• 2017 August 8 13:32

    ICTSI 1H2017 net income up 19% to US$103.6mln

    International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first half of 2017 posting revenue from port operations of US$603.7 million, an increase of 10 percent over the US$550.8 million reported for the first six months of 2016; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$289.7 million, 13 percent higher than the US$257.5 million generated in the first half of 2016; and net income attributable to equity holders of US$103.6 million, up 19 percent from the US$87.3 million earned in the same period last year due to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo (DRC), strong operating income contribution from the terminals in Iraq, Mexico and Brazil, and the one-time gain on the termination of the sub-concession agreement in Nigeria.

    The increase in net income was tapered by higher interest and financing charges; higher depreciation and amortization expenses; start-up costs at the Company’s terminal in Melbourne Australia; and increase in the Company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia, which increased from US$3.2 million in the first half of 2016 to US$18.7 million for the same period in 2017 as the company started full commercial operations at the beginning of the year.

    Excluding the one-time gain on the termination of the sub-concession agreement in Nigeria, consolidated net income attributable to equity holders would have increased by 10 percent in the first half of 2017. Diluted earnings per share for the period was 32 percent higher at US$0.041 from US$0.031 in 2016.

    For the quarter ended June 30, 2017, revenue from port operations increased eight percent from US$284.3 million to US$306.5 million; EBITDA was five percent higher at US$142.7 million from US$135.5 million; and net income attributable to equity holders was up 15 percent from US$45.1 million to US$51.9 million. Excluding the one-time gain on the termination of the sub-concession agreement in Nigeria, consolidated net income attributable to equity holders would have decreased by two percent in the second quarter of 2017. Diluted earnings per share for the quarter was 18 percent higher at US$0.020 from US$0.017 in 2016.

    ICTSI handled consolidated volume of 4,545,405 twenty-foot equivalent units (TEUs) in the first six months of 2017, seven percent more than the 4,264,633 TEUs handled in the same period in 2016. The increase in volume was primarily due to continuing improvement in global trade activities particularly in the emerging markets, continuing ramp-up at ICTSI’s operations in Basra, Iraq, new services at Manzanillo, Mexico and the new terminals in Matadi, DRC and Melbourne, Australia. Excluding the new terminals, consolidated volume increased by five percent. For the quarter ended June 30, 2017, total consolidated throughput was three percent higher at 2,272,758 TEUs compared to 2,210,994 TEUs in 2016.

    Gross revenues from port operations for the first half of 2017 increased 10 percent to US$603.7 million from the US$550.8 million reported in the same period in 2016. The increase in revenues was mainly due to volume growth, tariff rate adjustments at certain terminals, new contracts and services with shipping lines, and the contribution from the Company’s new terminals in Matadi, DRC and Melbourne, Australia.

    Excluding the new terminal in DRC and Australia, consolidated gross revenues increased by five percent. For the second quarter of 2017, gross revenues increased eight percent from US$284.3 million to US$306.5 million.

    Consolidated cash operating expenses in the first half of 2017 was nine percent higher at US$221.7 million compared to US$204.2 million in the same period in 2016. The increase in cash operating expenses was mainly due to the cost contribution of the new terminal operations in Matadi, DRC and Melbourne Australia; higher throughput and increase in fuel prices and power rates at certain terminals; and unfavorable translation impact of the BRL appreciation at Suape, Brazil. The increase was tapered by the additional benefits of the on-going group-wide cost optimization initiatives and the favorable translation impact of Philippine Peso and Mexican Peso expenses at the various terminals in the Philippines and in Manzanillo, Mexico, respectively. For the quarter ended June 30, 2017, total cash operating expenses of the Group increased by 15 percent to US$117.8 million from US$102.7 million in 2016.

    Consolidated EBITDA for the first half of 2017 increased 13 percent to US$289.7 million from US$257.5 million in 2016 mainly due to strong volume and revenue growth combined with the additional benefits of the on-going group-wide cost optimization initiatives and positive contribution of the new terminal in Matadi, DRC tapered by start-up costs at Melbourne, Australia. Consequently, EBITDA margin improved to 48 percent in the first half of 2017 from 47 percent in the same period in 2016.

    For the second quarter of 2017, consolidated EBITDA increased by five percent to US$142.7 million from US$135.5 million in the same period in 2016. EBITDA margin, on the other hand, decreased to 47 percent in 2017 from 48 percent in 2016.

    Consolidated financing charges and other expenses for the first half increased 29 percent from US$45.9 million in 2016 to US$59.0 million in 2017 primarily due to higher average loan balance, lower capitalized borrowing cost on qualifying assets and the acceleration of the amortization of debt issue cost due to the termination of the Company’s revolving credit facility. For the second quarter, consolidated financing charges and other expenses increased 32 percent from US$24.9 million in 2016 to US$32.8 million in 2017.

    Capital expenditure for the first half of 2017 amounted to US$71 million, approximately 30 percent of the US$240.0 million capital expenditure budget for the full year 2017. The established budget is mainly allocated for the completion of the initial stage development of the Company’s greenfield projects in Democratic Republic of Congo and Iraq; the second stage development of the Company’s project in Australia; continuing development of the Company’s container terminals in Mexico and Honduras; and capacity expansion in its terminal operations in Manila. In addition, ICTSI invested US$19.7 million in SPIA in Buenaventura, Colombia. The Company allocated approximately US$25.0 million for its share in 2017 to complete the initial phase and to finance the start-up operations of its joint venture container terminal project with PSA International.

    ICTSI is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU/year range. ICTSI has an experience record that spans five continents and continues to pursue container terminal opportunities around the world.




2018 August 16

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14:27 MABUX: Bunker prices may change irregular next week
14:13 Maersk Line announces rates from Far East to North Europe
13:42 First ever S-T-S loading of 70000dwt Panamax coal carrier performed at Shakhtersk harbour transshipment location in Sakhalin
13:32 More investment contracts at the Port of Gdansk
13:02 Wärtsilä equipped Canadian ferry will have minimal environmental impact
12:16 Damen Shipyards Galati celebrates 125 years
12:09 Okskaya Sudoverf Shipyard launches 6th serial barge of Project ROB20
12:03 Boskalis presents half-year results and terminates loss-making low-end transport activities
11:59 Port of Oakland container volume up 3.6 percent in July 2018
11:45 Rolls-Royce launches new battery system for ships
10:58 DP World revenue up 14.4% in H1 2018
10:57 VARD secures contract for one autonomous and electric-driven container vessel for YARA
09:39 EU NAVFOR mission operation commander visits Spanish MPRA in Djibouti
09:21 Baltic Dry Index gains to 1725 points

2018 August 15

18:33 Equinor extends partnership with The Arctic Race of Norway
17:56 Port Kavkaz seven-month volumes soar 30% Y/Y to 25.21 million tonnes
17:36 Russian Gov't to allocate RUB 500 million in subsidies to support small-tonnage fishing ships construction, Rosrybolovstvo says
17:34 Maersk Line to rise rates from Far East to East Coast South America
17:30 Yang Ming orders ten 2,800 TEU containerships
17:19 Nor-Shipping 2019 takes place in Oslo and Lillestrøm, Norway, from 04 to 07 June 2019
16:05 New Times Shipbuilding announces delivery of oil tanker
15:04 Rosrybolovstvo looks into building a series of three RVs as from 2020
15:04 Concordia Maritime AB announces interim report for H1 2018
14:12 Multipurpose Reloading Complex spends over RUB 600,000 on employee benefits and rewards programme
13:20 Konecranes to deliver more electric RTGs to Luka Koper in Slovenia
13:02 Join Marinet Conference at SMM 2018, Hamburg
12:32 Prime Minister Dmitry Medvedev gives green light to NLR construction project
12:01 WW Ocean presents new-look trade maps resembling public transit maps
11:15 Port of Vancouver posts H1 2018 results
10:41 Aker Solutions wins orders for Liuhua power umbilical systems in China
10:21 Nor-Shipping 2019 devotes entire hall to new focus on Blue Economy
10:05 Crude oil futures drop 0.22% to $72.3 in London and 0.48% to $66.72 in New York
09:29 Bunker prices at Port of St. Petersburg show mixed movements

2018 August 14

18:30 Hapag-Lloyd annonces General Rate Increase from East Asia to USA and Canada
18:12 FE Railways' loaded freight in Jan-Jul up 2% to 28.2 million tonnes
18:07 Hapag-Lloyd changes terminals at Genoa on its MPS service
17:47 British Ports Association launch Sustainable Development Resolution
17:45 Euro Tank Terminal extends jetty at the port of Rotterdam
17:31 MEYER WERFT holds float out procedure for cruise ship for AIDA Cruises
17:29 APM Terminals launches online customer platform in Bahrain
17:27 MED MARINE delivers a 24m ASD Tug from Turkey to Estonia
16:24 Offshore installation vessel starts work on Belgium’s largest offshore wind farm
15:44 Logistec Corporation declares quarterly drvidends on shares
15:21 Vessel Performance Optimisation Forum Singapore initial speakers announced
15:02 Danaos Corporation announces closing of comprehensive debt refinancing
14:16 Sea Port St. Petersburg earmarked over $337,000 for bonus and social responsibility programmes
14:13 TTS Group ASA secures new contracts for access equipment and cranes for two reefer vessels
14:06 Ports of Primorsk and Ust-Luga support green shipping, to implement incentives for LNG-powered ships as from August 15, 2018
13:39 Bunker prices in Far East seaports edge down
13:14 ExxonMobil is first to supply via an independently accredited MFMS in ARA
13:10 Port of Brisbane announce a successful bid for funding of Heavy Vehicle Safety Around Ports project
12:13 HHLA posts operating result for H1 2018
11:29 Rosterminalugol’s seven-month coal throughput hits the 13-million tonne mark
11:11 Crude oil futures price rises to $73.28 (London) and $67.81 (New York)
11:01 Diana Shipping announces continuation of time charter contract for m/v Protefs and a new time charter contract for m/v Nirefs with Hudson
10:58 GeoSea has taken delivery of self-propelled DP2 jack-up vessel ‘Apollo’
10:09 Safe Bulkers announces acquisition of a Capesize class dry-bulk vessel
09:30 Consolidated Marine Management selects ABS Advanced Solutions Enterprise Asset Management
09:14 Baltic Dry Index gains 18 points edging up to 1800pts mark