• 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.




2019 January 21

21:25 Nine dead in two ships fire accident in the Kerch Strait
18:15 Port of Oakland hails shipping lines, terminal for clean air work
17:36 Evac acquires of UK service company Transvac
17:06 High Speed Transfers signs contract for third Damen FCS 2710 fast crew supplier
16:35 DFDS starts trials of Jinling Shipyard’s newbuild
16:05 Prototype most powerful wind turbine in the world Haliade-X 12 MW installed at Maasvlakte this summer
15:36 Incentive Scheme Climate-Friendly Shipping launched today
15:29 Yang Ming provides new China-Malaysia direct service
14:55 Szczecin-Świnoujście Port Complex handled over 28.6 million tonnes of cargo in 2018, up 12.5% Y-o-Y
14:33 Incat to build a new ship for the Government of Trinidad and Tobago
14:03 CMA CGM joins to the world’s largest operational agreement extention
13:27 Algoma receives full refund for shipbuilding contracts with Uljanik and 3Maj Shipyard
13:13 ESL Shipping strengthens its Chartering team
12:46 Leonid Mashaev appointed as Acting General Director of “State Customer’s Directorate for Seaborne Transport Development Programmes”
12:18 Average wholesale prices for М-100 HFO up to RUB 14,769 in RF spot market
11:49 Dublin Port’s сargo volumes up by 4.3% in 2018
11:22 FESCO and ZIH launching a container train from Germany to China through the Far East
10:55 14 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 20-21
10:27 TransContainer announced its preliminary operating results for the fourth quarter and the full year of 2018
10:04 Brent Crude futures price up 0.41% to $62.94, Light Sweet Crude – up 0.43% to $54.28
09:40 Throughput of port Kaliningrad in 2018 grew by 2% Y-o-Y to 14.05 million tonnes
09:19 Baltic Dry Index is up to 1,112 points

2019 January 20

16:08 Subsea 7 acquires multi-purpose offshore construction and dive support vessel
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13:51 Major contract for JSS awarded to Montreal-based company
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2019 January 19

16:19 Ocean Yield acquires Suezmax tanker Milos for $56.0 million
15:16 Evac expansion continues with acquisition of UK service company Transvac Systems
14:02 Deltamarin contracted to continue with Titanic II project
12:51 SGRE launches 10 MW offshore wind turbine
11:44 Algoma increases its interest in the ocean self-unloader Pool

2019 January 18

18:06 North Carolina Ports sets new record in 2018
17:47 Freight turnover of Neva-Metal (Saint-Petersburg) in 2018 climbed by 3% Y-o-Y to about 3.2 million tonnes
17:25 Okskaya Sudoverf obtains patent for state-of-the-art pontoons
17:06 Hamburg prepares for ‘Hard Brexit’
16:44 Throughput of port Primorsk in 2018 fell by 7% Y-o-Y to 53.48 million tonnes
16:23 GTT receives a new order from SHI to design the tanks of two LNG carriers on behalf of Gaslog
16:20 NOVATEK elects new Board of Directors
15:56 Throughput of port Vyborg in 2018 grew by 25% Y-o-Y to 1.93 million tonnes
15:33 Stena Line’s first new generation ferry ‘floats’ in China
15:21 Bunker sales at the port of Singapore in 2018 fell by 1.7% Y-o-Y to 49.8 million tonnes
15:03 Panama Direct service CMA CGM to resume weekly rotations
14:47 Throughput of port Vysotsk in 2018 climbed by 7% Y-o-Y to 18.79 million tonnes
14:33 GranIHC appointed contractor for Equinor’s Peregrino Phase II Project
14:19 Port of Ust-Luga handled 98.72 million tonnes in 2018, down 4% Y-o-Y
14:03 Algoma Central Corporation increases its interest in ocean self-unloader Pool
13:50 18 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 17-18
13:35 Throughput of the Port of St. Petersburg in 2018 up 11% Y-o-Y to 59.32 million tonnes
13:18 CMA CGM unites its Containerships and MacAndrews brands
13:11 Vladimir Putin supports Government’s proposal on expanding Far East Ministry’s functions with Arctic issues
12:49 Throughput of port Kavkaz in 2018 grew by 11% Y-o-Y to 49.276 million tonnes
12:26 MV Werften purchases Neptun Ship Design
12:08 Sakaide shipyard holds naming ceremony for new LNG carrier jointly owned by NYK and JERA
11:38 PGNiG SA signs agreement for oil and gas exploration and production in UAE
11:14 Remote pilotage to be allowed in Finland
10:47 Free zone status is a crucial advantage for the future development of the Freeport of Riga
10:06 Ice restrictions at the port of Ust-Luga come into effect on January 31
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09:20 Baltic Dry Index is up to 1,077 points