位。

In terms of portfolio equipment, we grew our container capacity by approximately 33% since January 2021 to approximately 1 million TEUs to-date. This is right investment in container has allowed us to better support our customers during these times of growing congestions.

就組合設備而言，自 2021 年 1 月以來，我們的集裝箱運力增長了約 33%，迄今已達到約 100 萬標準箱。這是對容器的正確投資，使我們能夠在這些日益擁擠的時期更好地支持我們的客戶。

We also renewed our reefers and today operate a best-in-class reefer fleets. This new reefer utilize the most advanced technologies and again, offer customers a more environmentally-friendly solutions. Finally, we continue to position ZIM as a leading digital shipping company focused on restructure and innovation.

我們還更新了我們的冷藏箱，如今擁有一流的冷藏船隊。這種新型冷藏車採用最先進的技術，再次為客戶提供更環保的解決方案。最後，我們繼續將 ZIM 定位為專注於重組和創新的領先數字航運公司。

Throughout 2021, we advanced multiple initiatives such as (inaudible) We introduced disruptive technology and could be significant future growth engines for ZIM. Internally, we continue to employ data science and efficient intelligence team. For example, we launched in 2021, a partnership with Data Science Group, DSG, to develop advanced models to focus demand, plan shipping routes, automate logistical processes and more as we continue to focus on profit optimization.

在整個 2021 年，我們推進了多項舉措，例如（聽不清）我們引入了顛覆性技術，並可能成為 ZIM 未來的重要增長引擎。在內部，我們繼續聘用數據科學和高效的情報團隊。例如，我們於 2021 年啟動了與 DSG 數據科學集團的合作夥伴關係，以開發先進的模型來關注需求、規劃航運路線、自動化物流流程等，同時我們將繼續專注於利潤優化。

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

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

Thank you, Eli, and I also would like to welcome everyone, and thank you for joining us today. On Slide 9, we highlight that on PR demonstrating our extraordinary financial performance. These were once again driven by continued elevated rates in the spot market as well as higher than specific annual contract rates.

謝謝你，Eli，我也想歡迎大家，感謝你今天加入我們。在幻燈片 9 上，我們在 PR 上強調了這一點，展示了我們非凡的財務業績。這些再次受到現貨市場利率持續上漲以及高於特定年度合同利率的推動。

ZIM has continued to prioritize better-paying cargo and undertaken initiatives to capitalize on the e-commerce group, which are key differentiators that have allowed us to bear even higher rates. Specifically, average freight rate per TEU of $3,630 in the first quarter, is 139% higher compared to the fourth quarter of 2020, and it's 12% higher than our average freight rate in the first quarter of this year. For the full year of 2021, our average freight rate per TEU stood at $2,786 more than double compared to 2020.

以星繼續優先考慮價格更高的貨物，並採取措施利用電子商務集團，這是使我們能夠承擔更高運費的關鍵差異化因素。具體來說，第一季度每TEU的平均運價為3,630美元，比2020年第四季度高出139%，比我們今年第一季度的平均運價高出12%。 2021 年全年，我們每 TEU 的平均運費為 2,786 美元，是 2020 年的兩倍多。

Our free cash flow in the fourth quarter totaled $1.7 billion compared to $391 million in the comparable quarter of 2020. That is an increase of more than 325%. For the full year, free cash flow was $4.9 billion compared to $845 million in 2020.

我們第四季度的自由現金流總額為 17 億美元，而 2020 年可比季度為 3.91 億美元。增幅超過 325%。全年的自由現金流為 49 億美元，而 2020 年為 8.45 億美元。

Turning to our balance sheet in 2021, total debt increased by $1.5 billion, that is mainly driven by the increased number of vessel fixtures that we concluded during the period and also higher volume, and for longer average duration. Over the same period, cash position grew by more than $3.2 billion, therefore, driving net [EBITDA] to a point that the company closed the period for 2021 in a positive net cash situation.

談到我們在 2021 年的資產負債表，總債務增加了 15 億美元，這主要是由於我們在此期間完成的船舶固定裝置數量增加、交易量增加以及平均持續時間更長。在同一時期，現金頭寸增加了超過 32 億美元，因此，推動淨 [EBITDA] 達到該公司在 2021 年結束時以正淨現金狀況結束的點。

Despite longer term charges becoming more (inaudible) the average remaining duration of our current charter capacity today in [36 or 12 months]. On this area, from the 34.8 months that we disclosed in November and rigor current operating capacity to the scheduled delivery of our newbuild vessels.

儘管長期收費變得越來越多（聽不清），但我們目前包機容量的平均剩餘持續時間為 [36 或 12 個月]。在這方面，從我們在 11 月披露的 34.8 個月和嚴格的當前運營能力到我們新建船舶的預定交付。

Also only 15 vessels are scheduled for renewal now in the remainder of 2022, and we have to double that amount in 2023, reflecting approximately 33% of our total operating capacity. This as Eli previously mentioned allows us to remain a (inaudible) of fleets to changing demand fundamentals.

此外，現在只有 15 艘船計劃在 2022 年剩餘時間內進行更新，我們必須在 2023 年將這一數量翻一番，這約占我們總運營能力的 33%。正如 Eli 之前提到的那樣，這使我們能夠保持（聽不清）車隊以適應不斷變化的需求基本面。

On Slide 20, you can see that we have delivered 12 consecutive quarters of consistent improvements in earnings. At the same time, our net leverage has trended downward from the 5.3 in the first quarter of 2019 to 0. Importantly, we continue to be positioned in the (inaudible) in this regard, reflecting the strength of our balance sheet.

在幻燈片 20 上，您可以看到我們已經連續 12 個季度實現了收益的持續改善。與此同時，我們的淨槓桿率已從 2019 年第一季度的 5.3 下降至 0。重要的是，我們在這方面繼續處於（聽不清）位置，這反映了我們資產負債表的實力。

The success of our differentiated approach is clear as we generated strong improvement across all financial metrics versus the prior year. Revenue for 2021 was $10.7 billion compared to $4 billion in 2020, driven primarily by improved freight mix

我們差異化方法的成功是顯而易見的，因為我們在所有財務指標上都比上一年有了顯著改善。 2021 年的收入為 107 億美元，而 2020 年為 40 億美元，主要受貨運組合改善的推動

As well as an increase in carried volume.

以及攜帶量的增加。

Consistent with our focus on profitable growth, net income for 2021 was at $4.6 billion compared to $524 million for 2020. Adjusted EBITDA was EUR6.6 billion for 2021 compared to $1 billion in 2020, representing growth of nearly 540%. Our 2021 adjusted EBITDA and EBIT margin also improved this year to 61% and 64%, respectively, versus 26% and 18% in 2020.

與我們對盈利增長的關註一致，2021 年的淨利潤為 46 億美元，而 2020 年為 5.24 億美元。2021 年調整後的 EBITDA 為 66 億歐元，而 2020 年為 10 億美元，增長近 540%。我們 2021 年調整後的 EBITDA 和 EBIT 利潤率今年也分別提高至 61% 和 64%，而 2020 年為 26% 和 18%。

Turning to Q4 results. Total revenues in the fourth quarter increased to $3.5 billion compared to $1.4 million in the fourth quarter of 2020, an increase of more than 150% due to improved freight rate and increase in carry volume. Again, and consistent with our primary objective to grow positively, fourth quarter net profit was $1.7 billion compared to $366 million in the fourth quarter of last year. Adjusted EBITDA in the fourth quarter also significantly increased to $2.4 billion compared to $531 million in Q4 2020. Adjusted EBIT increased to $2.1 billion in the first quarter compared to $439 million in the comparable quarter of last year.

轉向第四季度的結果。與 2020 年第四季度的 140 萬美元相比，第四季度的總收入增至 35 億美元，由於運費提高和運量增加，增幅超過 150%。同樣，與我們積極增長的主要目標一致，第四季度淨利潤為 17 億美元，而去年第四季度為 3.66 億美元。與 2020 年第四季度的 5.31 億美元相比，第四季度調整後的 EBITDA 也大幅增加至 24 億美元。第一季度調整後的 EBIT 增加至 21 億美元，而去年同期為 4.39 億美元。

Since Q4 2021 adjusted EBITDA and adjusted EBIT margin of 68% and 61%, respectively, improved year-over-year and sequentially and continue to position being among the industry-leading performance. Our Q4 results include a tax expense totaling $374 million for the quarter and that is $1 billion for the full year 2021. As we previously indicated, in 2022, we will be incurring and subject to 33% of corporate income tax rate in this math.

自 2021 年第四季度以來，調整後 EBITDA 和調整後 EBIT 利潤率分別為 68% 和 61%，同比和環比均有所改善，並繼續處於行業領先地位。我們的第四季度業績包括本季度總計 3.74 億美元的稅收支出，即 2021 年全年的 10 億美元。正如我們之前指出的那樣，在 2022 年，我們將在此數學中產生並遵守 33% 的企業所得稅稅率。

On the next slide, we highlight we're increasing our current volume by 23% in 2021 to 3.5 million TEUs compared to 2.8 million TEUs in 2020. This is significantly higher than the market growth rate of approximately 6.6%, volume growth of (inaudible) and 22% in transpacific were for being the primary contributors. This close was a direct result of our focus on expanding our presence and entering new trade. Our expanded network is also the basis for our positive forward outlook. Though in 2022, we expect volume to grow in line with the market.

在下一張幻燈片中，我們強調我們將在 2021 年將目前的交易量增加 23%，達到 350 萬標準箱，而 2020 年為 280 萬標準箱。這大大高於市場增長率約 6.6%，（聽不清） ) 和跨太平洋地區的 22% 是主要貢獻者。這次收盤是我們專注於擴大業務和進入新貿易的直接結果。我們擴大的網絡也是我們積極展望未來的基礎。儘管在 2022 年，我們預計銷量將與市場同步增長。

In the fourth quarter of 2021, this carried volume increased by 7% to 858,000 TEUs compared to carried volume of 799,000 TEU in the fourth quarter of last year. While at the same time, global market volume declined in the fourth quarter year-over-year by 1.2%. Sequentially, our fourth quarter 2021 carried volume was slightly down due to supply chain bottlenecks and consistent with our mission experience across our industry.

與去年第四季度的 799,000 標準箱相比，2021 年第四季度的運載量增加了 7% 至 858,000 標準箱。與此同時，第四季度全球市場銷量同比下降 1.2%。隨後，由於供應鏈瓶頸，我們 2021 年第四季度的運輸量略有下降，這與我們在整個行業的任務經驗一致。

Eli mentioned our investment equipment in 2021, we purchased $898 million worth of equipment, adding approximately 306,000 TEUs to our old container fleet. I'll tell you that a cost of $819 million have already been delivered to us during 2021.

Eli 提到了我們在 2021 年的投資設備，我們購買了價值 8.98 億美元的設備，為我們的舊集裝箱船隊增加了大約 306,000 個標準箱。我會告訴你，在 2021 年已經向我們交付了 8.19 億美元的成本。

Moving to Slide 14, regarding our cash flow, we ended Q4 2021 with a total cash position of $3.8 billion, which includes cash and cash equivalents and investment in bank deposits and other investment instruments.

轉到幻燈片 14，關於我們的現金流，截至 2021 年第四季度，我們的現金頭寸總額為 38 億美元，其中包括現金和現金等價物以及對銀行存款和其他投資工具的投資。

During the fourth quarter, our adjusted EBITDA of $2.4 billion converted into a $2 billion cash flow from operation. Other cash flow items in the fourth quarter including $344 million of net capital expenditure, $308 million of debt service and $299 million of dividend that we attributed in analog. For the full year, our adjusted EBITDA of $6.6 billion converted into a $6 billion cash flow from operation. CapEx net for the year was $1.1 billion, debt service totaled $1.3 billion and dividend distribution totaled $536 million.

在第四季度，我們調整後的 24 億美元 EBITDA 轉化為 20 億美元的運營現金流。第四季度的其他現金流項目包括 3.44 億美元的淨資本支出、3.08 億美元的償債和 2.99 億美元的股息，我們以此類推。全年，我們 66 億美元的調整後 EBITDA 轉化為 60 億美元的運營現金流。當年的資本支出淨額為 11 億美元，償債總額為 13 億美元，股息分配總額為 5.36 億美元。

Moving to Slide 16, I will discuss market fundamentals and our property view moving forward. While many including (inaudible) initially expected a more normalized market towards the second half of 2021, these projections were pushing out port congestion worsened and demand remained robust.

轉到幻燈片 16，我將討論市場基本面和我們未來的房地產觀點。雖然包括（聽不清）在內的許多人最初預計到 2021 年下半年市場會更加正常化，但這些預測推動港口擁堵惡化，需求保持強勁。

Today, with the underlying market conditions, which caused record Q3 with an elevated (inaudible) finally, sentiment is now turning to the second half of 2022 at the earliest. Moreover, we believe that even with the planned deliveries of 2023 and 2024, the need for (inaudible) and the impact of IMO regulation expected to come into FX in 2023.

今天，隨著潛在的市場狀況最終導致第三季度創紀錄的高位（聽不清），市場情緒現在最早轉向 2022 年下半年。此外，我們認為，即使計劃在 2023 年和 2024 年交付，IMO 監管的需求（聽不清）和影響預計將在 2023 年進入外匯市場。

Fundamentals remain favorable in both the near and the longer term and the statement of capacity is meaningful. The Ocean Timeliness Indicator demonstrates the depth of all objections as seen here on Slide 17. The end-to-end transport time from the exported location to the fourth of definition of the factory grew from 45 days (inaudible) to more than 110 days.

短期和長期基本面仍然有利，能力陳述是有意義的。海洋及時性指標顯示了所有反對意見的深度，如幻燈片 17 所示。從出口位置到工廠定義的第四個位置的端到端運輸時間從 45 天（聽不清）增加到 110 多天。

As supply chain grows longer, there is a high demand for more vessels and containment to absorb its elongation. And investors on the move are growing larger as well. These measures show no signs that the supply chain prices (inaudible).

隨著供應鏈變長，對更多容器和安全殼的需求很高，以吸收其延伸。流動的投資者也在不斷壯大。這些措施沒有顯示供應鏈價格上漲的跡象（聽不清）。

Turning to the left to the right, lower port productivity is estimated to have reduced the effective capacity of the global fleet by as much as 11% and 17% for 2020 and 2021, respectively. And (inaudible) should have expected an impact for 2022.

從左到右，據估計，港口生產力下降導致 2020 年和 2021 年全球船隊的有效運力分別減少了 11% 和 17%。並且（聽不清）應該預計到 2022 年會產生影響。

The next slide illustrates that the charter hire trend is picking up again, driving higher charter costs as well as longer charter duration. Turning to Slide 19, higher fixed costs were also incurred by the liners as the source tonnage in the second-hand market to meet demand.

下一張幻燈片顯示，包機租賃趨勢再次回升，推動了更高的包機成本以及更長的包機期限。轉到幻燈片 19，作為滿足需求的二手市場的貨源噸位，班輪也產生了更高的固定成本。

2021 showed extraordinary sales and purchase activity in terms of volume, but more important in terms of price. We believe that higher fixed cost structure demonstrated the line of increased confidence in market strength sustaining. Looking at the chart of the right to the line, the demand for containment shipping continues to be robust and is being supported by the largest ever restocking cycle in the U.S.

2021 年在數量上表現出非凡的銷售和購買活動，但在價格方面更為重要。我們認為，較高的固定成本結構表明市場對維持市場實力的信心增強。從線路權圖表來看，對圍堵運輸的需求繼續強勁，並受到美國有史以來最大的補貨週期的支持。

While sales of inventory ratio is slightly up, the data continues to suggest the pressure on retail based inventory is partially speeding over to wholesale as well. inventory replenishment for wholesalers continue to fail to keep pace itself, leading to inventory to sales ratio being well below average. We expect retailers and wholesaler to project higher inventories to sales ratio, which in turn is projected to sustain strong demand for container shipping.

雖然庫存銷售率略有上升，但數據繼續表明零售庫存的壓力也在部分加速轉向批發。批發商的庫存補充仍然跟不上步伐，導致庫存與銷售比率遠低於平均水平。我們預計零售商和批發商將預測更高的庫存與銷售比率，這反過來又將維持對集裝箱航運的強勁需求。

Turning to our full year outlook. Based on our strong performance to-date and favorable market outlook, we project in 2022 to deliver adjusted EBITDA within a range of $7.1 billion to $7.5 billion and adjusted EBIT within the range from $5.6 billion to $6 billion. In providing this guidance for 2022, we are assuming that the average freight rates in 2022 will be higher than the 2021 average.

轉向我們的全年展望。基於我們迄今為止的強勁表現和良好的市場前景，我們預計 2022 年調整後 EBITDA 將在 71 億美元至 75 億美元之間，調整後 EBIT 將在 56 億美元至 60 億美元之間。在為 2022 年提供此指導時，我們假設 2022 年的平均運費將高於 2021 年的平均運費。

(inaudible) we start to gradually decline starting in the second half of 2022. Our contract rates for the competitive trade will not further recover approximately 50% of our volume, and we did significantly higher than 2021 contract level.

（聽不清）從 2022 年下半年開始，我們開始逐漸下降。我們競爭性貿易的合同費率不會進一步恢復到我們交易量的 50% 左右，而且我們的表現明顯高於 2021 年的合同水平。

In 2022, we expect to grow our fund volume in line with global market growth. Average copper price in 2022 will be higher than 2021. And as for charter rate, we expect that to remain stable in 2022. Yet I will remind you that our disposal to the charter market is unlimited in 2022. As already indicated, we had only 15 vessels as for renewal before the end of the year. The approximately $700 million higher depreciation costs reflected in our 2022 guidance, which is a [reflective division] between EBIT and EBITDA are mainly the result of a volume increase as we will be operating more vessels in 2022 compared to 2021. Second, an inflation impact as renewal rates for our charter agreements have been consistently year-on-year [since] 2020 And third, the cost clarification impact as we increase the percentage of the long-term charter that in charter observation of more than a year, and therefore, shifting back to cost of OpEx down to right of lease asset depreciation.

2022 年，我們預計基金規模將隨著全球市場的增長而增長。 2022 年銅平均價格將高於 2021 年。至於租船費率，我們預計 2022 年將保持穩定。但我要提醒您，我們在 2022 年對租船市場的處置是無限的。如前所述，我們只有年底前更新15艘。在我們的 2022 年指引中反映了大約 7 億美元的折舊成本增加，這是 EBIT 和 EBITDA 之間的[反映劃分]，主要是由於與 2021 年相比，我們將在 2022 年運營更多船舶，因此數量增加。其次，通貨膨脹的影響因為自 2020 年以來，我們的租船協議的續簽率一直保持同比穩定。第三，隨著我們增加長期租船在超過一年的租船觀察中的百分比，成本澄清的影響，因此，將運營支出成本轉移回租賃資產折舊權。

With respect to the impact of the war in Ukraine, as this side, we don't believe that suspending our services to Odessa and Russia will have a material impact on our 2022 financial results. We will evenly deploy or redeploy investment elsewhere given the current capacity. The situation is not just, it's very volatile and to change dramatically.

關於烏克蘭戰爭的影響，作為這一方，我們認為暫停對敖德薩和俄羅斯的服務不會對我們2022年的財務業績產生實質性影響。鑑於目前的產能，我們將在其他地方平均部署或重新部署投資。情況不僅如此，而且非常不穩定，並且會發生巨大變化。

Regarding our dividend, as discussed, our Board declared a dividend of $17 per share today. Together with the third quarter interim dividend of $2.5 per share, our annual 2021 dividend we totaled $19.5 per share, representing 60% of 2021 net income. Taking into consideration is a special dividend of $2 per share that we paid in September 2021, we will return $21.5 per share to shareholders in dividend in our first year as (inaudible) expenses. The total dividend distribution since our IPO of $2.6 billion represents approximately 30% of our current market cap and has been 50% higher than our IPO market cap.

關於我們的股息，如上所述，我們的董事會今天宣布派發每股 17 美元的股息。連同每股 2.5 美元的第三季度中期股息，我們 2021 年的年度股息總計為每股 19.5 美元，佔 2021 年淨收入的 60%。考慮到我們在 2021 年 9 月支付的每股 2 美元的特別股息，我們將在第一年向股東返還每股 21.5 美元的股息作為（聽不清）費用。自 26 億美元 IPO 以來的總股息分配約占我們當前市值的 30%，比我們的 IPO 市值高出 50%。

We will now open the call to questions. Thank you very much.

我們現在將打開問題電話。非常感謝。

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

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

Congrats obviously, I mean on the quarter, the year, massive dividends. So I have a few questions, lot to cover, but I'll try to keep it brief. For your 2022 EBITDA guidance range, obviously, very strong, also fairly tight, right? So I guess, what assumptions or maybe total volumes and average rate are you using to get to the midpoint of guidance? And then in terms of revenue visibility to keep that tight range, any updates on your upcoming contracts in terms of amount of volumes or average rate duration?

顯然，恭喜，我的意思是在季度，年度，巨額股息。所以我有幾個問題要討論，但我會盡量保持簡短。對於您的 2022 年 EBITDA 指導範圍，顯然非常強大，也相當緊湊，對吧？所以我想，你使用什麼假設或者總交易量和平均利率來達到指導的中點？然後在收入可見性方面保持這個狹窄的範圍，您即將簽訂的合同在數量或平均費率持續時間方面的任何更新？

Yes. So starting with the first part of the question when it comes to our volume assumptions in 2022, after having grown in 2021 by more than 33%, we are becoming a bit more conservative when it comes to 2022, growth volume assumptions and that we are factoring in 6% to 7% volume growth in 2022, which should be slightly above the average market growth, thanks to the full year effect of the (inaudible) in 2021.

是的。因此，從問題的第一部分開始，當涉及到我們在 2022 年的銷量假設時，在 2021 年增長超過 33% 之後，我們在 2022 年、增長銷量假設和我們正在變得更加保守考慮到 2022 年 6% 至 7% 的銷量增長，這應該略高於平均市場增長，這要歸功於 2021 年（聽不清）的全年效應。

From a rate perspective, as we've mentioned, I think, in one of the slides, our operating rate assumption for 2022, if we were to compare it to the average rate that we delivered in 2021 is going to be higher. And that is because we are selling now in the first quarter of 2022 after having closed a very strong quarter in the fourth quarter of 2021.

從費率的角度來看，正如我們已經提到的，我認為，在其中一張幻燈片中，如果我們將其與 2021 年交付的平均費率進行比較，我們對 2022 年的開工率假設將會更高。那是因為在 2021 年第四季度結束了非常強勁的季度之後，我們現在在 2022 年第一季度進行銷售。

We see the resilience in the freight rates still very much there. SCFI continues to be extremely strong, therefore, pushing the -- or sustaining strong profit as we enter into 2022. And when it comes to the visibility of the second part of the year, this is where I think we get the also added visibility of what we expect to see in terms of the contract toehold that we secure with our contracted customers, especially relevant on the transpacific trade, 50% of our volume that we -- this is still not yet finalized that we have better visibility today. We expect to close on average the contract at a premium rate compared to what to be secured last season, which will also support the overall -- or the average pay towards the second half of 2022.

我們看到運費的彈性仍然很大。 SCFI 繼續非常強勁，因此，隨著我們進入 2022 年，推動或維持強勁的利潤。當談到今年下半年的能見度時，我認為這也是我們獲得更多能見度的地方我們期望看到的合同立足點是我們與簽約客戶確保的，特別是與跨太平洋貿易相關的，我們交易量的 50%——這還沒有最終確定，因為我們今天有更好的知名度。與上賽季獲得的合同相比，我們預計平均以溢價的價格完成合同，這也將支持整體 - 或 2022 年下半年的平均薪酬。

Okay. Can you quantify that a little bit better than is that 5% or 80%, right, in terms of the average rates? And then for the duration, is the majority going to be 12 months?

好的。就平均費率而言，您能否將其量化為比 5% 或 80% 好一點？然後就持續時間而言，大多數會是 12 個月嗎？

Starting with the second part of your question, when we talk about the duration, yes, the vast majority fee of our contracts are likely to be covering a 12-month's play, as it has been the norm in the past. That doesn't mean that we will not have some contracts that may extend the border beyond 12 months, but some customers are asking us to consider. But by and large, the vast majority should be for (inaudible) and then when it comes to you, where we will be landing in terms of the average freight rate that we bear for the contracted volume, we can say that we expect it to be significantly higher than was in 2021. It's still a little bit too early for us to be to quantify to what extent that may be.

從你問題的第二部分開始，當我們談到期限時，是的，我們合同的絕大多數費用可能涵蓋 12 個月的比賽，因為這是過去的常態。這並不意味著我們不會有一些可能將邊境延長至 12 個月以上的合同，但一些客戶要求我們考慮。但總的來說，絕大多數應該是（聽不清），然後當涉及到您時，我們將按照我們為合同量承擔的平均運費率降落，我們可以說我們期望它顯著高於 2021 年。我們現在要量化可能的程度還為時過早。

That's target. We can wait a few months for that. All right. Second question, last one for me. Just around capital return, right? How did you and the Board determine that $17 dividend, clearly above my expectations and probably anyone's. Why did you decide on the 50% of net income all for dividends, maybe not balance that with share repurchases kind of fall through that process?

那是目標。我們可以等幾個月。好的。第二個問題，我的最後一個。就在資本回報附近，對吧？你和董事會是如何確定這 17 美元的股息的，這顯然超出了我的預期，也可能超出了任何人的預期。為什麼你決定將淨收入的 50% 全部用於股息，也許無法通過股票回購來平衡這一過程？

Yes. What is very important for us is that we deliver on the policies we made to the market when we predicted it more than a year ago. And we always said that it was high in the agenda of the management of the Board to return capital to shareholders. And as you may remember, we have refined and updated our dividend guidance -- dividend policy over the [first] quarter of 2021. So we ended up saying back in Q4 last year that the intention would be to pay between 30% to 50% to return between 30% to 50% of net income back to shareholders.

是的。對我們來說非常重要的是，我們兌現了一年多前我們對市場做出的預測。我們總是說，將資本返還給股東是董事會管理層的首要任務。您可能還記得，我們已經完善和更新了我們的股息指引——2021 年第一季度的股息政策。所以我們最終在去年第四季度表示，打算支付 30% 至 50% 的股息將淨收入的 30% 至 50% 返還給股東。

We have closed in 2021 very strongly. I think the numbers do speak for themselves. When we also looked ahead into 2022, we are cautiously optimistic that in 2022, at least at the beginning of the year passed by strongly. So we think all the conditions are actually met to deliver on our promises towards the 50% range as opposed towards the role of 40%. That's the rationale behind.

我們在 2021 年非常強勁地關閉。我認為數字確實不言自明。當我們也展望 2022 年時，我們謹慎樂觀地認為 2022 年，至少在年初強勁過去。因此，我們認為實際上滿足了所有條件，以兌現我們對 50% 範圍的承諾，而不是 40% 的作用。這就是背後的理由。

We're also looking obviously at how do we best allocate our capital. We want to make sure we continue to invest in enhancing our commercial prospects, but we secure the equipment, the vessel that we need, that we are also continuing to invest in our digital transformation but the financial results of 2021, again, coupled with the outlook of 2022 will be justified for us to return on the high end of the range.

我們也在研究如何最好地分配我們的資本。我們希望確保我們繼續投資以提高我們的商業前景，但我們確保設備、我們需要的船隻，我們也在繼續投資於我們的數字化轉型，但 2021 年的財務業績，再加上2022 年的前景將有理由讓我們重返該範圍的高端。

Now you also sequential buyback, why not considering a share buyback? We always did mention as well that there are other ways to return capital to shareholders, not only dividend, share buyback could be an adoption. For now, what we wanted to promote is again better track record to our shareholders by delivering on our dividend commitment, not only in terms of absolute numbers, but also in terms of frequency of payments, as they will be paid quarterly, again, trying to set track record here, which we believe should unlock shareholder value.

現在你也順序回購，為什麼不考慮股票回購呢？我們也一直提到，還有其他方式可以向股東返還資本，不僅是股息，股票回購也可以是一種採用。目前，我們希望通過兌現我們的股息承諾來再次向我們的股東提供更好的業績記錄，不僅在絕對數量方面，而且在支付頻率方面，因為它們將按季度支付，再次嘗試在這裡創造業績記錄，我們認為這將釋放股東價值。

Share buybacks would have been the cherry on top, but otherwise excellent results.

股票回購本來是最重要的，但除此之外的結果也很好。

We see that you're consistent and it's okay. And we're looking forward, but we think that this is the best way to deliver and to show results to shareholders and looking around, say, the world stock shareholders, the stock rates today until the last. We think this is going to be the best way to deliver (inaudible) to shareholders.

我們看到你是一致的，沒關係。我們很期待，但我們認為這是向股東展示和展示結果的最佳方式，並環顧世界股票股東，看看今天的股票價格，直到最後。我們認為這將是向股東交付（聽不清）的最佳方式。

The next question is from the line of Muneeba Kayani from Bank of America.

下一個問題來自美國銀行的 Muneeba Kayani。

I firstly wanted to ask about kind of the vessels waiting outside the port of LA and Long Beach. We've seen that kind of come down over the last couple of weeks. So if you can share why you think that has come down and what your outlook is for congestion at LA, Long Beach specifically?

我首先想問一下在洛杉磯港和長灘港外等候的船隻的種類。在過去的幾周里，我們已經看到這種情況下降了。所以，如果你能分享一下為什麼你認為這種情況已經下降，以及你對洛杉磯，特別是長灘的擁堵情況有何看法？

And if I may just get my second question now itself. The dockworkers union, the ILWU negotiations, how are those coming along with the contact ending mid of this year? And how do you factor that into your guidance? And what's the impact on the spot change?

如果我現在可以得到我的第二個問題。碼頭工人工會，ILWU 談判，今年年中結束的接觸進展如何？您如何將其納入您的指導？以及對現場變化的影響是什麼？

And then if I could ask a third one, why do you -- with the strong growth in volumes last year and kind of your expectations for the market this year, why is growth slowing down this year? And kind of do you have any flexibility to be higher than kind of that 6%, 7% this year in terms of volumes?

然後，如果我可以問第三個問題，您為什麼要 - 由於去年銷量的強勁增長以及您對今年市場的預期，為什麼今年的增長放緩？就數量而言，您今年是否有任何高於 6%、7% 的靈活性？

Yes. So I will start with the first one (inaudible) is very visible and I think under the spotlight, there are a lot of metrics that are being shared on a weekly basis how to best monitor the bottleneck that is very much prevailing in this terminal. There are a couple of things. Let's remember that today, our February is normally a week month in normal circumstances. There is still a little bit of seasonality in our industry. We are just around just after Chinese New Year. And there are a little bit less pressure from a volume perspective point few weeks, which to some extent, also start to assist in clearing maybe some of the congestion in LA, hence why mitigate a little bit less vessels.

是的。所以我將從第一個（聽不清）非常明顯的開始，我認為在聚光燈下，每週都會分享很多指標，如何最好地監控這個終端中非常普遍的瓶頸。有幾件事。讓我們記住，今天，在正常情況下，我們的二月通常是一周的一個月。我們的行業仍然存在一點季節性。我們就在農曆新年剛過。從數量的角度來看，幾週的壓力有所減少，這在某種程度上也開始幫助清理洛杉磯的一些擁堵，因此為什麼要減少一點船隻。

Another thing is that, it does not necessarily mean because we see less vessel in the vicinity after the port of LA that those vessels are not being pushed back a little bit further down off of it, and on their way to -- so the way you see that is to a reduction in span of a couple of weeks at the time where seasonality is also normally suggesting that the volume should reduce and is already (inaudible) of a new channel.

另一件事是，這並不一定意味著因為我們在洛杉磯港後附近看到的船隻較少，因此這些船隻沒有被推到離它更遠的地方，並且在前往的途中 - 所以方式您會看到，在季節性通常也表明交易量應該減少並且已經（聽不清）新頻道的時候，跨度減少了幾週。

That maybe too early to represent. I would add to that when things are starting to get maybe a bit better seems to be getting a bit better in LA. Situation is worsening in some other terminals being of the East Coast or Vancouver commitment (inaudible) So the congestion and the bottleneck are still very much there for us as an industry to navigate with.

這可能為時過早。我會補充一點，當事情開始變得更好時，洛杉磯似乎變得更好了。東海岸或溫哥華承諾的其他一些航站樓的情況正在惡化（聽不清）因此，作為一個行業，我們仍然需要應對擁堵和瓶頸。

Then the second question that you were referring to, when is the expectation with respect to the negotiation of the unions that should take place in the coming months. It's difficult for us to assess what could happen. And we know what happened when it lost on the agenda. Difficult to say what may happen this time around, but it is indeed adding an additional level of uncertainty as to when the quarter mix might finally ease in this terminal. And as we know, with the global network that we released, so this may have some long-term effect as well. So there is uncertainty here as far as there is not much we can say as to what we anticipate in terms of potential additional disruption coming out. (inaudible)

然後你提到的第二個問題，關於工會談判的預期應該在未來幾個月內進行。我們很難評估會發生什麼。我們知道當它不在議程上時會發生什麼。很難說這一次會發生什麼，但它確實增加了一個額外的不確定性，即季度組合何時最終會在這個航站樓放鬆。正如我們所知，隨著我們發布的全球網絡，這可能也會產生一些長期影響。因此，這裡存在不確定性，就我們對潛在的額外中斷的預期而言，我們無話可說。 （聽不清）

And to the third question that you raised with respect to our ability to potentially capture additional growth in the market, we could always -- as you may remember, the mission of the strategy of the company is to grow when we see opportunity and not to go to capture additional market share. So if we see opportunities for us to continue to grow and to grow more than the market, we will potentially look at those actions and those opportunities. But after having [grown by 23%] in 2021, when it comes to providing guidance for 2022, we expect to remain conservative on that front.

對於您提出的關於我們有可能在市場中獲得額外增長的能力的第三個問題，我們始終可以 - 正如您可能還記得的那樣，公司戰略的使命是在我們看到機會時增長，而不是去佔領額外的市場份額。因此，如果我們看到機會讓我們繼續增長並且增長超過市場，我們可能會關注這些行動和機會。但在 2021 年 [增長 23%] 之後，在為 2022 年提供指導時，我們預計在這方面將保持保守。

We really don't know what is the situation, if it's a new trend. But what we can say that the vessels [rating the Vancouver few weeks], we see some pressure (inaudible) such as Charleston, Savannah and New York. So the pressures in some vessels because the speed underway away from the west side of the Pacific. So the new regulation or procedures to go to low and we try to reduce the number of vessels working directly or close to low. I cannot share what you say about the (inaudible).

我們真的不知道情況如何，如果這是一個新趨勢。但是我們可以說，這些船隻 [對溫哥華進行了幾週的評級]，我們看到了一些壓力（聽不清），例如查爾斯頓、薩凡納和紐約。因此，一些船隻的壓力是因為航速遠離太平洋西側。所以新的規定或程序要走低，我們盡量減少直接工作的船隻數量或接近低位。我無法分享您對（聽不清）的看法。

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

下一個問題來自克拉克森證券公司的 Omar Nokta。

Yes, congratulations on a phenomenal 2021. And clearly, the guidance for this year is quite strong and above expectations. I wanted to ask just about the current climate and how that's affecting your business. I know you touched on it a little bit, both Eli and Xavier in your opening comments. I know, obviously, the biggest footprint for them is the transpacific. But in general, are you seeing any direct impacts from the current Russian Ukraine situation on your activities?

是的，祝賀 2021 年的非凡表現。顯然，今年的指導非常強勁，超出了預期。我想問一下當前的氣候以及這對您的業務有何影響。我知道你在開場評論中提到了一點，Eli 和 Xavier 都提到了這一點。我知道，顯然，他們最大的足跡是跨太平洋。但總的來說，您是否看到當前俄羅斯烏克蘭局勢對您的活動有任何直接影響？

Yes, you're right. Obviously, we do see some impact, but in terms of the way we manage the services that we have that call the Black Sea, Ukraine, and we have (inaudible), Romania and ex-Russia, the tons. So we are -- also we are exiting those 2 countries, Ukraine and Russia. We are redirecting capacity. So from operations perspective, we are taking actions and we are making sure that the vessels will quite definitely struggle elsewhere. So this is what we do. From a financial impact perspective today, we see a very limited effect. And again, for us, those services really present a not significant percentage of our overall tariffs. So really we see when we do take actions, but as of today, with the expectation or the assumption we said that the context remains local for us, we do not envisage a material effect.

你是對的。顯然，我們確實看到了一些影響，但就我們管理我們擁有的稱為黑海、烏克蘭的服務的方式而言，我們擁有（聽不清）羅馬尼亞和前俄羅斯，成噸的。所以我們 - 我們也正在退出這兩個國家，烏克蘭和俄羅斯。我們正在重新定向容量。因此，從運營的角度來看，我們正在採取行動，我們正在確保這些船隻在其他地方肯定會遇到困難。所以這就是我們所做的。從今天的財務影響角度來看，我們看到的影響非常有限。再一次，對我們來說，這些服務在我們的整體關稅中所佔的比例並不大。因此，當我們確實採取行動時，我們真的看到了，但截至今天，我們期望或假設我們所說的上下文對我們來說仍然是本地的，我們不設想產生實質性影響。

Okay. And then obviously, one of the big concerns here recently is the surge in oil and commodity prices in general and how that could potentially start to stress consumer spending. How are you guys seeing that risk, I guess in general? And how you're viewing the business, but also with respect to the guidance you've given today? And how are you dealing with maybe heightened risk of impact on consumer spending?

好的。顯然，最近這裡最大的擔憂之一是石油和大宗商品價格總體上的飆升，以及這可能如何開始給消費者支出帶來壓力。總的來說，你們怎麼看待這種風險？您如何看待業務，以及您今天提供的指導？您如何應對可能對消費者支出造成影響的風險增加？

Yes. So for now, we have to work with what we know. We need to make assumptions when we provide indeed our guidance. We cannot today anticipate what will be the duration of the conflict. We cannot anticipate whether the conflict might spread to other locations and have potential additional impact on trade that would be more relevant to us. So, we are obviously monitoring and we continue to monitor the situation. And I'm not going to be saying on a weekly basis because we do it on a daily basis. And if there was to be some widening or some additional impact to be anticipated, we would obviously factor those in and we have to revise our guidance perspective that in the prior year, we would obviously do so.

是的。所以現在，我們必須使用我們所知道的。當我們確實提供我們的指導時，我們需要做出假設。我們今天無法預測衝突的持續時間。我們無法預測衝突是否會蔓延到其他地方，並對與我們更相關的貿易產生潛在的額外影響。因此，我們顯然正在監控，我們將繼續監控情況。我不會說每週一次，因為我們每天都這樣做。如果預計會有一些擴大或一些額外的影響，我們顯然會考慮這些因素，我們必須修改我們的指導觀點，在前一年，我們顯然會這樣做。

When it comes to the effect which is very visible today, which is the increased bunkering cost, which is skyrocketing very, very quickly. We -- as you know, we have a quite efficient path to the (inaudible) that we will continue to enforce to our customers, which in a way, a natural hedge part of mechanism. Anything has a limit, obviously, and if the fincos were to remain elevated for a very significant duration, then we will need to factor that into our future estimates. But very difficult to say today -- we anticipate today what will be the big price for the second half of the year, which is what is relevant to us when it comes to 2022 guidance by the way, because as you know, a pretty much (inaudible).

說到今天非常明顯的效果，那就是增加的加油成本，而且飛漲的速度非常非常快。我們 - 如您所知，我們有一條非常有效的途徑（聽不清），我們將繼續對我們的客戶強制執行，這在某種程度上是機制的自然對沖部分。顯然，任何事情都有一個限制，如果金融公司在很長一段時間內保持高位，那麼我們需要將其納入我們未來的估計中。但今天很難說——我們今天預計下半年的最高價格是多少，順便說一句，這與我們對 2022 年的指導相關，因為如你所知，幾乎（聽不清）。

Okay. Yes. And just the -- you mentioned just on the bunker fuel, you were indicating that the latest spike, this is something we're able to pass through, I guess, in the short term and then potentially the long-term still needs to be assessed. Is that right?

好的。是的。只是 - 你剛剛提到船用燃料，你表示最近的峰值，這是我們能夠通過的東西，我想，在短期內，然後潛在的長期仍然需要評估。那正確嗎？

Yes, there is a lot of uncertainty ahead as you likely pointed out, so we cannot make assumptions here. But if the situation was to remain or to continue to scale to a point where the fuel bunker cost would become significantly higher than it is today. The good thing maybe if you look at our expectations for the 2022, we already have assumed that the average freight rate I think on the spot market will gradually normalize and gradually come down leaving room in a way for additional product fuel cost, but we have to monitor and track the situation as we (inaudible).

是的，正如您可能指出的那樣，未來存在很多不確定性，因此我們不能在這裡做出假設。但是，如果這種情況繼續存在或繼續擴大到燃油成本將比現在高得多的程度。好消息是，如果你看看我們對 2022 年的預期，我們已經假設我認為現貨市場的平均運費將逐漸正常化並逐漸下降，為額外的產品燃料成本留出空間，但我們有監控和跟踪我們的情況（聽不清）。

Great. Yes. Okay. And one more, and I'll turn it over. Just maybe more about the business. And obviously, for the past several years, trans-Pacific has been your main footprint. But intra-Asia now has really started to pick up and become over 1/4 of your volumes. How are you seeing that develop here over the next, say, 12 to 24 months with the new ships you're bringing on? Do you see the Asian market becoming just as dominant as trans-Pacific in terms of your business footprint or potentially getting larger?

偉大的。是的。好的。還有一個，我會把它翻過來。只是也許更多關於業務。顯然，在過去幾年中，跨太平洋地區一直是您的主要足跡。但亞洲內部現在已經真正開始回升，並成為您交易量的 1/4 以上。在接下來的 12 到 24 個月內，你如何看待你所帶來的新船的發展？您是否認為亞洲市場在您的業務足跡方面與跨太平洋市場一樣占主導地位或可能變得更大？

We will see there is still a lot to capture (inaudible) to contribute to the some extent that trans-Pacific goes today. But you're right that it is an extremely dynamic trade where we are growing quarter after quarter. Also, of course, the definition of intra-Asia includes Asia to Australia and also Asia to East and West Africa. So it's the Asia, I should really emphasize here. And we've been quite active in growing our volume between Asia to Australia and between Asia to Africa. So we see quite a lot of opportunity to continue to grow in this region or also within the intra-Asia area. So (inaudible) that from a volume perspective, we will catch up the intra-Asia in a way we catch up with the prevailing trans-Pacific trade.

我們將看到仍有很多東西需要捕捉（聽不清），以在某種程度上為今天的跨太平洋發展做出貢獻。但你說得對，這是一項極具活力的交易，我們每季度都在增長。此外，當然，亞洲內部的定義包括亞洲到澳大利亞，也包括亞洲到東非和西非。所以這是亞洲，我應該在這裡真正強調一下。我們一直非常積極地增加亞洲到澳大利亞之間以及亞洲到非洲之間的運輸量。因此，我們看到了在該地區或亞洲內部地區繼續增長的大量機會。因此（聽不清）從數量的角度來看，我們將以趕上盛行的跨太平洋貿易的方式趕上亞洲內部。

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

下一個問題來自花旗集團的 Sathish Sivakumar。

And again, congratulations on the results. I've got 3 questions. So first on the booking visibility. So Xavier, earlier you mentioned that (inaudible) are and how visible -- and also you said that you had a strong Q4, you had a good visibility to Q1. So if you could actually comment on what are you actually seeing in terms of your bookings on the vessels like on which window forward that you can actually see it as of today?

再次祝賀結果。我有3個問題。所以首先是關於預訂的知名度。所以 Xavier，你之前提到過（聽不清）是可見的 - 你還說你有一個強大的 Q4，你對 Q1 有很好的可見性。因此，如果您實際上可以評論您在船舶預訂方面實際看到的內容，例如您今天可以在哪個窗口看到它？

Yes. So today, we continue to see very strong demand from a booking perspective. And as I pointed out earlier on, we are just a few weeks after Chinese New Year. So we see the business bookings coming back faster in 2022 than what used to be the case in prior year, which is a good indication that there is still a lot of unsatisfied demand. And as you know, we also have because of the stronger -- the strong demand that we've been experiencing in the weeks ahead of the Chinese New Year, we had another rollover toggle that we have been taken on board also during those weeks on a non-Chinese New Year. So the recovery in volume from a seasonality perspective is very strong and it's coming in very fast, so which for the first quarter of 2021 did allow us to confirm that we expect a very strong first quarter in line with the first quarter of -- I'm sorry, 2021. The first quarter of 2022 is coming in very strong in a similar type of shift than the fourth quarter of 2021.

是的。所以今天，從預訂的角度來看，我們繼續看到非常強勁的需求。正如我之前指出的那樣，我們距離農曆新年只有幾個星期了。因此，我們看到 2022 年的業務預訂量比前一年恢復得更快，這很好地表明仍有很多未滿足的需求。如您所知，由於我們在農曆新年前幾周經歷的強勁需求，我們也有另一個翻轉切換，我們也在這幾週內被採納非中國新年。因此，從季節性的角度來看，銷量的複蘇非常強勁，而且速度非常快，因此對於 2021 年第一季度，這確實讓我們確認我們預計第一季度將非常強勁，與第一季度一致——我對不起，2021 年。與 2021 年第四季度類似的轉變，2022 年第一季度的表現非常強勁。

My second question is on the charter capacity. In the Slide 18, you actually meant -- given a nice bit around how the industry has changed. So there the average duration is 3.5 years, right? So that's again industry data -- so how does it actually come (inaudible)? What is your average charter duration capacity today?

我的第二個問題是關於包機容量。在幻燈片 18 中，您實際上的意思是——考慮到行業的變化情況。所以平均持續時間是3.5年，對吧？所以這又是行業數據——那麼它實際上是怎麼來的（聽不清）？您今天的平均租船期限是多少？

When we charter or when we secure a new charter in contract, the vast majority of our charter agreements now are signed for a period of between 3 to 5 years. And I'm leaving aside the long-term charters that we entered into in 2021 for the guiding capacity, charter agreement that we secured for the usual providers today 3 to 5. Part of that consummates when it comes to looking at what is the average reminder of the duration of the contract that were today of the 118 vessels that we were operating as of the end of 2021. This is a bit more than 2 years on average. So I think it is a 26 months or so that there is a liability that you see on balance sheet as of end of 2021 represents, 26 months' worth of charter for 118 vessels.

當我們租用或獲得新的合同租用時，我們絕大多數的租用協議現在都簽署了 3 到 5 年的期限。我將把我們在 2021 年簽訂的長期租船合同擱置一旁，因為我們為今天 3 至 5 日為通常的供應商爭取到的指導能力和租船協議。其中一部分在查看平均水平時得到了完善提醒我們截至 2021 年底我們運營的 118 艘船舶的合同期限。平均而言，這比 2 年多一點。因此，我認為截至 2021 年底，您在資產負債表上看到的負債是 26 個月左右，即 118 艘船的 26 個月租期。

So 26 months of charter is left on an average on your portfolio. And so, how does that would tally with the vessel deliveries that you are likely to get in '23 and '24?

因此，您的投資組合平均剩餘 26 個月的租約。那麼，這與您在 23 年和 24 年可能獲得的船舶交付量有什麼關係？

You're right. It is very important that we've been working hard as early as of the second half of 2020, by the way, to make sure that we were in early 2021 when we decided to first (inaudible). So, we are looking at ensuring that when those vessels start being delivered to us as early as January or February, the first one will be delivered to us in 2023 and then one a month, so that we have the ability to either redeliver some of our currently operated capacity or keep the capacity of some of it and grow and increase (inaudible). So we will have the option to do either or take obviously the delivery of this new business and either renew these contracts, some of the contracts that we commit for renewal at that time or we negotiate and secure that tonnage for longer. We have 30 vessels that we promised for renewal in [2023].

你說得對。順便說一句，我們早在 2020 年下半年就一直在努力工作，這一點非常重要，以確保我們在 2021 年初決定首先（聽不清）。因此，我們正在考慮確保當這些船隻最早在一月或二月開始交付給我們時，第一艘將在 2023 年交付給我們，然後每個月交付一艘，這樣我們就有能力重新交付一些我們目前運營的容量或保持其中的一些容量並增長和增加（聽不清）。因此，我們將可以選擇要么做，要么接受這項新業務的交付，要么續簽這些合同，我們當時承諾續籤的一些合同，要么我們協商並確保更長的噸位。我們承諾在 [2023 年] 更新 30 艘船舶。

In 2023, yeah?

2023年，是嗎？

Yes.

是的。

Okay. And the last question is actually around the CapEx. So if you look at your 2021 CapEx, it was about $1 billion of CapEx. And I assume that the majority of that CapEx is related to equipment, right? Is there any vessel-related payments that are done in 2021? And how should we think about going into 2022?

好的。最後一個問題實際上與資本支出有關。因此，如果您查看 2021 年的資本支出，則資本支出約為 10 億美元。而且我認為大部分資本支出與設備有關，對嗎？ 2021 年是否有任何與船舶相關的付款？我們應該如何考慮進入 2022 年？

You're right. Most of the CapEx of 2021 related to equipment, close to $900 million of cash CapEx related to the 6,000 TEUs that we will see in our fleet of containers. We have a little bit of a cash CapEx related to -- remember, we acquired seven secondhand vessels in the course of -- in the fourth quarter 2021. We got delivery of 5 out of the gate. And so, there's been some payment with respect a little bit more or less in the first quarter of 2022 when we will get the last 3 vessels that we acquired in the fourth quarter. But looking into 2022 in terms of cash CapEx, we will have a little bit of a vessel farness in terms of equipment, we anticipate maybe around the [$200 million] of additional equipment to continue to renew and recognize our fleet of containers.

你說得對。 2021 年的大部分資本支出與設備相關，近 9 億美元的現金資本支出與我們將在我們的集裝箱船隊中看到的 6,000 個標準箱相關。我們有一點現金資本支出與 - 請記住，我們在 2021 年第四季度購買了 7 艘二手船。我們已經交付了 5 艘。因此，在 2022 年第一季度或多或少有一些付款，屆時我們將獲得我們在第四季度收購的最後 3 艘船。但就現金資本支出而言，展望 2022 年，我們將在設備方面擁有一點船運，我們預計可能會增加 [2 億美元] 左右的額外設備，以繼續更新和認可我們的集裝箱船隊。

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

下一個問題來自巴克萊銀行的 Alexia Dodani。

Congratulations for strong performance. I have 3 questions as well. Just firstly on CapEx following on the question earlier, if we had $1.1 billion of net CapEx in '21, how much does this step down in '22? And also with relation to the debt service payments that was $1.4 billion, how should we expect that number to fall in '22?That's one -- my first question.

祝賀你的強勁表現。我也有3個問題。首先是資本支出，然後是前面的問題，如果我們在 21 年有 11 億美元的淨資本支出，那麼在 22 年會下降多少？還有關於 14 億美元的償債付款，我們應該如何預期這個數字會在 22 年下降？這是我的第一個問題。

My second question is, I read down on the slide that you have the ambition of growing to 1 million TEUs. By what period is that? And should we expect the 125 vessels you currently operate to increase by the statistics that are coming on board to get to that 1 million target?

我的第二個問題是，我在幻燈片上讀到你們有發展到 100 萬標準箱的雄心。那是什麼時期？我們是否應該期望您目前運營的 125 艘船舶會隨著即將上船的統計數據而增加，以達到 100 萬艘的目標？

And then finally, can you just give us a little bit more color of what you think the practical implications of the new IMO regulations that are coming to effect next year will mean full capacity? Because when I look at the scrapping rate that Alphaliner expects, it's not significant. And so, I'm just trying to understand the levers to what happens post the introduction of regulation next year.

最後，您能否再給我們一點色彩，您認為明年即將生效的新 IMO 法規的實際影響將意味著滿負荷嗎？因為當我查看 Alphaliner 預期的報廢率時，它並不重要。所以，我只是想了解明年引入監管後會發生什麼。

Okay. So maybe starting with the CapEx question you had.

好的。所以也許從你遇到的資本支出問題開始。

(inaudible)

（聽不清）

Yes. So the 1 million TEU refers to equipment containers. That's the capacity of containers that we have, not the capacity or the (inaudible). So we increased our fleet of equipment from 620,000 TEU at the beginning of the year, close to 1 million TEU at the end of the year. And so, that's one thing. And then we, at the same time, increased our operating capacity when it comes to vessel, from 85 vessels that we (inaudible) at the beginning of the year 2021 to 119 and 125 vessels that we operate today. So that's the -- maybe the clarification on the 1 million TEU related here to equipment.

是的。所以100萬標準箱指的是設備集裝箱。那是我們擁有的容器的容量，而不是容量或（聽不清）。因此，我們的設備船隊從年初的 620,000 TEU 增加到年底接近 100 萬標準箱。所以，這是一回事。然後，我們同時提高了船舶的運營能力，從 2021 年初我們（聽不清）的 85 艘船舶增加到我們今天運營的 119 艘和 125 艘船舶。這就是——也許是對與設備相關的 100 萬標準箱的澄清。

With regards to the question on CapEx for 2022, the overall cash CapEx that we would anticipate adding the $200 million of equipment, maybe doubling it to add a little bit more on the digital front to add on our IT investments and also cater for the what is left to be paid on the vessel side. So $400 million, $500 million together, it should be a good assumption for cash CapEx into 2022.

關於 2022 年資本支出的問題，我們預計將增加 2 億美元設備的總體現金資本支出，可能會翻倍以在數字方面增加一點點，以增加我們的 IT 投資並滿足什麼留給船方支付。所以 4 億美元，5 億美元加起來，這應該是 2022 年現金資本支出的一個很好的假設。

And with respect to the last question on the IMO effect, I expect the impact in 2023. Yes, the -- it's difficult to assess what will be the overall effect on the effective deployed capacity in 2023. Just to give maybe some indication, when we look at the (inaudible) in the water, the 25 million TEU that (inaudible) vessels altogether. As of the first quarter of January 2023, half of that capacity will be 15 years old and older, 15 years old and older. And obviously, the over the capacity of the vessel, the more difficult vehicles of the more challenging it would be for that given vessel to meet the emission regulation criteria.

關於 IMO 影響的最後一個問題，我預計會在 2023 年產生影響。是的，很難評估對 2023 年有效部署能力的總體影響。只是給出一些指示，什麼時候我們看一下水中的（聽不清），總共有 2500 萬標準箱（聽不清）的船隻。截至 2023 年 1 月第一季度，該容量的一半將是 15 歲及以上、15 歲及以上。顯然，船舶容量越大，車輛越困難，該船舶滿足排放法規標準的難度就越大。

So in 2023, gradually over time, what we anticipate is quite quickly that the regulation is imposed more and more restriction on part of addition, which will to some extent affect the effective capacity as it will improve on the vessel operator to lower the speed of operation. And I think there are some studies out there suggesting that if we were to reduce the speed value at 5%, it will have an effect of 7% of the effective capacity. And that's what we are referring to when we think that there will be a lot of pressure on effective supply in 2022 and onwards.

所以在 2023 年，隨著時間的推移，我們預計很快，法規對部分添加的限制越來越多，這將在一定程度上影響有效運力，因為它將改善船舶運營商以降低速度手術。而且我認為有一些研究表明，如果我們將速度值降低 5%，它將產生 7% 的有效容量的影響。當我們認為 2022 年及以後的有效供應將面臨很大壓力時，這就是我們所指的。

And can I just check on the debt service payments? Should we expect that number to be flat year-over-year? Or should we expect those 22 vessels that need to be recharged that will price in at a higher rate and drive a little bit of an increase? I'm just trying to understand what drives the $1.500 million increase in the depreciation. Obviously, CapEx is coming down and the cash CapEx coming down. So should the debt service payment go up?

我可以只檢查還本付息嗎？我們是否應該期望該數字與去年同期持平？或者我們是否應該期望那些需要充電的 22 艘船將以更高的價格定價並推動一點點增長？我只是想了解是什麼推動了折舊增加了 150 萬美元。顯然，資本支出正在下降，現金資本支出也在下降。那麼償債支付是否應該增加？

You're making a good point. Let me just clarify to you. As I mentioned, now all the vessels that we currently operate or almost all the vessels that we currently operated on the long-term charter win, which means that from an accounting perspective, everything is classified as one of these assets on the balance sheet and dependent in the lease liability. So the debt that you see on balance sheet is mostly made of the lease liabilities that come as a result of us entering into those contractual obligation vis-a-vis the financial providers.

你說得很好。讓我向你澄清一下。正如我所提到的，現在我們目前運營的所有船舶或我們目前以長期租船方式運營的幾乎所有船舶都贏了，這意味著從會計的角度來看，所有資產都被歸類為資產負債表上的這些資產之一，並且依賴於租賃負債。因此，您在資產負債表上看到的債務主要是由於我們對金融提供者承擔這些合同義務而產生的租賃負債。

So -- and on the depreciation side, if you look at the depreciation line, what is it that we depreciate is the asset -- one of these assets that we've just booked on balance sheet when we secure those contracts, and you have the depreciation of the containers of the equipment. And with regard for 2022, you see that there is $1.5 billion difference between EBIT and EBITDA. This is the amortization of our assets, our assets being mainly the vessels I just talked about and the containers. Take $100 million for containers, the rest is assets. This asset is of $1.4 billion that you see in amortization, (inaudible) pretty much perfectly with the debt service because the debt, as we said, is also only the reflection of those commissions. So the debt service is a (inaudible) with the amortization that you see on balance sheet.

所以 - 在折舊方面，如果你看一下折舊線，我們折舊的是資產 - 我們剛剛在資產負債表上登記的這些資產之一，當我們獲得這些合同時，你有設備容器的折舊。對於 2022 年，您會看到 EBIT 和 EBITDA 之間存在 15 億美元的差異。這是我們資產的攤銷，我們的資產主要是我剛才講的船隻和集裝箱。拿 1 億美元買集裝箱，剩下的就是資產。您在攤銷中看到的這項資產為 14 億美元，（聽不清）與還本付息非常完美，因為正如我們所說，債務也只是這些佣金的反映。因此，還本付息是（聽不清）您在資產負債表上看到的攤銷。

The one thing that I just would like also to highlight or 2 things that I would like to highlight to complete the picture here is that first, the -- as a result of the new relationship with 2M, we are no longer buying slots from our partners as we are only -- so there is no longer any financial exchange between Maersk and MSC, meaning that from a cost perspective, the chartering of the swap buy is no longer there in 2022 as from the 1st of January onwards -- 1st of April onwards. And so, that contributes as well to reducing our projects. Second and last, very important as well, (inaudible), meaning that if you look at the amortization of $1.5 billion, that includes not only the depreciation of the asset itself, but also the revenue cost of operating those assets, meaning the (inaudible) related the cost and the technical management of the vessel.

我只想強調的一件事或兩件事我想強調以完成這裡的圖片是第一，由於與 2M 的新關係，我們不再從我們的我們只是合作夥伴——因此馬士基和 MSC 之間不再有任何財務交換，這意味著從成本的角度來看，從 1 月 1 日起，2022 年不再存在互換購買的租船——1 月 1 日四月起。因此，這也有助於減少我們的項目。第二個也是最後一個，也非常重要，（聽不清），這意味著如果您查看 15 億美元的攤銷，這不僅包括資產本身的折舊，還包括運營這些資產的收入成本，這意味著（聽不清） )有關船隻的成本及技術管理。

Understood. And actually, if you don't mind, can I just ask a very quick one. On your guidance for '22, what is the bunker fuel assumption within the guidance range you've given?

明白了。實際上，如果您不介意，我可以問一個非常快的問題。根據您對 '22 的指導，您給出的指導範圍內的船用燃料假設是多少？

That assumption is extremely relevant for me to disclose that information. As I mentioned earlier, we are working under the assumption that any increase in fuel costs will be platformed to our customers at the [MBS or the bunker surcharge].

這個假設與我披露該信息極為相關。正如我之前提到的，我們的工作假設是燃料成本的任何增加都將通過 [MBS 或燃油附加費] 向我們的客戶提供平台。

The next question is from the line of Sam Bland from J.P. Morgan.

下一個問題來自摩根大通的 Sam Bland。

The first one is on cash tax, which has been quite low for now. Could we have a bit of color on how to think about cash tax, particularly in 2022? Is there a catch-up element for that? The second one is on your exposure to contracted rates. I think across the whole portfolio, that was -- about 25% of volume was on contracted rates. Is that still -- is it still roughly around that kind of level? Or would you like to increase it? And the third question is on the 36 new ships on order. Can you talk about the how much higher the unit cost is on operating those ships versus the ones you've already got (inaudible) charter costs on those 36 new ships higher?

第一個是現金稅，目前相當低。我們能否對如何考慮現金稅有所了解，尤其是在 2022 年？是否有追趕元素？第二個是關於您對合同利率的敞口。我認為在整個投資組合中，大約 25% 的交易量是按合同利率計算的。那仍然 - 它仍然大致在那種水平附近嗎？或者你想增加它？第三個問題是關於訂購的 36 艘新船。您能否談談運營這些船舶的單位成本與您已經在這 36 艘新船舶上獲得的（聽不清）租賃成本高出多少？

Okay. So the first one on the cash tax, yes, in 2022, we will be paying whatever is left due in relation to 2021 and that is $500 million benefit. And we will also pay on account of what is likely to be our overall tax liability of 2022. So there will be, from a cash perspective, a catch-up in 2022. So that's for the first question.

好的。所以第一個現金稅，是的，在 2022 年，我們將支付與 2021 年相關的任何剩餘款項，即 5 億美元的福利。而且我們還將根據我們 2022 年的總體納稅義務進行支付。因此，從現金的角度來看，2022 年將會出現追趕。這是第一個問題。

The second question with regards to contract, we indeed continue to see that expect to lock in 50% of our trans-Pacific volume for contract cargo and since trans-Pacific volume account for half of the overall volume that we carry, that's how we come to the 25% of the contracted cargo. So that number is -- normally should be similar year-over-year. And we should not expect a significant shift in this respect.

關於合同的第二個問題，我們確實繼續看到，預計將鎖定我們跨太平洋貨運量的 50%，並且由於跨太平洋貨運量占我們運輸總量的一半，這就是我們的方式合同貨物的25%。所以這個數字是 - 通常應該與去年相似。我們不應該期望在這方面發生重大轉變。

With regards to your third question and the expected cost of operation of the new build capacity that we've (inaudible) and others. Actually, the cost of operation will be lower when they will get the delivery of that capacity compared to the cost of operating the capacity that we operate today. And this is exactly why we entered into those contracts early in 2021 because we wanted to get away from the [too] high reliance that we had on the spot charter market for vessels that we knew we had a long-term store. And so, we are -- and you have to look at those vessels in terms of costing in light of the new building market, new building price as opposed to the charter market. So the cost, the TEU of this new, more efficient and green advantage will actually reduce compared to the cost that -- reduce compared to the capacity that it will replace when we take delivery of those as opposed to increase.

關於您的第三個問題以及我們（聽不清）和其他人的新建能力的預期運營成本。實際上，與我們今天運營的產能的運營成本相比，當他們交付該產能時，運營成本會更低。這正是我們在 2021 年初簽訂這些合同的原因，因為我們希望擺脫對現貨租賃市場對我們知道我們有長期儲備的船隻的高度依賴。所以，我們是——你必鬚根據新造船市場、新造船價格而不是租船市場來看待這些船隻的成本。因此，這種新的、更高效和綠色優勢的成本，TEU 與成本相比實際上會降低 - 與我們接收那些而不是增加時它將取代的容量相比，它會降低。

Just to sure, is that a lower cost versus chartering a ship today or a lower cost versus, let's say, the pre-COVID level?

可以肯定的是，與今天租船相比，成本是否更低，或者與 COVID 之前的水平相比，成本更低？

I mean, because if you look at the chartering market, it's been extremely volatile over the past few years. So pre-COVID, the chartering market was at low level. So I wouldn't suggest that this is the right benchmark to take. But clearly, if you compare the cost of operation of this in 2021 and what we expect to see in 2022 with what will be the cost in 2023 and beyond, once we take delivery of that vessel, it actually will improve.

我的意思是，因為如果你看看租船市場，過去幾年它一直非常不穩定。因此，在 COVID 之前，租船市場處於低位。所以我不建議這是正確的基準。但很明顯，如果你將 2021 年的運營成本和我們預計在 2022 年看到的成本與 2023 年及以後的成本進行比較，一旦我們接收那艘船，它實際上會有所改善。

This ends the Q&A session, and I would like to hand back to ZIM's CEO, Mr. Eli Glickman for closing comments.

問答環節到此結束，我想請以星首席執行官 Eli Glickman 先生結束評論。

Thank you very much, operator. 2021 was a remarkable year for ZIM. In our first year as a public company, we delivered record results significantly exceeding all our regional projections. This performance was driven by unusual market conditions, which pushed freight rates to historical high, but also thanks to our proactive strategies, which enabled us to outperform in terms of growth and profitability. Today, we are sharing these remarkable results with our shareholders. In total, since our IPO, we are returning to shareholders approximately $2.6 billion or $21.5 per share. We also provided a strong outlook for 2022, according to which we expect our 2022 performance to be similar to 2021. My observation about ZIM's future, (inaudible) on our anticipated performance in 2022. In the past year, we utilized our strong cash generation to strengthen ZIM operationally and commercially to improve our competitive position, and we are excited to carry this strong swift momentum forward, reinforced by our forward view of container shipping, I'm very positive about ZIM's prospects and believe we'll continue to generate substantial capability and deliver long-term value to our shareholders. Thank you again for joining us today. Have a good day.

非常感謝您，接線員。 2021 年對以星來說是不平凡的一年。在我們作為上市公司的第一年，我們取得了創紀錄的業績，大大超過了我們所有的區域預測。這一表現是由不尋常的市場條件推動的，這將運費推至歷史高位，但也得益於我們的積極戰略，這使我們在增長和盈利方面表現出色。今天，我們正在與我們的股東分享這些非凡的成果。自首次公開募股以來，我們總共向股東返還了大約 26 億美元或每股 21.5 美元。我們還提供了對 2022 年的強勁展望，據此我們預計 2022 年的業績將與 2021 年相似。我對以星未來的觀察（聽不清）對我們在 2022 年的預期業績。在過去的一年中，我們利用了強勁的現金產生為了在運營和商業上加強 ZIM 以提高我們的競爭地位，我們很高興能夠將這種強勁的快速勢頭向前推進，並得到我們對集裝箱航運的前瞻性的支持，我對 ZIM 的前景非常樂觀，並相信我們將繼續產生可觀的能力並為我們的股東提供長期價值。再次感謝您今天加入我們。祝你有美好的一天。

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.

女士們，先生們，會議到此結束，你們可以掛斷電話了。感謝您的加入，祝您有愉快的一天。再見。