• 2020 February 19 12:05

    Philippine Ports Authority net income soars 31% in 2019

    The Philippine Ports Authority (PPA) books its highest income in history, only 3 years into the term of President Rodrigo R. Duterte, the company said in its release.

    The 2019 PPA net income has almost doubled the income registered in the first full year of management and operations of the current administration in 2017.

    PPA General Manager Jay Daniel R. Santiago said that the strong financial performance of the PPA is due to the various changes being implemented by the current administration led by no less than the President and the Secretary of Transportation.

    “The changes range from manual to automated processes, installation of sophisticated, effective, and higher productivity port equipment, compliance with the world’s best port management practices, and most especially, the shift in the outlook of employees to public service with reliability, integrity, and accountability,” Santiago said.

    Latest data from PPA showed that the 2019 net income reached P7.280 billion or 31% higher than the 2018 figure of P5.553 billion. As against the target, the actual amount is 47% higher than the target of P4.941 billion. Compared to its 2017 net income of P4.473 billion, the current net income is better by 54%.

    Combining all the growth percentages in the first 3 years of the current administration, the PPA net income is growing at an annual rate of 17%, the highest revenue growth percentage in any of the last 15 years.

    “With this strong performance, the PPA again shall be able to help Government achieve its goal of giving comfortable lives to every Filipino not only through higher dividend remittance but also through efficient, effective and fast delivery of port services to our stakeholders and port users,” Santiago added.

    Among the Port Management Offices that posted significant positive performance include South Harbor, Batangas, Davao, Surigao, and Bataan/Aurora. The positive deviation comes mainly from Lay-up fees, Ro-Ro fees, Domestic Dockage fee, Pilotage, the utilization of the Vessel Traffic Monitoring System, and other income.

    Total revenues for 2019, meanwhile, increased by 5% to P18.352 billion as against the 2018 figure of P17.5 billion. As against the target, it increased by 0.92%.

    On the other hand, the agency’s total expenses decreased by at least 15.5% to P8.008 billion as against the 2018 figure of P9.476 billion due to the significant decreases in the Repair and Maintenance aspect related to land improvement and other financial expenses. Non-cash expenses also declined by 15% to P2.727 billion due to the decreases in the amortization of the agency’s intangible assets and other losses.

    In the next couple of days, the PPA is set to revisit its first-quarter performance targets in consideration of the current global concerns like the continuing threat of the COVID-19, the exit of Great Britain from the European Union, the West Philippine Sea, safety and environmental concerns, among others.




2020 April 8

11:05 SAFEEN acquires its largest service vessel to date
11:02 BC Ferries adjusted service levels due to Covid-19 pandemic
10:39 ABB increases remote support for ships to help customers during the COVID-19 outbreak
10:38 Port of Gdansk actively supports fight against coronavirus
10:16 Tallink Grupp’s vessels Megastar, Galaxy and Baltic Princess suspend passenger transport to Finland
09:53 MABUX: Bunker market this morning, Apr 08
09:40 Bunker prices start going up at the port of Saint-Petersburg, Russia
09:19 Baltic Dry Index is down to 596 points
08:47 Golden Ocean announces appointment of Ulrik Uhrenfeldt Andersen as CEO

2020 April 7

18:38 RF Government makes big decision to quit transshipment of NOVATEK’s LNG in Norway
17:27 BashVolgotanker opens navigation with first tanker leaving Samara for Kavkaz
17:03 IADC moves its seminar and course to 2nd half of 2020
16:49 RF Navy’s oceanographic research vessel "Admiral Vladimirsky" arrived in the Durville Sea
16:05 ECSA and ETF launch joint project WESS
15:51 Bunker prices are flat at the Far East ports of Russia (graph)
15:43 Port of Rotterdam adds Boxinsider to Portbase
15:28 Dredging works at LNG terminal in Klaipeda Seaport completed ahead of schedule
15:04 VTT to assess bio- and waste-based oils suitable for power plants and ships
14:43 Nordic Investment Bank is sponsoring expansion of Klaipeda Seaport
14:20 AET and TOTAL agree time charter for two LNG dual-fuel VLCCs
13:52 Rosmorport changed tariffs on crew boats services rendered in seaports of Eysk and Temryuk
13:29 Krasnoye Sormovo shipyard introduced short-time operation till 30 April 2020
12:54 Rosmorport announces tender to reconstruct coastal facilities of Vanino-Kholmsk ferry service
12:26 Rosmorport announces tender to build and reconstruct port infrastructure in Nikolskoye settlement
11:47 Hydrographic vessel of RF Navy’s Pacific Fleet continues its long-distance cruise to Antarctica
11:09 Hurtigruten temporarily suspends operations
10:25 Brent Crude futures price is up 3% to $34.04, Light Sweet Crude – up 3.53% to $27
10:08 Stena Line to furlough 600 employees and make 150 redundant in UK and the Republic of Ireland due to COVID-19
09:53 Extraordinary security measures undertaken by PORT FLEET operating in Big Port St. Petersburg
09:34 Nuclear-powered container carrier Sevmorput unloaded cargo for Arctic LNG 2 project
09:16 Baltic Dry Index is down to 604 points
09:02 Austria's overseas traffic via Hamburg remains stable
08:46 MABUX: Bunker market this morning, Apr 07
08:19 LR chosen for LNG Canada export terminal project in Kitimat

2020 April 6

18:37 Okeanis Eco Tankers announces three year VLCC time charter
18:06 Bureau Veritas helps to manage risk thanks to digitalized inspection services
17:45 Turnover of DeloPorts terminals in January-March of 2020 reached 2.6 mln tonnes, up 44% YoY
17:39 The production of Tallink’s new car and passenger ferry MyStar has started at Rauma shipyard
17:12 Maersk Container Industry signs first Star Cool milestone contract with Evergreen
17:06 Lloyd’s Register completes six-day, three-person audit for marine and offshore component and equipment business Whittaker Engineering
16:30 8,800 cbm of material dredged in Korsakov seaport
16:08 MABUX Digest: Top events on global bunker market: Week 14
16:06 CMA CGM cancels PSS for cargo from East Africa to Asia
15:59 The Korean Register releases the latest updated version of KR-CON
14:50 DNV GL’s new MMC unlocks unprecedented machinery efficiencies and insights
13:57 Technical fleet of Moscow Canal to begin navigation season on April 24
13:33 Construction of Tallink Grupp’s newest eco-friendly LNG-powered shuttle ferry to begin at RMC shipyard in Rauma
12:46 World Ports Covid19 Information Portal established
12:22 IMO issues guidance for delays in newbuild vessel deliveries due to COVID-19
12:00 Nanjing Jinling Shipyard launches the second of G5GG ro-ro vessels for Grimaldi Group
11:18 Average wholesale prices for М-100 HFO fell to RUB 6,299 in RF spot market
11:00 Port of Singapore remains open amidst additional precautionary measures
10:21 Brent Crude futures price is down 1.61% to $33.56, Light Sweet Crude – down 3.18% to $27.43
10:09 NovaAlgoma Short Sea Carriers takes delivery of new mini-bulker
09:50 CIMC Raffles cuts first steel for largest Ice Class ro-ro
09:34 MABUX: Bunker market this morning, Apr 06
09:32 RF Government approves draft Energy Strategy until 2035
09:15 Baltic Dry Index is down to 616 points

2020 April 5

17:08 USCG oversees disembarkation of 250,000 from cruise ships
16:23 PGS announces capacity adjustments, to lay-up its 3D vessels as a response measure to COVID-19