• 2019 August 14 14:02

    ICTSI throughput up 7% to 5.0 million TEUs in 1H2019

    ICTSI announces strong financial results and operational performance; Net income growth of 42% to US$128.5M in 1H2019, the company said in its release.

    Enrique K. Razon, Jr., President and Chairman of ICTSI said: “ICTSI’s performance in the first half of 2019 has been very positive. The group’s focus on generating high quality earnings from our ports, ramping up activities at our newer terminals and strong cost control has enabled us to continue to deliver on our strategic objectives. Our business remains relatively unscathed by current geopolitical headwinds, but we remain vigilant and continue to monitor the situation closely. ICTSI is a robust business, strongly placed for the second half and the Board remains confident of the future.”

    International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first half of 2019 posting revenue from port operations of US$751.8 million, an increase of 14 percent over the US$661.8 million reported for the first six months of 2018; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$424.4 million was 19 percent higher than the US$356.1 million generated in the first half of 2018. Net income attributable to equity holders of US$128.5 million grew by 42 percent compared to the US$90.2 million earned in the same period last year mainly due to improved operating income contribution from the terminals in Iraq, Australia, Democratic Republic of Congo and Subic in the Philippines; the continuing ramp-up at the new terminals in Papua New Guinea; and a decrease in equity in 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. The increase was partially tapered by a non-recurring gain from the interest rate swap related to the pre-payment of the project finance loan at its terminal operations in Manzanillo, Mexico in 2018. Excluding the non-recurring gain in 2018, consolidated net income attributable to equity holders would have increased by 47 percent in 2019. Diluted earnings per share was 65 percent higher at US$0.048 from US$0.029 in the first half of 2018.

    For the quarter ended June 30, 2019, revenue from port operations increased nine percent from US$336.4 million to US$368.0 million; EBITDA was 13 percent higher at US$201.9 million from US$178.5 million; and net income attributable to equity holders was up 14 percent from US$49.4 million in 2018 to US$56.1 million in the same period in 2019. Excluding the non-recurring pre-termination gain from the interest rate swap at CMSA in Manzanillo, Mexico in 2018, consolidated net income attributable to equity would have increased by 20 percent in 2019. Diluted earnings per share for the quarter was 22 percent higher at US$0.020 compared to US$0.016 in 2018.

    ICTSI handled consolidated volume of 5,041,916 twenty-foot equivalent units (TEUs) in the first six months of 2019, seven percent more than the 4,714,255 TEUs handled in the same period in 2018. The increase in volume was mainly due to continuing ramp-up at ICTSI’s operations in Melbourne, Australia and Manzanillo, Mexico; improvement in trade activities in Subic, Philippines Matadi, Democratic Republic of Congo and Rijeka, Croatia; new shipping lines and services in Gdynia, Poland; and the new terminals in Lae and Motukea in Papua New Guinea. For the quarter ended June 30, 2019, total consolidated throughput was seven percent higher at 2,563,244 TEUs compared to 2,388,715 TEUs in 2018.
    Gross revenues from port operations for the first half of 2019 increased 14 percent to US$751.8 million compared to US$661.8 million reported in the same period in 2018. The increase in revenues was mainly due to volume growth; tariff adjustments for certain services at multiple terminals; new contracts with shipping lines and services; continuing ramp-up at ICTSI’s operations in Melbourne, Australia and Manzanillo, Mexico; and the contribution from the Company’s new terminals in Lae and Motukea in Papua New Guinea. For the second quarter of 2019, gross revenues increased nine percent from US$336.4 million to US$368.0 million.

    Consolidated cash operating expenses in the first half of 2019 was five percent higher at US$232.0 million compared to US$221.2 million in the same period in 2018. The increase in cash operating expenses was mainly due to higher volume; government-mandated and contracted salary rate adjustments at certain terminals; increase in information technology-related and business development expenses; and the cost contribution of the new terminals in Lae and Motukea in Papua New Guinea; partially tapered by continuous monitoring of cost optimization measures and favorable translation impact of Pakistani Rupee expenses at Karachi, Pakistan, Australian dollar expenses at Melbourne, Australia and Brazilian Reais expenses at Suape, Brazil.

    Consolidated EBITDA for the first half of 2019 increased 19 percent to US$424.4 million from US$356.1 million in 2018 mainly due to strong revenues partially tapered by the higher operating expenses driven by volume growth. Consequently, EBITDA margin increased to 56 percent in the first half of 2019 from 54 percent in the same period in 2018.

    Consolidated financing charges and other expenses for the first half was marginally lower at 0.6 percent from US$60.0 million in 2018 to US$59.6 million in 2019 primarily due to the lower interest expense resulting from the prepayment of the CMSA project finance loan in May 2018 and lower borrowing cost tapered by the new loan drawdowns in the first half of 2019.

    Capital expenditures excluding capitalized borrowing costs for the first six months of 2019 amounted to US$120.5 million, approximately 32 percent of the US380.0 million capital expenditures budget for the full year 2019. The estimated capital expenditure budget will be utilized mainly for the ongoing expansion projects in Manila, Mexico and Iraq; equipment acquisitions and upgrades; and for maintenance requirements.

    ICTSI is a leading global developer, manager and operator of container terminals in the 50,000 to three million TEU/year range. ICTSI operates in 19 countries across six continents and continues to pursue container terminal opportunities around the world. ICTSI has long held to the principle of sustainability and is committed to the continuing effort to more systematically and deeply integrate sustainability principles in strategic visioning, planning, and execution – creating positive impact across operations, across borders, and across generations.




2019 August 20

18:40 ATON repair and maintenance shop to be built at navigation post in Taganrog Bay
18:06 CMA CGM announces FAK rates from Asia to North Europe
17:29 Wallem-managed bulk carrier rescues Indonesian fishermen lost at sea for 10 days
17:06 MAN Energy Solutions and Samsung Heavy Industries sign a strategic cooperation agreement for the digitization of marine engines
16:35 CMA CGM announces GRR from Asia to East and South Africa
16:34 IAA PortNews offers its video on Russian bunkering market being prepared for 2020 sulphur cap
16:11 ABB’s digital solution for shipping fleets helps to further reduce fuel costs and environmental footprint
15:49 Passenger Port of Saint Petersburg to assist Lead Partner under Kotka Pax project
15:32 Associated British Ports launches first Port Operative Apprentice Scheme
14:56 Port of Gdansk makes another step towards the Central Port project
14:28 Marine Cargo Bureau sponsors roundtable meeting “Import Substitution in Russian Shipbuilding: Ambition and Reality”
14:03 Diamond S Shipping commences fleet renewal efforts with sale of two vessels
13:54 NIBULON continues building floating crane of Project P-140
13:35 Bunker prices are flat at the Far East ports of Russia (graph)
13:30 Serco announces captains for Australia’s new Antarctic research vessel
13:13 RF Ministry of Labour approves ‘Stevedore’ standard
12:47 Russian Maritime Register of Shipping signed new agreement with Maritime Administration of the Republic of Cyprus
12:12 Strong second quarter helps Tallink deliver steady result for first six months of 2019
11:49 KN Klaipėda oil terminal berths to undergo reconstruction
11:28 Port of Tallinn named as one of Europe’s best in first ever ‘Ones to Watch’ list
11:01 World's largest container ship completes first voyage from Asia to Europe
10:43 Port of Tallinn reports its financial results for 2019 Q2 and 6 months
10:24 Rosgeo completed digital processing of seismic data on the Laptev Sea
10:02 Fitch Ratings affirms Panama Canal's 'A' rating with a stable outlook
09:50 KfW IPEX-Bank structures financing package for two cruise ships of the Genting Hong Kong Group
09:40 Baltic Dry Index is down to 2,067 points
09:17 Brent Crude futures price is up 0.15% to $59.82, Light Sweet Crude – up 0.14% to $55.22
09:09 MABUX: Bunker market this morning, Aug 20

2019 August 19

18:41 Andrey Zubarev takes the helm at Sea Port St. Petersburg
18:36 Hapag-Lloyd announces General Rate Increase from East Asia to South America Eastcoast
18:26 Rosterminalugol YTD coal exports volume hits the 15-millionth-tonne mark
18:04 CMA CGM Group to take part in the Asia Fruit Logistica 2019 in Hong Kong
17:36 MPA launches Singapore’s first Maritime Sustainability Reporting Guide
17:04 ACO Marine commissions a series of Clarimar wastewater treatment plants for Jadrolonija
16:35 Suez Canal Container Terminal announces plans to open reefer repair hub to all brands
16:19 Jumbo and GoodFuels partner to take sustainable bio-fuel oil to the offshore support market
16:11 Main phase of Beloomut hydro engineering system rehabilitation project to be completed by the end of 2019, Moscow Canal authority says
15:58 LR awards world’s first digital type approval to HHI
15:32 d’Amico International announces the sale of one of the vessels
15:09 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
14:17 JFD signs strategic partnership with Aquacentrum Den Helder to provide submarine escape training
13:09 Samsung Heavy Industries to win orders for 10 LNG-fueled vessels
12:53 Kraken’s ThunderFish® delivered to DRDC, Canada
12:09 Sinanju signs 2-year time charter agreement with ExxonMobil for LNG-powered “Marine Vicky”
11:18 MODEC announces issuance of project bond for FPSO charter project
11:16 Registration underway for “Import Substitution in Russian Shipbuilding: Ambition and Reality” Roundtable
11:09 Busan Port-Qingdao Port concludes MOU to promote cruise business
10:08 RAN signs two year lease extension with the National Australia Bank for its two Cape Class Patrol Boats
09:43 Brent Crude futures edge up to $ 59,28, WTI – to $ 55,34
09:08 The BPA and the Port of Rotterdam Authority concludes a development agreement to construct and operate the Rotterdam Distribution Center
09:01 Baltic Dry Index rises 2% to 2088 points
08:56 MABUX: Bunker market this morning, Aug 19
08:49 Hapag-Lloyd announces General Rate Increase from East Asia to Latin America

2019 August 18

16:51 USCG responds to ferry aground in Boston Harbor
15:09 NOAA awards $2.7 million in grants for marine debris removal and research
13:02 BAE Systems cuts steel for UK Royal Navy's HMS Cardiff
12:46 Kongsberg Digital simulation and software selected to fast-track R&D at new autonomous ship centre in Korea
11:05 NYK sponsors endangered Sea Turtle Research
10:56 Coast Guard cites passenger vessel for operating illegally, terminates voyage

2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities