• 2018 November 7 15:34

    ICTSI 9M2018 revenues up 10% to USD1 billion

    International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first nine months of 2018 posting revenue from port operations of US$1.0 billion, an increase of 10 percent over the US$918.3 million reported in the same period in 2017; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$462.1 million, six percent higher than the US$434.9 million generated in the first three quarters of 2017; and net income attributable to equity holders of US$153.3 million, up three percent compared to the US$149.3 million earned in the same period last year mainly due to strong operating income from organic terminals; a decrease 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 decreased from US$25.6 million in the first nine months of 2017 to US$23.3 million for the same period in 2018 as the company continued to ramp-up container volume; and a US$2.8 million non-recurring gain from the pre-termination of interest rate swap related to the pre-payment of the project finance loan at its terminal in Manzanillo, Mexico in May 2018.

    The increase was tapered by the drag from the new terminals and a US$7.5 million non-recurring gain on the termination of the sub-concession agreement in Nigeria in the second quarter of 2017. Excluding the non-recurring gains, consolidated net income attributable to equity holders would have increased by six percent. Diluted earnings per share was 11 percent lower at US$0.052 from US$0.058 in the first nine months of 2017 mainly due to additional distributions to holders of senior guaranteed perpetual capital securities issued in January 2018.

    For the quarter ended September 30, 2018, revenue from port operations increased nine percent from US$314.6 million to US$344.0 million; EBITDA was 12 percent higher at US$162.6 million from US$145.1 million; and net income attributable to equity holders was up 22 percent from US$45.7 million to US$55.6 million. Diluted earnings per share for the quarter was 11 percent higher at US$0.019 compared to US$0.017 in 2017 due to strong operational results despite the additional distributions to holders of senior guaranteed perpetual capital securities issued in January 2018.

    ICTSI handled consolidated volume of 7,152,392 twenty-foot equivalent units (TEUs) in the first nine months of 2018, five percent more than the 6,836,611 TEUs handled in the same period in 2017. The increase in volume was primarily due to improvement in trade activities at most of the Company’s terminal locations and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia. Excluding the new terminals, consolidated volume would have increased by two percent.

    For the quarter ended September 30, 2018, total consolidated throughput was six percent higher at 2,438,136 TEUs compared to 2,291,207 TEUs in 2017. Excluding the new terminals, consolidated volume would have increased by four percent in the third quarter of 2018.

    Gross revenues from port operations for the first nine months of 2018 increased 10 percent to US$1.0 billion compared to US$918.3 million reported in the same period in 2017. The increase in revenues was mainly due to volume growth; new contracts with shipping lines and services; increase in revenues from non-containerized cargoes, storage and ancillary services; and the contribution from the Company’s new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia. Excluding the new terminals, consolidated gross revenues would have increased by five percent.

    For the third quarter of 2018, gross revenues increased nine percent from US$314.6 million to US$344.0 million. Excluding the new terminals, consolidated gross revenue for the third quarter would have increased by five percent.

    Consolidated cash operating expenses in the first three quarters of 2018 was 16 percent higher at US$398.0 million compared to US$343.4 million in the same period in 2017. The increase in cash operating expenses was mainly due to the cost contribution of the new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia; higher fuel consumption and external yard rental as a result of increase in volume; and increase in prices of fuel and higher repairs and maintenance at certain terminals. The increase was tapered by the favorable translation impact of Philippine Peso and BRL expenses at the various terminals in the Philippines and in Suape, Brazil, respectively. Excluding the new terminals, consolidated cash operating expenses would have increased by only four percent in the first nine months of 2018. For the quarter ended September 30, 2018, total cash operating expenses of the Group increased by nine percent to US$132.1 million in 2018 from US$121.7 million in 2017.

    Consolidated EBITDA for the first nine months of 2018 increased six percent to US$462.1 million from US$434.9 million in 2017 mainly due to strong revenue growth and the positive contribution of the new terminals in Lae and Motukea in Papua New Guinea, tapered by higher fixed port lease expense at Melbourne, Australia. Consequently, EBITDA margin decreased from 47 percent in the first nine months of 2017 to 46 percent in the same period in 2018.

    Consolidated EBITDA for the third quarter of 2018 increased by 12 percent to US$162.6 million from US$145.1 million in the same period in 2017. EBITDA margin for the quarter increased from 46 percent in 2017 to 47 percent in 2018.

    Consolidated financing charges and other expenses for the first three quarters increased three percent from US$86.9 million in 2017 to US$89.2 million in 2018 primarily due to lower capitalized borrowing cost on qualifying assets.

    Capital expenditures excluding capitalized borrowing costs for the first nine months of 2018 amounted to US$196.4 million, approximately 52 percent of the US$380.0 million capital expenditures budget for the full year 2018. The established budget is mainly allocated for the capacity expansion in its terminal operations in Manila, Mexico and Iraq; continuing rehabilitation and development of the Company’s container terminal in Honduras; procurement of additional equipment and minor infrastructure works in its newly acquired terminal operations in Papua New Guinea; and the completion of its new barge terminal project in Cavite City, Philippines.

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




2018 December 10

18:08 US major retail container ports imports reach 2 million containers in October 2018
17:50 Taganrog Sea Commercial Port spent USD 67,300 for its environmental programme in 9M’2018, up 6% YoY
17:27 Icebreakers of FSUE Rosmorport assisted 322 ships in navigation season 2018-2019
17:06 Nexans awarded contract for the manufacturing, delivery and installation of 350 kV HVDC submarine cable in the Philippines
16:49 Throughput of port Riga (Latvia) in 11M’18 climbed by 6.5% Y-o-Y to 33.1 million tonnes
16:33 Konstantin Ponomarev appointed as head of RS Nuclear Ships Branch
16:10 Ship Recycling Transparency Initiative launches new online platform
15:58 MOL to participate in construction, ownership, operation of FSRU for Jawa 1 gas-fired IPP project in Indonesia
15:52 MOL LNG сarrier LNG Fukurokuju rescues castaway
15:26 Gasum consolidates its position as the leading Nordic LNG provider
14:58 NIBULON Shipbuilding and Repair Yard adds a new high-capacity German crane to its cranes
14:25 BIMCO publishes two 2020 sulphur clauses
14:00 Average wholesale prices for М-100 HFO down to RUB 16,794 in RF spot market
13:09 EU NAVFOR marks 10 years of operations
12:44 Pertti Korhonen to chair Traffic Management Finland BoD
12:07 Incheon Port container traffic increases by 10.4% in October 2018
11:51 Beginning of icebreaker assistance period announced at Big Port St. Petersburg
11:30 Cargo traffic in Volga Basin of Russia’s IWW in navigation season 2018 fell by 14.6% Y-o-Y to 36.662 million tonnes
11:07 Verifavia Shipping signs cooperations with 8 ROs to support IMO DCS verification
10:48 Port of Liepaja (Latvia) handled 6.89 million tonnes of cargo in 11M'18, up 13.8% Y-o-Y
10:24 Port of HaminaKotka throughput in 11M’2018 grew by 11.5% Y-o-Y to 14.89 million tonnes
10:07 Oman signs Jeddah Amendment on illicit maritime activity
09:45 Brent Crude futures price up 0.45% to $61.95, Light Sweet Crude – up 0.17% to $52.52
09:19 Baltic Dry Index is up to 1,372 points
09:07 CMA CGM announces FAK rates from Asia to the Middle East Gulf
08:07 Torqeedo displays 2019’s new electric boating products at Salon Nautique International de Paris
07:34 chainPORT concludes its 4th Annual Meeting at the Port of Barcelona

2018 December 9

17:01 Jan De Nul starts beach protection project in Benin
16:06 MOL to participate in construction, ownership, operation of FSRU for Jawa 1 Gas-Fired IPP Project in Indonesia
14:40 Coast Guard continues search for survivors of capsized migrant vessel off Dominican Republic
13:38 CMA CGM announces FAK rates for Asia-Middle East Gulf trade
11:39 MHI Vestas clinches largest MW turbine order for Scotland's Moray Firth

2018 December 8

17:15 Huntington Ingalls Industries names Herman Shelanski as new VP, Business Development at it's shipbuilding division
16:07 Gladding-Hearn built pilot boat delivered to Southwest Alaska Pilots Association
13:12 EGCSA blasts MPA's ban on open-loop scrubbers in Singapore
10:28 Torqeedo displays 2019’s new electric boating products at Salon Nautique International de Paris.

2018 December 7

18:01 Naming ceremony for Arctic condensate tanker Boris Sokolov held at Guangzhou Shipyard International
17:38 Tellurian and Vitol sign MOU for 15-year LNG sale on JKM
17:14 Port of Tallinn rewards emission-reducing ships with a discount of up to 8% on tonnage fees
16:50 Vladimir Putin presents Captain Zybko with Distinguished Maritime Service Order
16:26 BSAP updates move forward at HELCOM key meeting
16:02 Orange Business Services keeps Arctic Shipping Company fleet connected along the Northern Sea Route
15:37 EU NAVFOR promotes maritime security dialogue in Somalia
14:59 Protection structures to be built at the port of Sochi
14:25 Northern Fleet's frigate Admiral Gorshkov takes part in training in the Barents Sea
14:08 ABS signs MOU with KOMERI to create a new facility dedicated to improving the safety of LNG as fuel
13:08 Crowley adds 400 new refrigerated containers to its fleet
12:26 Freight turnover of Neva-Metal (Saint-Petersburg) in 11M’18 climbed by 3% Y-o-Y to about 2.9 million tonnes
11:57 Montreal, Canada to host 14th Arctic Shipping Summit on 13-14 March 2019
11:24 Vladivostok Sea Fishing Port handled 284,000 tonnes of fish in 11M’18, up 25.8% Y-o-Y
11:08 SEA Europe and ECSA pleased with EU’s actions on trade-distortive South Korean measures in shipping and shipbuilding
10:45 Extraordinary General Shareholders Meeting of LUKOIL approves interim dividends
10:21 Brent Crude futures price down 0.62% to $59.69, Light Sweet Crude – down 0.41% to $51.28
10:06 Barcelona City Council supports reducing pollution in the Mediterranean with a low emissions zone
09:42 Bunker prices are slightly down at the Port of Saint-Petersburg, Russia (graph)
09:19 Baltic Dry Index is up to 1,339 points
09:03 Fincantieri launches new ship “Carnival Panorama” for Carnival Cruise Line
08:07 NYK concludes long-term charter agreement for two LNG carriers with Total
07:24 ‘Breakbulk carrousel’ gives breakbulk and heavy cargo companies space for further growth in Rotterdam’s Waalhaven

2018 December 6

18:05 ONE Thailand receives 2018 Best Container Liner Award from Thai National Shippers’ Council