以星航運 (ZIM) 2022 Q1 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. Q1 2022 Earnings Conference Call. Throughout today's record presentation, all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. (Operator Instructions)

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。歡迎並感謝您參加以星綜合航運服務有限公司 2022 年第一季度收益電話會議。在今天的錄音演示中，所有參與者都將處於只聽模式。演講之後將進行問答環節。 （操作員說明）

I will now like to turn the conference over to Elana Holzman, Head of Investor Relations. Please go ahead.

我現在想把會議交給投資者關係主管 Elana Holzman。請繼續。

Thank you, Natalie, and welcome to ZIM's First Quarter 2022 Financial Results Conference Call. Joining me on the call today are Eliyahu Glickman, ZIM's President and CEO; and Xavier Destriau, ZIM's CFO. 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.

謝謝你，娜塔莉，歡迎參加以星 2022 年第一季度財務業績電話會議。今天和我一起參加電話會議的是以星總裁兼首席執行官 Eliyahu Glickman；和以星的首席財務官 Xavier Destriau。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。

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 on March 9, 2022. We undertake no obligation to update these forward-looking statements.

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 日以 20-F 表格提交的 2021 年年度報告。我們不承擔更新這些文件的義務前瞻性陳述。

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

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

Thank you, Elana, and welcome, everyone, to today's call. Following an extraordinary 2021 for ZIM, we carried out our strong momentum into 2022. I am proud to present another quarter of record results and exemplary execution. I believe that we are very well positioned today as an innovative provider of seaborne transportation to capitalize on market tailwinds and continue delivering superior profitability.

謝謝你，Elana，歡迎大家參加今天的電話會議。在以星 (ZIM) 經歷了非凡的 2021 年之後，我們將強勁的勢頭延續到了 2022 年。我很自豪地展示另一個季度的創紀錄業績和出色的執行力。我相信，我們今天作為海運運輸的創新供應商處於非常有利的位置，可以利用市場順風並繼續提供卓越的盈利能力。

Before I dive into our quarterly highlights, I would like to address the situation in Ukraine. The continue violence sadness us deeply. In an effort to support the people of Ukraine, we have donated to help build and operate a field hospital to care for those affected by the war. We also continue to support our Ukraine employees, customers and partners in any way we can. As I have stated previously, our duty to help reserve human life exceed all other considerations.

在深入探討我們的季度亮點之前，我想先談談烏克蘭的局勢。持續的暴力讓我們深感悲痛。為了支持烏克蘭人民，我們捐款幫助建立和運營一所野戰醫院，以照顧受戰爭影響的人。我們還將繼續以任何方式支持我們的烏克蘭員工、客戶和合作夥伴。正如我之前所說，我們幫助保留人類生命的責任超過了所有其他考慮。

Now turning to ZIM Q1 and year-to-date accomplishments as highlighted in this slide, Slide #3, we maintain our strong trajectory into 2022, delivering another outstanding quarter of financial results due to the proactive strategies we've implemented to capitalize on both the highly attractive market and the ZIM differentiated strategy.

現在轉向 ZIM Q1 和本幻燈片（幻燈片 3）中突出顯示的年初至今的成就，我們保持強勁的勢頭進入 2022 年，由於我們實施了利用這兩者的積極戰略，實現了又一個出色的季度財務業績極具吸引力的市場和以星差異化戰略。

In Q1, we generated record revenues of $3.7 billion, record adjusted EBITDA of $2.5 billion and record net profit of $1.7 billion. Shareholders' equity was $4.3 billion at the end of the quarter. Consistent with our focus on profitability -- we achieved exceptional margins as well, 68% for adjusted EBITDA and 60% for adjusted EBIT.

在第一季度，我們創造了創紀錄的 37 億美元的收入，創紀錄的 25 億美元的調整後 EBITDA 和創紀錄的 17 億美元的淨利潤。本季度末的股東權益為 43 億美元。與我們對盈利能力的關註一致——我們也實現了卓越的利潤率，調整後 EBITDA 為 68%，調整後 EBIT 為 60%。

We continue to outperform the liner industry average as we have done for several quarters. Our results also stand out operationally as we grew our current volume by 5% in Q1 compared to Q1 last year. This is an impressive achievement, particularly given the global volume decreased by almost 2%.

正如我們幾個季度以來所做的那樣，我們的表現繼續優於班輪行業的平均水平。我們的業績在運營上也很突出，因為與去年第一季度相比，我們在第一季度的當前銷量增長了 5%。這是一個令人印象深刻的成就，特別是考慮到全球銷量下降了近 2%。

Slide #4, you can see that our strong performance today combined with the 2022 long-term contract rates [with toehold that] 00:05.00 we have secured, boost our confidence with respect to our 2022 guidance. The average rate of our long-term contract, which took effect starting about 2 weeks ago in May 1 reflect a rate increase in excess of 100% in other words, more than double as compared to 2021.

幻燈片 #4，您可以看到我們今天的強勁表現加上我們在 00:05.00 獲得的 2022 年長期合同費率 [立足點]，增強了我們對 2022 年指導的信心。我們的長期合同的平均利率從大約 2 週前的 5 月 1 日開始生效，反映出利率增長超過 100%，換句話說，與 2021 年相比增加了一倍以上。

This long-term contract rates illustrate customer expectation for both sustained demand for capacity as well as the continuation of a very strong, great environment. As such, we are raising our full year '22 guidance and now expect to generate adjusted EBITDA between $7.8 billion to $8.2 billion, and adjusted EBIT between $6.3 billion to $6.7 billion in 2022.

這種長期合同費率說明了客戶對持續的產能需求以及非常強勁、良好的環境持續的期望。因此，我們正在提高我們的 22 年全年指導，現在預計 2022 年調整後的 EBITDA 將在 78 億美元至 82 億美元之間，調整後的 EBIT 將在 63 億美元至 67 億美元之間。

It is also not worthy that our exceptional performance allows us to continue to return substantial capital to shareholders where our policy to distribute a dividend to shareholders on a quarterly basis at the rate of 20% of net income. Our Board declared a Q1 dividend of $2.85 per share.

同樣不值得的是，我們的出色表現使我們能夠繼續向股東返還大量資本，我們的政策是按季度以淨收入的 20% 向股東分配股息。我們的董事會宣布第一季度股息為每股 2.85 美元。

Slide #5, we remain focused on executing across our strategic pillars, including operational excellence. A core component has been strengthening our commercial proposition and improving our cost structure by securing fuel-efficient [tubing] 00:06:54 capacity. Following our first long-term charter agreement for 10 15,000 TEU LNG dual-fuel vessels intended to serve for our Asia to U.S. East Coast service, our focus shifted to higher versatile vessels.

幻燈片#5，我們仍然專注於執行我們的戰略支柱，包括卓越運營。一個核心組成部分是通過確保高效的 [油管] 00:06:54 容量來加強我們的商業主張並改善我們的成本結構。在我們簽訂了第一份 10 艘 15,000 TEU 液化天然氣雙燃料船的長期租船協議，旨在為我們的亞洲至美國東海岸服務提供服務後，我們的重點轉移到了功能更高的船舶上。

Since the beginning of 2022, we announced 3 charter agreements for a total of 17 newbuild vessels with total TEU capacity of approximately 96,000. We added 3 7,000 TEU LNG dual-fuel container vessels to the 15 vessels already secured in 2021 as well as 8 5,300 TEU vessels and 6 5,500 TEU vessels. This is modern and efficient, tonnage particularly well suited to serve on our expanded network of expedite services as well as other regional services.

自 2022 年初以來，我們宣布了 3 項租船協議，共 17 艘新造船，總標準箱容量約為 96,000 標準箱。我們在 2021 年已經獲得的 15 艘船舶以及 8 艘 5,300 標準箱船舶和 6 艘 5,500 標準箱船舶的基礎上增加了 3 艘 7,000 標準箱 LNG 雙燃料集裝箱船。這是現代和高效的，噸位特別適合在我們擴大的加急服務網絡以及其他區域服務中服務。

This versatile fleet will allow us to maintain our flexibility and strengthen our market position on commercial prospect. In total, we secured 46 new build vessels, schedule for delivery starting in Q4, 2022 and throughout 2023 and 2024. Our fleet charter strategy will enable us based on prevailing market conditions in the future to decide whether this new vessel will represent an expansion of our fleet or replacement.

這支多功能船隊將使我們能夠保持靈活性並加強我們在商業前景方面的市場地位。總共，我們獲得了 46 艘新造船，交付時間為 2022 年第四季度以及整個 2023 年和 2024 年。我們的船隊租賃策略將使我們能夠根據未來的市場狀況來決定這艘新船是否代表我們的艦隊或替代品。

It is also important to highlight that of these 46 new vessels, 28 are LNG-powered. Consistent with our sustainability core value, we continue to position ZIM at the forefront of the carbon intensity reduction among global liner as we support our customers to meet their own ESG objectives. We anticipate becoming the first container shipping company to deploy LNG vessels on the Asia to the U.S. East Coast trade.

同樣重要的是要強調在這 46 艘新船中，有 28 艘是液化天然氣動力船。與我們的可持續發展核心價值一致，我們繼續將 ZIM 定位在全球班輪中降低碳強度的前沿，因為我們支持我們的客戶實現他們自己的 ESG 目標。我們預計將成為第一家在亞洲部署液化天然氣船到美國東海岸貿易的集裝箱航運公司。

When we take delivery of these green LNG fuel vessels, which will represent approximately 1/3 of our operating capacity, ZIM will be more carbon and cost efficient ZIM is today, improving our competitive position. I would also remind you that the role to decouplization in our industry is an opportunity for ZIM.

當我們接收這些將占我們運營能力約 1/3 的綠色 LNG 燃料船時，ZIM 將成為今天的 ZIM 更具碳和成本效益的方式，從而提高我們的競爭地位。我還要提醒您，在我們的行業中脫鉤的角色對以星來說是一個機會。

Given our mostly charter in capacity, we can easily replace our operated capacity to more environmentally friendly tonnage. Moreover, by opting to charter these LNG vessels other than own, we are also maintaining flexibility to transition to new technology if and when they become commercially viable.

鑑於我們的主要運力包機，我們可以輕鬆地將我們的運營能力更換為更環保的噸位。此外，通過選擇租用非自有的這些液化天然氣船，我們還保持了靈活性，以便在它們具有商業可行性時過渡到新技術。

Slide #6, you can see that our ability to adjust our fleet size to market condition and identifying market opportunities are a direct result of our operational and commercial agility and other strategic pillar. ZIM now has an established track record of making nimble adjustment to meet changing market conditions, optimizing vessel deployment, supporting high utilization of vessels and exploiting specific trade advantages to drive outstanding results and superior profitability.

幻燈片 #6，您可以看到我們根據市場情況調整機隊規模和識別市場機會的能力是我們運營和商業敏捷性以及其他戰略支柱的直接結果。以星現在在靈活調整以滿足不斷變化的市場條件、優化船舶部署、支持船舶的高利用率以及利用特定的貿易優勢以推動出色的業績和卓越的盈利能力方面擁有良好的記錄。

Since the beginning of the year, we've increased our operated capacity by approximately 11%, and we currently operate 137 vessels. It is important to remember that we have added significant operated capacity in recent weeks in anticipation of the changes to our collaboration with the 2M partner. ZIM exceptional success is based on our ability to act decisively and adjust quickly. We continue to identify new market opportunities, advancing our global new strategy to meet customer demand.

自今年年初以來，我們的運營能力增加了約 11%，我們目前運營 137 艘船舶。重要的是要記住，我們在最近幾週增加了顯著的運營能力，以預期我們與 2M 合作夥伴的合作會發生變化。以星取得非凡的成功是基於我們果斷行動和快速調整的能力。我們繼續尋找新的市場機會，推進我們的全球新戰略以滿足客戶需求。

As far in 2022, we have launched 10 new lines, including 6 that our expansion of our network and 4 replacement line to better meet our customer. Notably in keeping with some focus on promoting alternative modes of transport for e-commerce customers. We recently launched our Baltimore Express line ZXB, a first of its kind, speedy e-commerce service from China and Southeast Asia to the U.S. East Coast operated exclusively by ZIM.

截至 2022 年，我們已推出 10 條新線路，其中 6 條是我們的網絡擴展和 4 條更換線路，以更好地滿足我們的客戶。值得注意的是，這與為電子商務客戶推廣替代運輸方式的一些重點保持一致。我們最近推出了巴爾的摩特快專線 ZXB，這是首個由以星獨家運營的從中國和東南亞到美國東海岸的快速電子商務服務。

As part of our vision strategy, we identified this opportunity to add another building block in our ZIM e-commerce eXpress lines, and last the Baltimore service at a time when customers are seeking a competitive alternative to air freight. Importantly, [ZetexB] 00:12:32 offers customer a wide range of advantages, including expedite rail, air and road connection to Indian destination.

作為我們願景戰略的一部分，我們發現了這個機會，可以在我們的以星電子商務 eXpress 產品線中添加另一個組成部分，並在客戶尋求空運的競爭性替代方案時延續巴爾的摩服務。重要的是，[ZetexB] 00:12:32 為客戶提供了廣泛的優勢，包括加快與印度目的地的鐵路、航空和公路連接。

Finally, as we discussed on our previous earnings call, we've extended our operational collaboration with the 2M lines on the Asia to U.S. East Coast and U.S. Gulf Coast trades, while we move to ZIM independent services in the [Asia to Med and P&W] 00:13:02 trades. The collaboration is now operating on the basis of a slot exchange and vessel churn, making ZIM an equal partner on these joint services, and we continue to meet growing demand and competitively serve our customers, particularly on key transpacific routes.

最後，正如我們在之前的財報電話會議上所討論的那樣，我們已將與亞洲 2M 航線的運營合作擴展到美國東海岸和美國墨西哥灣沿岸貿易，同時我們在 [Asia to Med 和 P&W] 轉向 ZIM 獨立服務] 00:13:02 交易。合作現在是在輪換時間和船舶流失的基礎上進行的，使 ZIM 在這些聯合服務上成為平等的合作夥伴，我們將繼續滿足不斷增長的需求並以競爭性方式為我們的客戶提供服務，特別是在關鍵的跨太平洋航線上。

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

我現在將把電話轉給我們的首席財務官 Xavier，請他就我們的財務業績和市場發展發表評論，好嗎？

Thank you, Eliyahu. Again, welcome, everyone. We delivered another quarter of outstanding financial performance as a result of both historically high freight rates as well as our differentiated and proactive approach.

謝謝你，以利亞胡。再次歡迎大家。由於歷史上的高運費以及我們差異化和積極的方法，我們又實現了四分之一的出色財務業績。

The Slide 7 here illustrates our strong results and significant improvement across key operational and financial indicators versus the prior year respective quarter. Our record results were once again driven by continued positive market conditions, which kept freight rates significantly higher than prior years. ZIM has continued to prioritize better paying cargo and undertaking initiatives to capitalize on e-commerce demand, which enabled us to improve cargo mix.

此處的幻燈片 7 展示了我們在關鍵運營和財務指標方面的強勁業績以及與去年同期相比的顯著改善。我們創紀錄的業績再次受到持續積極的市場條件的推動，這使運費率顯著高於往年。以星繼續優先考慮更好地支付貨物，並採取措施利用電子商務需求，這使我們能夠改善貨物組合。

Specifically, our average freight rates TEU of $3,848 in the first quarter was 100% higher compared to the first quarter of 2021 and also 6% higher than our average freight rates in the preceding quarter. Our free cash flow in the first quarter totaled $1.5 million compared to $645 million in the comparable quarter of 2021, an increase of 130%.

具體來說，我們第一季度的平均運費標準箱為 3,848 美元，比 2021 年第一季度高出 100%，也比上一季度的平均運費高出 6%。我們第一季度的自由現金流總額為 150 萬美元，而 2021 年可比季度為 6.45 億美元，增長了 130%。

Turning to our balance sheet, total debt increased by $984 million since prior year-end, mainly driven by the increased number of vessel fixture longer charter duration as well as highly charter rates. Over the same period, our cash position grew substantially by approximately $1.3 billion. As a result, for the second consecutive quarter, ZIM's net debt has been driven down to a level at which the company closed the period in an effective positive net cash position.

轉向我們的資產負債表，自去年年底以來，總債務增加了 9.84 億美元，主要是由於船舶固定裝置數量增加，租期較長以及租船費率較高。同期，我們的現金頭寸大幅增長了約 13 億美元。結果，以星公司的淨債務連續第二個季度被壓低到該公司以有效的正淨現金狀況結束該期間的水平。

Our fleet management strategy to maintain optionality to match capacity with demand remains intact. We believe that ZIM has retained the ability to adapt our fleet size to changing demand fundamentals. The average remaining duration of our current chartered capacity today is 28.6 months, slightly up from the 26.1 months in March 2022 and bridging our current operating capacity to the scheduled delivery of our newbuild vessels. Also, only 11 of our chartered vessels are now scheduled for renewal between now and the end of 2022. And 28 will be renewed in 2023 and 34 potentially also renewed in 2024.

我們保持選擇性以使容量與需求相匹配的車隊管理策略保持不變。我們相信以星保留了根據不斷變化的需求基本面調整機隊規模的能力。今天，我們目前的租船能力的平均剩餘期限為 28.6 個月，略高於 2022 年 3 月的 26.1 個月，並將我們目前的運營能力與我們新建船舶的預定交付時間相銜接。此外，從現在到 2022 年底，我們目前只有 11 艘租船計劃進行更新。2023 年將更新 28 艘，2024 年也可能更新 34 艘。

Next on Slide 8, you can see that we are delivering consistent improvement in earnings. At the same time, our net leverage has trended downwards from 2.4% in Q1, 2020 to 0. Importantly, we continue to be positioned in the [third tier] 00:16:50 of our industry in this regard, reflecting the strength of our balance sheet.

接下來在幻燈片 8 中，您可以看到我們的收益持續改善。同時，我們的淨槓桿率從 2020 年第一季度的 2.4% 下降到 0。重要的是，我們在這方面繼續定位於我們行業的 [第三梯隊] 00:16:50，反映了我們的實力我們的資產負債表。

Moving on to the next slide, Slide 9, our proactive strategies continue to generate record results. Revenue for the first quarter was $3.7 billion compared to $1.7 billion in Q1, 2021, driven primarily by improved freight rates and to a lesser extent, also an increase in carrying volume. Most importantly, we grew profitably with Q1 net profit of $1.7 billion, representing 191% year-over-year increase.

轉到下一張幻燈片，幻燈片 9，我們的主動策略繼續產生創紀錄的結果。第一季度的收入為 37 億美元，而 2021 年第一季度的收入為 17 億美元，這主要是由於運費的提高以及在較小程度上也是貨運量的增加。最重要的是，我們實現了盈利增長，第一季度淨利潤為 17 億美元，同比增長 191%。

Adjusted EBITDA was $2.5 billion for the quarter compared to $821 million in the first quarter of last year. That is an improvement of over 20%. Consistent with our focus on delivering industry-leading margins, adjusted EBITDA and EBIT margins were 68% and 60%, respectively, as compared to 47% and 39% in the first quarter of last year. Those margins were comparable to margins we delivered in the prior quarter.

本季度調整後的 EBITDA 為 25 億美元，而去年第一季度為 8.21 億美元。這是超過 20% 的改進。與我們專注於提供行業領先利潤率的重點一致，調整後的 EBITDA 和 EBIT 利潤率分別為 68% 和 60%，而去年第一季度為 47% 和 39%。這些利潤率與我們上一季度交付的利潤率相當。

I would like to note that, as anticipated, ZIM is currently incurring 23% corporate income tax rate in Israel. In Q1 2022, company began the tax advances and as such, during the first quarter, we paid a tax event in a total amount of $246 million.

我想指出，正如預期的那樣，以星目前在以色列徵收 23% 的企業所得稅。 2022 年第一季度，公司開始預繳稅款，因此，在第一季度，我們支付了總額為 2.46 億美元的稅務事件。

Moving on to Slide 10, we continue to outpace the industry in terms of growth in terms of volume without compromising our profitability. We carried 859,000 TEUs in the first quarter as compared to 818,000 TEUs during the same period last year. So we grew our current volume by 5%, while the general market contracted by almost 2%. Volume growth in Q1 in non-transpacific trades did compensate for the decline in transpacific volume, which was negatively impacted by injection.

繼續幻燈片 10，在不影響我們的盈利能力的情況下，我們在數量增長方面繼續超過行業。我們在第一季度運載了 859,000 個標準箱，而去年同期為 818,000 個標準箱。因此，我們目前的銷量增長了 5%，而整體市場收縮了近 2%。第一季度非跨太平洋交易量的增長確實彌補了跨太平洋交易量的下降，後者受到注入的負面影響。

Sequentially, our Q1, 2022 carried volumes were flat compared to Q4, 2021. While in Asia, the overall market shrunk by over 6%. Regarding our cash flow, we ended Q1, 2022 with a total cash position of $5.1 billion, which includes cash and cash equivalents and investments in bank deposits and other investment instruments. I will remind you that in April, we paid a dividend totaling approximately $2 billion.

因此，我們 2022 年第一季度的交易量與 2021 年第四季度持平。而在亞洲，整體市場萎縮了 6% 以上。關於我們的現金流，截至 2022 年第一季度，我們的現金頭寸總額為 51 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。我會提醒你，在 4 月份，我們支付了總計約 20 億美元的股息。

During the first quarter, our adjusted EBITDA of $2.5 million converted into $1.7 billion cash flow from operations. Other cash flow items in the first quarter included $177 million of net CapEx and $249 million of debt service. In the first quarter of 2022, CapEx mainly related to the secondhand vessels we purchased in Q4 of last year that we got delivered in the first quarter of this year.

在第一季度，我們調整後的 250 萬美元 EBITDA 轉化為 17 億美元的運營現金流。第一季度的其他現金流項目包括 1.77 億美元的淨資本支出和 2.49 億美元的償債。 2022年第一季度，資本支出主要與我們去年第四季度購買的二手船有關，我們在今年第一季度交付。

Moving to our guidance, we are raising our full year guidance and now do expect to generate adjusted EBITDA between $7.8 million and $8.2 billion and adjusted EBIT between $6.3 billion and $6.7 billion. The main reason for improved outlook for 2022 is better than initially anticipated contract rates. Volume growth is expected this year to be approximately 5%. Other assumptions we provided in March do remain largely unchanged.

轉向我們的指導，我們正在提高全年指導，現在確實預計調整後的 EBITDA 將在 780 萬美元至 82 億美元之間，調整後的 EBIT 將在 63 億美元至 67 億美元之間。 2022 年前景改善的主要原因是好於最初預期的合同費率。預計今年的銷量增長約為 5%。我們在 3 月份提供的其他假設基本保持不變。

Turning to market and industry strengths and our positive view moving forward, the combination of port congestion and strong demand, especially in the United States, are the underlying factors shaping the strong market we are currently experiencing. Port congestion and supply chain disruptions have been a persistent strength on container shipping operations for over year now. This reality is not expected to be resolved in the near future and can even steer into 2023.

談到市場和行業實力以及我們對未來的積極看法，港口擁堵和強勁需求的結合，尤其是在美國，是塑造我們目前正在經歷的強勁市場的潛在因素。一年多來，港口擁堵和供應鏈中斷一直是集裝箱航運業務的持續優勢。這一現實預計不會在不久的將來得到解決，甚至可能會持續到 2023 年。

You will estimates that long queues of ships waiting outside ports and slower ship turnaround resulted in effective containership capacity being 17% below its potential in 2021. The forecast for 2022 has also increased from 12% in March to 15% today. And the project port congestion to absorb 7% of effective capacity in 2023. Flexport's Ocean Timeliness Indicator demonstrates the depth of port congestion.

您將估計，在港口外等候的船舶排長隊和船舶周轉速度較慢導致有效集裝箱運力比 2021 年的潛力低 17%。對 2022 年的預測也從 3 月的 12% 增加到今天的 15%。並且項目港口擁堵將在 2023 年吸收 7% 的有效運力。Flexport 的海洋及時性指標顯示了港口擁堵的深度。

As you can see the end-to-end transport time from the exporters location to the port of destination from China to U.S. routes, which stood at 45 days pre-pandemic more than doubled and is currently estimated to be around 103 days. This longer supply chain creates demand for more vessels and containers to absorb the significantly longer qualities. It is important to remember that congestion cannot be viewed as port specific rather a more global holistic view should be taken.

如您所見，從出口商所在地到目的港從中國到美國航線的端到端運輸時間，在大流行前為 45 天，增加了一倍多，目前估計約為 103 天。這條更長的供應鏈創造了對更多船隻和集裝箱的需求，以吸收明顯更長的質量。重要的是要記住，擁堵不能被視為特定港口，而應該採取更全局的整體觀點。

As we saw in recent weeks as the queue outside the port of LA Long Beach shortened, congestion in East Coast ports started to build out. These measures show no sign that the supply chain crisis has passed.

正如我們在最近幾週看到的那樣，隨著洛杉磯長灘港外的排隊時間縮短，東海岸港口的擁堵開始加劇。這些措施沒有顯示供應鏈危機已經過去的跡象。

The next slide shows that demand in the United States is expected to remain robust in the near future. Continued disruptions of global supply chains are expected to support high demand for container shipping as shippers are looking to guarantee space to maintain required inventories.

下一張幻燈片顯示，預計美國的需求在不久的將來將保持強勁。全球供應鏈的持續中斷預計將支持集裝箱運輸的高需求，因為托運人正在尋求保證空間來維持所需的庫存。

Despite growing inventories in the United States, strong demand results in inventory to sales ratio remain at a level which is far below frequently or at normal levels. You can also see here on the right that global volume in March 2022 is higher by 6% when compared to 2019, the last normal year experienced by our industry.

儘管美國庫存不斷增加，但強勁的需求導致庫存與銷售比率仍處於遠低於經常或正常水平的水平。您還可以在右側看到，與 2019 年（我們行業經歷的最後一個正常年份）相比，2022 年 3 月的全球銷量增長了 6%。

Moving on to the next slide, the overall supply demand balance remains positive for 2022 despite projections for 2022 we adjusted downwards due primarily to the impact of the legal war in Ukraine and China's zero-tolerance COVID policy. The supply-driven balance reverses in 2023 when more significant newbuild deliveries, including [the green powers] 00:24:01 are expected. The order book has also consistently grown over the past several months, yet our view of market fundamentals for the near and midterm remain overall positive.

繼續下一張幻燈片，儘管我們下調了對 2022 年的預測，主要是由於烏克蘭法律戰爭和中國對 COVID 零容忍政策的影響，但 2022 年的總體供需平衡仍然為正。供應驅動的平衡將在 2023 年逆轉，屆時預計會有更多重要的新造船交付，包括 [the green powers] 00:24:01。在過去幾個月中，訂單量也持續增長，但我們對近期和中期市場基本面的看法總體上仍然是積極的。

We believe that the increased order book is at least partially a response to the anticipated pressure to de-carbonize shipping and renew aging fleet. With major retailers setting more aggressive reduction in carbon emission than undated the motivation to scrap older, less efficient vessels will grow, reducing the growth in effective capacity. Supply chain disruptions will also partially offset the effect of new building deliveries in 2022.

我們認為，增加的訂單至少部分是對航運去碳化和更新老化船隊的預期壓力的回應。隨著主要零售商在減少碳排放方面比未註明日期更積極地報廢舊船，效率較低的船舶將會增加，從而降低有效運力的增長。供應鏈中斷也將部分抵消 2022 年新建築交付的影響。

Next is the more shorter -- in the more short-term, we show that the decline in freight rates since January 2022, is indeed consistent with typical seasonality impacting the first and second quarters in our industry. The graph on the left shows a similar seasonality trend for the 2022 [STFI competency index] 00:25:12 when compared to previous year prior to and following Chinese New Year.

接下來是更短的時間——在更短期內，我們表明自 2022 年 1 月以來運費的下降確實與影響我們行業第一季度和第二季度的典型季節性一致。左圖顯示了 2022 年 [STFI 能力指數] 00:25:12 與農曆新年前後的上一年相比的類似季節性趨勢。

We believe that the Shanghai lockdown contributed to the slower spot rate recovery this year compared to prior year. Yet, when manufacturing in China returns to normal and demand picks up in peak season, the added volume may put additional pressure on already strained supply chain and congested ports in the United States and elsewhere.

我們認為，與去年相比，上海的封鎖導致今年的即期匯率回升較慢。然而，當中國製造業恢復正常且旺季需求回升時，增加的產量可能會給美國和其他地方已經緊張的供應鍊和擁擠的港口帶來額外的壓力。

The graph on the right compares the development of freight rates from 2019 to 2022 to-date, and again, demonstrates the price decline in Q1 are consistent with typical seasonality. The downward trend in 2022 extended longer than prior years, again, most likely due to the Shanghai lockdown. But we are starting to see rate stabilization in Q2 as would be expected.

右圖比較了 2019 年至 2022 年迄今為止的運價走勢，再次表明第一季度的價格下跌符合典型的季節性。 2022 年的下降趨勢比往年延續的時間更長，這很可能是由於上海的封鎖。但正如預期的那樣，我們開始看到第二季度的利率穩定。

With respect to our overall expectations for freight rates, we would contain that certain factors, including the sustained historically higher-than-average freight rates, now entering the third year in a row. Structural changes in container shipping, vertical growth strategy being pursued by various liners and a higher cost incurred by all players will keep freight rates from declining to pre-COVID levels when rates finally normalize.

關於我們對運價的總體預期，我們將包含某些因素，包括目前連續第三年持續高於歷史平均水平的運價。集裝箱運輸的結構性變化、各班輪公司追求的垂直增長戰略以及所有參與者產生的更高成本，將使運費最終正常化時不會下降到 COVID 之前的水平。

With that, I will turn the call back to Eli for his concluding remarks.

有了這個，我將把電話轉回給 Eli 的結束語。

Thank you, Mr. Xavier. We continue to deliver on our commitment to outstanding execution and profitable growth while positioning ZIM for long-term success. As Xavier just outlined, strong underlying market fundamentals support our optimism for the future as we leverage our global niche strategy to meet growing customer demand.

謝謝你，澤維爾先生。我們將繼續兌現我們對卓越執行力和盈利增長的承諾，同時將 ZIM 定位為長期成功。正如 Xavier 剛剛概述的那樣，強勁的潛在市場基本面支持我們對未來的樂觀態度，因為我們利用我們的全球利基戰略來滿足不斷增長的客戶需求。

Importantly, we have secured fuel efficient newbuild capacity that will strengthen our market position and commercial prospects moving forward while maintaining ample flexibility in our operated capacity. We are pleased we saw incredible progress to-date as a public company and excited to carry our momentum forward, continue to advance ZIM position as innovative digital leader of seaborne transportation and logistics services to maximize value for all stakeholders.

重要的是，我們已經獲得了燃油效率高的新建能力，這將加強我們的市場地位和商業前景，同時保持我們運營能力的充分靈活性。作為一家上市公司，我們很高興看到迄今為止取得的令人難以置信的進步，並很高興能夠繼續推動我們的發展勢頭，繼續提升以星作為海運運輸和物流服務創新數字領導者的地位，為所有利益相關者實現價值最大化。

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

我們現在將打開問題電話。非常感謝你。

(Operator Instructions) And the first question is from the line of Sathish Sivakumar from Citigroup.

（操作員說明）第一個問題來自花旗集團的 Sathish Sivakumar。

I got 2 questions. So firstly on the contract rates, right obviously, your rates are -- have been almost doubled. So if you could give some color on, given the spot rates have they moved so far, what are you actually seeing on your contract rates because Asia to U.S. is probably -- the negotiation is just starting on, right? So would you see that there is even more, further upside as we go into Q2?

我有2個問題。因此，首先在合同費率上，很明顯，您的費率幾乎翻了一番。因此，如果您可以提供一些顏色，鑑於即期匯率到目前為止已經移動，您實際上在您的合同費率上看到了什麼，因為亞洲到美國可能是——談判才剛剛開始，對吧？那麼，隨著我們進入第二季度，您是否會看到更多、更進一步的上漲空間？

How should we think about contract rate element alone? And then the second one obviously, if I look at your guidance and why due to your EBITDA for Q1 and what does it imply in terms of H2 actually, do you expect them like a steep normalization in rates because in one of your slides, you do say that disruptions might extend into '23. So I just wanted to understand what does it mean in relevant to your spot rate expectations as we go into H2?

我們應該如何單獨考慮合同費率因素？然後顯然是第二個，如果我查看您的指導以及為什麼由於您的 Q1 的 EBITDA 以及它實際上對 H2 意味著什麼，您是否期望它們像利率的急劇正常化，因為在您的一張幻燈片中，您確實說中斷可能會延續到 23 年。所以我只是想了解在我們進入 H2 時與您的即期匯率預期相關的含義是什麼？

And then sorry, if I could ask the third one. What is your current visibility on demand in terms of bookings that you see in your system? Like do you have like, say, 2 months, 3 months visibility? And how does that compare versus, say, back in 2019? Yes, those are my 3 questions.

然後對不起，如果我可以問第三個。就您在系統中看到的預訂而言，您當前的需求可見性如何？就像你有像，比如說，2 個月，3 個月的知名度？與 2019 年相比，這又如何呢？是的，這是我的三個問題。

Yes, starting with the first one. I think the first one and the second one are quite intertwined actually. The contract season for us on the Transpacific is starting from the 1st of May and will extend up until the 30th of April next year. So what we have done over the past few weeks is finalized all the discussions with our customers on the Transpacific trade to agree on both the allocation and the rates that would prevail for the next -- for the next 12 months.

是的，從第一個開始。我認為第一個和第二個實際上是相互交織的。我們在跨太平洋的合同季節從 5 月 1 日開始，將延長至明年 4 月 30 日。因此，我們在過去幾週所做的工作是完成與客戶就跨太平洋貿易進行的所有討論，以就未來 12 個月的分配和現行費率達成一致。

And this is because we have concluded on average at risk that were higher than what we initially anticipated when we were in the middle of those discussions when we last talked in March, 2 months ago, then we predominantly explained -- predominantly explained why we are increasing our guidance. So we increased the guidance on the back of higher than participated contract rates that will start to kick in or started to kick in, in the 1st of May. So we largely impact Q3 and Q4. So the second half of 2022.

這是因為我們得出的平均風險結論高於我們在 2 個月前 3 月最後一次談話時進行討論時最初預期的風險，然後我們主要解釋了 - 主要解釋了為什麼我們會增加我們的指導。因此，我們在 5 月 1 日將開始或開始生效的高於參與的合同費率的背景下增加了指導。因此，我們在很大程度上影響了第三季度和第四季度。所以2022年下半年。

With respect to what we anticipate in terms of spot market, what the spot market might do. And again, there is a lot of uncertainty today, but we need to make assumptions and work with those. We've made still the assumptions in and embedded in our guidance that the spot rates would start to normalize in the second half of this year. And to some extent, the reduction in the spot market would be offset by the incremental revenue that we will generate on the contract cargo compared to last year. So we still take a conservative view in that sense that we believe that it is a possibility that the spot market will start normalizing in the second half of this year.

關於我們對現貨市場的預期，現貨市場可能會做什麼。再說一次，今天有很多不確定性，但我們需要做出假設並與之合作。我們仍然在我們的指導中做出假設並嵌入到即期匯率將在今年下半年開始正常化的假設中。並且在某種程度上，現貨市場的減少將被我們將在合同貨物上產生的與去年相比增加的收入所抵消。所以我們在這個意義上仍然持保守的看法，我們認為現貨市場有可能在今年下半年開始正常化。

And when talking about the -- I think the third aspect of your question, what do we see in terms of the demand. Currently, as you know, the -- there is the situation that has been affecting the whole of the industry, especially relevant in Shanghai with the lockdown of Shanghai and Shanghai being a very important prevalent export based out of China. So there's been a reduction in volume out of Shanghai.

在談到 - 我認為你問題的第三個方面，我們在需求方面看到了什麼。目前，如您所知，這種情況一直在影響整個行業，尤其是在上海，因為上海的封鎖和上海是中國以外非常重要的流行出口產品。所以上海的出貨量有所減少。

We are also hearing and reading the same as I think you do that the idea is that the situation should start to resume and production should start to resume and lock down should start to ease so that by the end of June, production should go back to normal as far as Shanghai is concerned. Up until today, we have managed to compensate the shortfall of export cargo from Shanghai by reallocating some of our volume to south -- to South China and also Southeast Asia. But at some point, indeed, if the situation was to remain as is and if the manufacturing sites were not allowed to come back to production, then the situation would deteriorate. But we see -- we don't see that happening.

我們也聽到和讀到與我認為您所做的相同的想法，即情況應該開始恢復，生產應該開始恢復，鎖定應該開始緩解，以便到 6 月底，生產應該恢復到就上海而言是正常的。直到今天，我們已經設法通過將部分貨物重新分配到南方——華南和東南亞來彌補上海出口貨物的短缺。但事實上，如果情況保持原樣，如果製造場所不被允許恢復生產，那麼情況就會惡化。但是我們看到了——我們沒有看到這種情況發生。

And in terms of booking forecast, looking at our filling factors, the vessels for the weeks to come and for the few months, a couple of months to come, are expected to sell full.

在預訂預測方面，從我們的填充因素來看，未來幾周和幾個月、幾個月的船隻預計將滿員。

But you do have a visibility opportunity for June month as thing stands today?

但是，按照今天的情況，您確實有 6 月份的曝光機會嗎？

I'm sorry, say that again?

對不起，再說一遍？

No, I just wanted to clarify. So you got about 2 months of visibility in terms of demand booking?

不，我只是想澄清一下。因此，您在需求預訂方面獲得了大約 2 個月的知名度？

Yes, on the spot. And then on the contract, we have a little bit more than that due to the fact that not only do we negotiate contract risk, but more importantly for our customers today space in terms of volume.

是的，當場。然後在合同上，我們有更多的東西，因為我們不僅協商合同風險，更重要的是為我們今天的客戶提供數量方面的空間。

Okay. Got it. Can I ask you another quick follow-up actually. You outperformed on volume growth and versus the overall market, right? And what is actually driving that? Is it because of your exposure to Transpacific -- or how should we think about, let's say, for the remaining part of the year?

好的。知道了。我可以問你另一個快速跟進嗎？您在銷量增長和整體市場方面表現出色，對吧？究竟是什麼推動了這一點？是因為你接觸了跨太平洋 - 或者我們應該如何考慮，比如說，在今年剩下的時間裡？

(inaudible) 00:34:35 If we look at the first quarter where we generated an increase of 5% versus the same quarter last year, we were affected by the congestion on the Transpacific. So we carried a bit less cargo than we initially anticipated. But where we have been extremely active in growing our network is on the Intra-Asia trade. We've opened quite a few new lines within the Intra-Asia region, including between Southeast Asia to Australia. So the growth on Intra-Asia has been quite dynamic and allowed us to compensate for the slight reduction we've seen in volume due to the congestion on the U.S.

（聽不清） 00:34:35 如果我們看看第一季度與去年同期相比增長了 5%，我們會受到跨太平洋擁堵的影響。所以我們攜帶的貨物比我們最初預期的要少一些。但是，我們在發展我們的網絡方面非常積極的地方是亞洲內部貿易。我們在亞洲內部地區開設了很多新航線，包括東南亞到澳大利亞之間的航線。因此，亞洲內部的增長非常活躍，使我們能夠彌補由於美國擁堵而導致的銷量略有下降。

That's quite helpful. The next question is from the line of Muneeba Kayani from Bank of America.

這很有幫助。下一個問題來自美國銀行的 Muneeba Kayani。

I was wondering if you could talk about the union negotiations at the Port of LA and Long Beach and what are you hearing and what is your expectation for that and is that a risk for further disruption going into peak season?

我想知道你是否可以談談在洛杉磯港和長灘的工會談判，你聽到了什麼，你對此有什麼期望，這是否會導致旺季進一步中斷的風險？

And then secondly, in terms of like new deliveries for the market that I expected in '23, could those be delayed because of the lockdowns in China and disruption on the supply chain?

其次，就我在 23 年預期的市場新交付而言，是否會因為中國的封鎖和供應鏈中斷而延遲？

(inaudible) 00:36:09 Yes. First, the first question with regards to the current discussions on the union discussion Port of LA. It's very difficult for us to comment on what could be the outcome. What we can say is, as it's always the case, we hope for the best and get ready for the work, so it is a threat and a potential risk to the current existing supply chain disruption.

（聽不清） 00:36:09 是的。首先，關於目前關於工會討論洛杉磯港的討論的第一個問題。我們很難評論可能的結果。我們可以說的是，一如既往，我們希望做到最好並為工作做好準備，因此這對當前現有的供應鏈中斷是一種威脅和潛在風險。

We've seen some of our customers be directing some of their cargo already in anticipation of what could be the outcome of the discussions or if there was to be some action or some union action on the in the Port of LA. So some of the cargo has been moved already from the U.S. West Coast to the U.S. East Coast, which also explains to some extent why there is an increase in the congestion of the U.S. East Coast terminals.

我們已經看到我們的一些客戶已經在指導他們的一些貨物，因為他們已經在期待討論的結果，或者是否會在洛杉磯港採取一些行動或工會行動。所以部分貨物已經從美國西海岸轉移到了美國東海岸，這也在一定程度上解釋了為什麼美國東海岸碼頭的擁堵加劇。

With respect to your second question, as we all know, 2022 is not going to be a year where we will see significant new building being delivered in our industry, 2023 on paper attest and 2024 indeed, are or were expected to be years where significant amount of new tonnage are expected to be delivered. It is possible and time will tell, it is possible that the initial planning and we are sensing that some shipyards, especially in China, maybe more than the shipyards in Korea are being affected, as you suggested by the zero COVID policy that is being enforced in China, may struggle to deliver the vessels as per the original schedule. So there might be some sliding in terms of delivery of the new building capacity in 2023 to little bit of late.

關於您的第二個問題，眾所周知，2022 年不會是我們行業中將看到重要的新建築交付的一年，2023 年在紙面上證明，而 2024 年確實是或預計將是重要的年份預計交付的新噸位。有可能，時間會證明，最初的計劃很可能，我們感覺到一些造船廠，特別是在中國，可能比韓國的造船廠受到的影響更大，正如你所建議的那樣，正在執行的零 COVID 政策在中國，可能難以按原定時間表交付船隻。因此，就 2023 年新建築產能的交付而言，可能會有一些下滑。

As far as ZIM vessels are concerned because you know that we are expecting some vessels in 2023. The first one being expected to be delivered in February 2023. We seem to be on schedule.

就 ZIM 船舶而言，因為您知道我們預計 2023 年會有一些船舶。第一艘預計將於 2023 年 2 月交付。我們似乎按計劃進行。

And can you comment on what sort of demand you're seeing right now from the U.S. and have you seen any change in recent weeks?

您能否評論一下您現在從美國看到的是什麼樣的需求？最近幾週您是否看到了任何變化？

Today, the demand is still extremely strong. And I think this is what we want to illustrate when we show and we keep on displaying that graph, which is the inventory to sales ratio in the U.S., which is, for us, a key metric that we track. There is what's going on in Asia is one point of reference. The other one, obviously, the crisis in Europe, Russia, Ukraine, is also having some effect on the Asian or Europe trade lanes.

今天，需求仍然非常強勁。我認為這就是我們展示時想要說明的內容，並且我們繼續展示該圖表，這是美國的庫存與銷售比率，對我們來說，這是我們跟踪的一個關鍵指標。亞洲正在發生的事情是一個參考點。另一方面，顯然，歐洲、俄羅斯、烏克蘭的危機也對亞洲或歐洲的貿易通道產生了一些影響。

But if we look at the Asia, the Transpacific trade, which is the one we are exposed to as we are not exposed to Asia to North Europe, as you know, the dynamic is not the same. The demand in the U.S. is still extremely resilient, is still extremely strong. And we don't see -- we haven't experienced so far any softening more than we would expect in terms of seasonality on that front. So customers are still looking to ensure that the space that we have allocated to them is still a space that they will be able to enjoy in the coming weeks.

但是，如果我們看看亞洲，跨太平洋貿易，這是我們接觸的貿易，因為我們沒有接觸到亞洲到北歐，如你所知，動態是不一樣的。美國的需求仍然非常有彈性，仍然非常強勁。而且我們沒有看到 - 到目前為止，就這方面的季節性而言，我們沒有經歷任何超出我們預期的軟化。因此，客戶仍在尋求確保我們分配給他們的空間仍然是他們在未來幾週內能夠享受的空間。

There is -- all the orders that have been placed prior to the Shanghai lockdown are still there, and would need at some point to be lifted to -- from China, Southeast Asia to the U.S. And what will also happen is the pre-Thanksgiving period and Christmas shopping season, which is the peak season for us in our -- in our industry might start earlier than initially anticipated. So if all the stars are aligned and Shanghai lockdown indeed is before or somewhat towards June the -- the situation could be that there will be a surge in demand as early as July.

有——所有在上海封鎖之前下達的訂單仍然存在，並且需要在某個時候取消——從中國、東南亞到美國。感恩節前也會發生什麼期間和聖誕節購物季，這是我們行業的旺季，可能比最初預期的要早。因此，如果所有星辰都齊心協力，並且上海的封鎖確實是在 6 月之前或差不多接近 6 月，那麼情況可能是最早在 7 月就會出現需求激增。

The next question is from the line of Chris Robertson from Jefferies.

下一個問題來自 Jefferies 的 Chris Robertson。

My first question is on the current average time charter duration. Could you talk about the average time charter duration and on average, what percent of your operated fleet rolls off charter per quarter or per year?

我的第一個問題是關於當前的平均定期租船時間。您能否談談平均定期租船持續時間以及平均而言，您運營的船隊中每季度或每年有多少百分比的船隊推出租船合同？

The average remain -- if we look at what we have, we have -- we operate 135 vessels -- 137 vessels today. Pretty much all of them are on charter with the exception of the secondhand vessels that we acquired late last year. So they are all on charter.

平均水平仍然——如果我們看看我們擁有什麼，我們有——我們運營著 135 艘船——今天有 137 艘船。除了我們去年底收購的二手船外，幾乎所有這些船都在租用。所以他們都在包機上。

And in terms of charter duration, they are all for -- on charter for more than a year, we are contracted for more than a year. The average remaining duration of the book of charter that we have is now 28 months. When we renew a contract or since already in late 2020 and throughout 2021 and today in 2022, when we renew a charter, when we fix a vessel, the average charter duration is between 3 to 5 years. That has not changed. I think since now 3 or 5 quarters in a row, that's the rule of thumb that I think we should keep in mind. So 3 or 3 to 5 years.

就包機期限而言，它們都是為了-- 包機超過一年，我們的合同是一年多。我們現在擁有的章程的平均剩餘期限為 28 個月。當我們續簽合同時，或者已經在 2020 年底和整個 2021 年以及今天的 2022 年，當我們續簽租約時，當我們修船時，平均租約期限在 3 到 5 年之間。這並沒有改變。我認為自從現在連續 3 或 5 個季度以來，這是我認為我們應該牢記的經驗法則。所以3或3到5年。

Now when it comes to -- and I think this is a very important point that you're raising in the second part of your question, what is left in terms of fixture that will come up for renewal in the quarters to come and looking ahead into '23 and into 2024. We have out of the 137 vessels today that we operate, 11 vessels for which the charter will come to an end between now and the end of the year. So then it is likely that we will want to renew those charter, and we might enter into charter contracts for a duration between 3 to 5 years for those 11 vessels out again of the 137 vessels.

現在談到 - 我認為這是你在問題的第二部分提出的一個非常重要的觀點，即在接下來的幾個季度中將要更新的固定裝置以及展望未來到 23 年和 2024 年。在我們今天運營的 137 艘船舶中，有 11 艘船舶的租約將從現在到今年年底結束。因此，我們很可能希望續簽這些租船合同，我們可能會再次為 137 艘船中的 11 艘船簽訂為期 3 到 5 年的租船合同。

So we are not that exposed to the spot charter market for the remainder of 2022. However, looking ahead into 2023 and into 2024, that's where we cover the flexibility that we need and that we want in order to leave room for the new buildings that will be delivered -- will be delivered to us in 2023 and 2024.

因此，我們不會在 2022 年剩餘時間內接觸到現貨包機市場。但是，展望 2023 年和 2024 年，我們將在其中提供我們所需的靈活性，以便為新建築留出空間將交付——將在 2023 年和 2024 年交付給我們。

So in '23, we have 28 vessels or charter that we will come to an end. And in 2024, we have another 34. So that's 62 vessels all together that will come to an end in terms of chartering agreement and to put this into perspective to be compared with the 46 new building that will be chartered to us over the same period.

所以在 23 年，我們有 28 艘船或租船即將結束。到 2024 年，我們還有 34 艘。因此，共有 62 艘船將在租船協議方面結束，並將其與同期租用給我們的 46 艘新建築進行比較.

Okay. Yes. My second question is on the new Baltimore Express line, and you can speak generally to on the other express and also the e-commerce lines. How should we think about that in terms of earning a premium versus kind of the market average rate?

好的。是的。我的第二個問題是關於新的巴爾的摩快遞線路，您可以在其他快遞和電子商務線路上進行一般性的交談。從賺取溢價與市場平均利率的角度來看，我們應該如何看待這一點？

Yes. Those lines that are dedicated to time-sensitive cargo. The objective is to ensure that the transit time is as short as it can be and also that we have, once the vessel arrives at the terminal -- on arrival that we have the chassis ready, that the inland transportation onto rail can be organized swiftly. So this is the whole service that we provide to a customer when they book on those specific lines.

是的。那些專用於時效性貨物的線路。目的是確保運輸時間盡可能短，而且一旦船隻到達碼頭，我們已經準備好底盤，以便快速組織內陸運輸到鐵路上.這就是我們在客戶預訂這些特定線路時向他們提供的全部服務。

So yes, they do command a premium. It is difficult to price it or to give an indication as to what is the percentage of premium that we are generating on those trade lanes. But we generate, on average, better income or better margin per TEU that we would on a more traditional line.

所以是的，他們確實需要溢價。很難給它定價或說明我們在這些貿易通道上產生的溢價百分比是多少。但平均而言，我們在更傳統的生產線上會產生更好的收入或每 TEU 更高的利潤。

Okay. And my final question is kind of following up on the first question asked around your EBITDA guidance. What percentage of the EBITDA guidance is kind of locked in based on your contract negotiations versus what is exposed to fluctuations in spot?

好的。我的最後一個問題是對圍繞您的 EBITDA 指導提出的第一個問題的跟進。根據您的合同談判與現貨波動風險相比，EBITDA 指導的百分比是多少？

The -- when we look at the cargo mix or the trade mix where we currently operate, 45% of our volume is Transpacific. The rest is non-transpacific in Intra-Asia, Atlantic, Asia to South America. But so 45% is Transpacific, and that is where we are talking about a long-term contract. And 50% of our volume will be -- are contracted on a long-term contract basis and 50% we remain exposed to spot.

- 當我們查看我們目前經營的貨物組合或貿易組合時，我們 45% 的交易量是跨太平洋的。其餘的在亞洲內部、大西洋、亞洲到南美洲是非跨太平洋的。但是 45% 是跨太平洋的，這就是我們談論長期合同的地方。我們 50% 的交易量將以長期合同的形式簽訂，50% 的交易量仍然存在現貨風險。

So from a volume perspective, you can think that 25% -- a bit more than 25% of our volume is contracted and we can apply that first line of our criteria. The second one that obviously needs to be taken into consideration is that the Transpacific in terms of profitability may differ to the other lines in terms of -- in terms of EBIT margin per TEU. So from a profitability perspective, it is north of the 25% I just talked about, that is being locked in already in -- for the future quarters.

因此，從數量的角度來看，您可以認為 25% - 略高於我們數量的 25% 是收縮的，我們可以應用我們標準的第一行。顯然需要考慮的第二個問題是，Transpacific 在盈利能力方面可能與其他航線不同 - 就每 TEU 的 EBIT 利潤率而言。因此，從盈利能力的角度來看，在我剛剛談到的 25% 的北部，已經鎖定在未來幾個季度。

Next question is from the line of Alexia Dogani from Barclays.

下一個問題來自巴克萊銀行的 Alexia Dogani。

I also had 3. Just firstly, (inaudible) 00:46:45 on your comments that you're now operating 137 vessels. That is a significant increase from the 125. We talked about at the previous call and yet carried volumes are in line this quarter with the prior quarter. Can you just talk a little bit about utilization of these assets in the most recent period and how you expect that to move ahead, I guess, as the lines pick up. So that's one clarification on the capacity. And if you're able to give us a forward-looking capacity plan in terms of size of fleet, that would be very useful.

我也有 3 個。首先，（聽不清）00:46:45 關於您現在運營 137 艘船隻的評論。這與 125 相比顯著增加。我們在上一次電話會議中談到，但本季度的運載量與上一季度持平。您能否簡單談談最近一段時間內這些資產的使用情況，以及隨著線路的增加，您預計這些資產將如何發展。這是對容量的一個澄清。如果您能夠在機隊規模方面給我們一個前瞻性的容量計劃，那將非常有用。

And then just secondly on the customer mix or product mix on the volumes you carry? Is there a high-level number you can give us in terms of exposure to e-commerce or retail. I guess I'm trying to understand what else can balance of if there is some weakness from retail demand? I mean, new, some of the largest U.S. retailers is a little bit confusing in terms of the sales growth being driven by price rather than on volume and clearly their associated implications. So any (inaudible) 00:48:15 there would be great.

其次是客戶組合或產品組合的數量？在電子商務或零售方面，您可以給我們一個高水平的數字嗎？我想我想了解如果零售需求出現疲軟，還有什麼可以平衡的？我的意思是，新的，一些美國最大的零售商在銷售增長是由價格而不是數量驅動方面有點令人困惑，顯然它們的相關影響。所以任何（聽不清）00:48:15 都會很棒。

And then the final question is on labor cost inflation. Is there something to flag in terms of kind of seafarer wages going up in line with inflation or is it more nuanced?

最後一個問題是勞動力成本膨脹。海員工資隨著通貨膨脹而上漲，還是更微妙？

Maybe on the first part of your question with regards to the fleet utilization, 137 vessels compared to the 125. We are operating more vessels and remember as well that we increased the size of our fleet also to adjust to the new relationship with the partnership we have with the 2M. So now we replace also slots that we used to buy on board our partners with our own capacity. So that explains also to some extent why we are operating more vessels, and you don't see the exact same translation in terms of carried quantity because like I said, we used to be a net buyer of space on board our partner's vessels.

也許在關於船隊利用率的問題的第一部分，137 艘船與 125 艘相比。我們正在運營更多的船隻，並記住我們增加了船隊的規模也是為了適應與我們的合作夥伴關係的新關係有2M的。因此，現在我們還用我們自己的容量替換了過去在合作夥伴上購買的插槽。因此，這在一定程度上也解釋了為什麼我們運營更多船隻，而您在載運數量方面看不到完全相同的翻譯，因為就像我說的那樣，我們曾經是合作夥伴船隻上空間的淨買家。

Second element, which is, I think, important in terms of you were asking about utilization. Utilization is extremely strong and has been very close to 100% on every single voyage. The one thing that has had an impact, nevertheless, is the congestion issues, the waiting time, meaning that, that translated into a longer transit time to carry the same volume of cargo from one place to the other. So there has been less voyages as a result of the port congestion that has an effect on the overall transit time of moving a box from A to B.

第二個要素，我認為，就您詢問利用率而言，這很重要。利用率非常高，每次航行都非常接近 100%。然而，產生影響的一件事是擁堵問題，即等待時間，這意味著將相同數量的貨物從一個地方運送到另一個地方需要更長的運輸時間。因此，由於港口擁堵影響了將箱子從 A 移動到 B 的整體運輸時間，因此航次減少了。

So utilization is very strong. vessels, more vessels to adapt our fleet with the current relationship with the 2M and the volume also in line with the impact of the congestion.

所以利用率非常高。船隻，更多的船隻適應了我們的船隊，目前與2M的關係和運量也符合擁堵的影響。

Looking forward to the capacity plan that is ours, we want to make sure and we have taken all the necessary steps already to ensure that for our core lines that we have a very strong foothold that we have the capacity that we need in order to not only defend but also increase our competitive position in those very important trade lanes. And this is very much the 46 new building vessels that we referred to earlier on that will come our way in '23 and '24, which will allow us to get a very efficient and (inaudible) 00:50:50 that will position us very strongly.

期待我們的產能計劃，我們希望確保並且我們已經採取了所有必要的步驟，以確保我們的核心線路有一個非常強大的立足點，我們擁有我們需要的能力，以便不不僅捍衛而且增加我們在那些非常重要的貿易航線上的競爭地位。這就是我們之前提到的 46 艘新造船，它們將在 23 年和 24 年出現，這將使我們能夠獲得非常高效且（聽不清）的 00:50:50 定位我們非常強烈。

We will continue to explore alternative options and where we see opportunities to enter into new trade lanes. If it does make sense, we will. And this is why we are very pleased to see that we will have the option to do so because, as I was referring to earlier on in '23-'24, the 20- or 62 vessels that we cover for renewal if we see that there are opportunities for us to enter into new trades, then we will renew those charter on top of the -- or some of them on top of the new capacity that we will get delivery from. So we will have the option, not the obligation to operate more vessels into the coming years.

我們將繼續探索替代選擇以及我們看到進入新貿易通道的機會。如果它確實有意義，我們會的。這就是為什麼我們很高興看到我們可以選擇這樣做，因為正如我在 '23-'24 早些時候提到的那樣，如果我們看到 20 或 62 艘船，我們將進行更新。我們有機會進入新的行業，然後我們將更新這些章程，或者在我們將獲得交付的新產能之上更新這些章程。因此，我們將有選擇權，而不是在未來幾年運營更多船隻的義務。

The third question that you raised, the question about e-commerce percentage of our activity. We've been, I think, very aggressive in entering into this type of trade, starting with our liaison between Asia, Southeast Asia, China to L.A. and then we extend it to a same type of trade between Southeast Asia to Australia and New Zealand. Now we just announced the opening of the same trade lane between a similar service, sorry, between Asia to the U.S. East Coast.

您提出的第三個問題，關於我們活動中電子商務百分比的問題。我認為，我們在進入此類貿易方面一直非常積極，從我們在亞洲、東南亞、中國到洛杉磯之間的聯絡開始，然後我們將其擴展到東南亞到澳大利亞和新西蘭之間的同類貿易.現在，我們剛剛宣佈在亞洲和美國東海岸之間開設一條類似的航線，抱歉，開通了同一條貿易航線。

So the reason why we're opening those lines is because there is a demand and our customers do wish that we provide this type of solution to them. So the split in terms of e-commerce trade lane, if we look at what it was over 2021, pretty much 25% of our Transpacific trades and to a lesser extent, on the Intra-Asia as well with the Australia, maybe 20% of our Intra-Asia trades were very much e-commerce trading.

所以我們開設這些生產線的原因是有需求，我們的客戶確實希望我們為他們提供這種類型的解決方案。因此，在電子商務貿易方面的分裂，如果我們看一下 2021 年的情況，我們跨太平洋貿易的幾乎 25%，在較小程度上，在亞洲內部以及與澳大利亞的貿易中，可能是 20%我們的亞洲內部交易中有很大一部分是電子商務交易。

And then your last question, which is what about cost of employment. Obviously, with the current situation impacting Ukraine and as we all know, Ukrainians are great seafarers, and we have a lot of seafarers -- Ukrainian seafarers on board. For us, it has a limited impact because largely, as we mentioned, we are chartering in the capacity that we operate. And as part of the charter rate, the daily rate that we do pay to the tonnage owner that includes as well the manning of the vessel, the ship management of the vessel that includes the seafarer wages and the technical support. So if there is an impact, it's more from the tonnage owner than it is for us to absorb.

然後是你的最後一個問題，即就業成本。顯然，當前局勢影響著烏克蘭，眾所周知，烏克蘭人是偉大的海員，我們有很多海員——船上有烏克蘭海員。對我們來說，它的影響有限，因為在很大程度上，正如我們所提到的，我們正在租用我們運營的能力。作為租船費的一部分，我們支付給噸位所有者的每日費率包括船舶配備人員、船舶管理，包括海員工資和技術支持。因此，如果有影響，更多的是來自噸位所有者，而不是我們吸收。

And can I just ask one follow-up on the contract portfolio actually, you haven't really changed your mix of contracted volumes. I mean, is there an opportunity to increase that 50% on the (inaudible) 00:53:59 to a higher level that locks in some of these increases for longer or are you more confident on the spot market?

我可以問一個關於合同組合的後續行動嗎，你並沒有真正改變你的合同量組合。我的意思是，是否有機會將（聽不清）00:53:59 的 50% 提高到更高的水平，從而將其中一些增長鎖定更長時間，還是您對現貨市場更有信心？

We could have decided to increase the volume that we would contract on a long-term basis. It was not a lack of demand in this respect from our customers. And throughout the discussions, the first question that we were addressing with our customers was the amount of the space that we could allocate to each and every one of them. So it was more a strategic decision from the company to stick to the 50% allocation between contract and spot.

我們本可以決定增加我們將長期收縮的數量。我們的客戶在這方面並不缺乏需求。在整個討論過程中，我們與客戶解決的第一個問題是我們可以分配給他們每個人的空間量。因此，公司堅持在合同和現貨之間分配 50% 的比例更像是一個戰略決策。

As we also like to be able to benefit from the spot market, especially during the peak season, where normally, it is to be expected that the spot can outpace the contract rate. So that has been a recipe that has worked for ZIM over the past few years, and we didn't see any reason to change drastically on that front for this very specific contract season.

由於我們也希望能夠從現貨市場中受益，尤其是在旺季期間，通常情況下，現貨價格可以超過合約價格。因此，在過去的幾年裡，這一直是 ZIM 的秘訣，在這個非常具體的合同季節，我們沒有看到任何理由在這方面發生巨大變化。

The next question is from the line of Sam Bland from JPMorgan.

下一個問題來自摩根大通的 Sam Bland。

I've also got three, please. First one is on the transpacific contracts. I think they've roughly doubled, the rate has doubled. Could you talk about where the contracted rates are that have been agreed versus the current spot rate on that particular lane, please?

我也有三個，拜託。第一個是跨太平洋合同。我認為他們大約翻了一番，比率翻了一番。請您談談已商定的合同費率與該特定車道上的當前即期費率在哪裡？

The second question is on the 46 vessels. I think on at least some of those, maybe all of them, there's an option for a sort of upfront payment. Could you just kind of confirm if that's on all 46? And if so, is it known how big that upfront payment could be in '23 or '24 or is there some flexibility around that?

第二個問題是關於 46 艘船的。我認為至少其中一些，也許是全部，有一種預付款的選擇。你能確認一下這是否在所有 46 上？如果是這樣，是否知道 23 年或 24 年的預付款有多大，或者是否有一定的靈活性？

And the final question is if we assume that you take all the 46 and renew the charters on the existing ships, the 137 -- where do you think roughly the lease liability would max out at, please?

最後一個問題是，如果我們假設您租用所有 46 艘並更新現有船舶 137 的租約 - 請問您認為大致的租賃責任會在哪里達到最大值？

Okay. On the first question with respect to the Transpacific contract rate. Yes, we did mention that we set on -- we agreed on average rates that are more than double compared to what we signed same time last year. There is also some latitude or some gap between the various (inaudible) 00:56:58 that we've agreed. But by and large, versus the spot today, we are completely depending on when you are looking at the -- in terms of over the past few weeks. But the rates that we contracted is where it was not that far off from what the spot currently is today.

好的。關於跨太平洋合同費率的第一個問題。是的，我們確實提到了我們開始 - 我們同意的平均費率是我們去年同期簽署的兩倍以上。我們已經同意的各種（聽不清）00:56:58 之間也存在一定的寬容度或差距。但總的來說，與今天的情況相比，我們完全取決於您何時查看過去幾週的情況。但我們簽訂的價格與目前的價格相差不遠。

With regard to your second question, the 46 vessels, we did indeed agreed to pay some to -- upfront some cash at the time we will get the delivery of those vessels. And it was actually not a request from the charter providers, but more a request from us to be able to put our cash to good use as opposed to have to remunerate the equity of the tonnage owner that would otherwise demand a very strong remuneration of that equity.

關於你的第二個問題，這 46 艘船，我們確實同意在交付這些船時先支付一些現金。這實際上不是包機供應商的要求，而是我們要求我們能夠充分利用我們的現金，而不是必須支付噸位所有者的股權，否則這將需要非常高的報酬公平。

So it was a way for us to reduce the daily charter rate that we would be paying over the duration of the chartering agreement. And by and large, I think we did communicate for the first series of vessels 10,000, 15,000 TEU vessels. We are talking about $13 million, $13 million per vessels, so $130 million altogether for the 15 vessels. And then for the subsequent order of the 7,700 TEU vessels, 18 of them, we agreed for $20 million altogether in terms of payment.

因此，這是我們降低在租船協議期限內支付的每日租船費率的一種方式。總的來說，我認為我們確實為第一批 10,000、15,000 TEU 船舶進行了溝通。我們說的是 1300 萬美元，每艘船 1300 萬美元，所以 15 艘船總共 1.3 億美元。然後對於隨後訂購的 7,700 TEU 船舶，其中 18 艘，我們同意支付 2,000 萬美元的總價。

So if you add everything altogether, the commitment in terms of cash out at the time, we will get the delivery of those new build would be in the region of $500 million.

因此，如果你把所有的東西加起來，當時的現金承諾，我們將獲得這些新建築的交付將在 5 億美元左右。

And to the last question, it's difficult to answer that one, Sam, because obviously, we don't know what the chartering renewal rate will be or would be if we were to renew the charter in '23 and '24 as opposed to let go the vessels that we currently operate to make room for the ones that would be delivered to us. So for that, it's a bit difficult to say. But obviously, we would only do it if we felt that this was the right thing to do for -- from a business perspective, as you know, it is very high on our agenda to grow profitably and to enter into trades where we believe that we can generate ongoing and sustainable profit.

對於最後一個問題，Sam 很難回答這個問題，因為很明顯，如果我們要在 23 年和 24 年更新租約而不是讓租約，我們不知道租約更新率將會是多少去我們目前運營的船隻，為將要交付給我們的船隻騰出空間。因此，對此，很難說。但顯然，只有當我們認為這是正確的事情時，我們才會這樣做——從商業角度來看，正如你所知，實現盈利增長並進入我們認為的交易是我們議程上的重中之重我們可以產生持續和可持續的利潤。

So we are very pleased to have the option to continue to grow but in no way do we feel we have the obligation to continue to grow aggressively.

因此，我們很高興能夠選擇繼續增長，但我們絕不認為我們有義務繼續積極增長。

This concludes our Q&A session and the ZIM Q1 earnings call. Thank you for joining to have a pleasant day. Goodbye.

我們的問答環節和以星第一季度財報電話會議到此結束。感謝您的加入，讓您度過愉快的一天。再見。