• 2016 March 9 12:31

    ICTSI posts results for 2015

    International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for the year ended December 31, 2015 posting revenue from port operations of US$1.051 billion, one percent lower compared to US$1.061 billion the year earlier; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$450.0 million, two percent higher than the US$443.0 million generated the previous year; and reported Net Income attributable to equity holders of US$58.5 million, down 68 percent compared to the US$182.0 million earned in 2014. Diluted earnings per share for the period declined 85 percent to US$0.011 from US$0.075 in 2014. Excluding the effect of one-time adjustments to carrying value of certain subsidiaries and non-recurring charges, recurring net income would have increased one percent to US$174.7 million from US$172.6 million in 2014.

    In 2015, ICTSI recognized non-recurring charges totaling US$116.2 million composed principally of impairment charges on the concession rights assets of Tecplata S.A. (TECPLATA), ICTSI´s terminal in Buenos Aires, Argentina, amounting to US$88.0 million due to lower projected cash flows on its updated business plan as a result of the prevailing and challenging economic conditions in Argentina and the goodwill of subsidiaries PT ICTSI Jasa Prima Tbk and PT OJA in Jakarta, Indonesia aggregating US$26.6 million as a result of lower projected cash flows on its updated business plan than originally expected. In addition, ICTSI recognized non-recurring gains and charges such as the US$0.3 million gain on the sale of the terminal in Naha, Japan, the recognition of US$1.3 million wealth tax charge on its equity in its project in Aguadulce, Colombia, and US$0.6 million super tax charge at the terminal in Karachi, Pakistan. In 2014, ICTSI also recognized gains on the sale of a non-operating subsidiary in Cebu, Philippines (US$13.2 million), the termination of management contract in Kattupalli, India (US$1.9 million), the net settlement of the insurance claims in Guayaquil, Ecuador and Gdynia, Poland (US$0.6 million), the gain on the sale of Yantai Rising Dragon International Container Terminal as part of the consolidation of the terminal operations at the Port of Yantai in Yantai, China (US$31.8 million), and the write-down of intangibles at TECPLATA (US$38.1 million). Excluding these non-recurring gains and charges, recurring net income in 2015 would have been one percent higher at US$174.7 million compared to the US$172.6 million earned the previous year.

    ICTSI handled consolidated volume of 7,775,993 twenty-foot equivalent units (TEUs) for the year ended December 31, 2015, five percent more than the 7,438,635 TEUs handled in 2014. The increase in volume was mainly due to the continuing volume ramp-up at Contecon Manzanillo S.A. (CMSA) in Manzanillo, Mexico and Operadora Portuaria Centroamericana, S.A. de C.V. (OPC) in Puerto Cortes, Honduras; new shipping line contracts and services at Pakistan International Container Terminal (PICT) in Karachi, Pakistan and at Contecon Guayaquil S.A. (CGSA) in Guayaquil, Ecuador; increased demand for services at Subic Bay International Terminal Corp. (SBITC) in Subic Bay, Philippines; favorable impact of consolidation at Yantai International Container Terminal (YICT) in Yantai China; and the contribution from ICTSI Iraq, the Company’s new terminal in Umm Qasr, Iraq which began commercial operation in November 2014. Excluding the volume from the new terminal in Iraq, organic volume increased three percent.

    Gross revenues from port operations was one percent lower in 2015 at US$1.051 billion compared to the reported US$1.061 billion in 2014. The slight decline in revenues was mainly due to unfavorable container volume mix, lower storage revenues and ancillary services, and the negative foreign exchange translation impact of the Brazilian Reais (BRL) at Tecon Suape S.A (TSSA) in Recife, Brazil, the Euro (EUR) at Madagascar International Container Terminal Services, Ltd. (MICTSL) in Toamasina, Madagascar, the Mexican peso (MXN) at CMSA in Manzanillo, Mexico and the Philippine peso (PHP) at various Philippine terminals. In addition, ICTSI’s revenues was adversely affected by the discontinued vessel calls by two major shipping lines as a result of continuing labor disruption at ICTSI Oregon, Inc. (IOI) in Portland, Oregon, USA and weaker short-sea trade and reduced vessel calls at Baltic Container Terminal (BCT) in Gdynia, Poland. The decrease was partially offset by tariff rate adjustments at certain terminals; new shipping line contracts and services; favorable impact of the consolidation of terminal operations in Yantai, China; continuing ramp-up at OPC in Puerto Cortes, Honduras and CMSA in Manzanillo, Mexico; and the revenue contribution of the Company’s new terminal in Umm Qasr, Iraq. Excluding the revenues from the new terminal in Iraq, organic revenues were three percent lower.

    Consolidated cash operating expenses decreased five percent in 2015 to US$432.3 million from US$454.5 million the year earlier. The decrease was mainly due to lower equipment and facilities-related expenses as the company benefited from lower global fuel prices and lower repairs and maintenance expenses; lower variable cost at ICTSI Oregon due to significant volume decline; and the depreciation of the local currency at the various ports of the Company as cash operating expenses of these terminals were translated to a lower US dollar equivalent upon consolidation. The reduction, however, was tapered by the contributions and start-up costs of the new terminal in Iraq and new projects in the Philippines, Mexico, Australia and Democratic Republic of Congo. Excluding the cost associated with the new terminal and projects, consolidated cash operating expenses would have decreased seven percent in 2015.

    Consolidated EBITDA increased two percent to US$450.0 million in 2015 from US$443.0 million the previous year mainly due to the continuing ramp-up and further improvement in operating efficiencies at the terminals in Honduras and Mexico; strong operating results in Asia; and the positive contribution from the new terminal in Iraq. Consolidated EBITDA margin improved to 43 percent in 2015 from 42 percent in 2014.

    Consolidated financing charges and other expenses surged 238% in 2015 to US$183.5 million from US$54.3 million in 2014. The increase was mainly due to the recognition of a US$1.3 million wealth tax on its equity in its project in Aguadulce, Colombia, US$0.6 million super tax recognized at the terminal in Karachi, Pakistan and impairment charges at its subsidiaries in Buenos Aires, Argentina and Jakarta, Indonesia of US$88.0 million and US$26.6 million, respectively.

    Capital expenditure mainly related to construction and procurement of equipment amounted to US$353.5 million for the full year 2015, approximately 67 percent of the original US$530 million capital expenditure budget. The capital expenditure was mainly for the completion of development at ICTSI’s new container terminals in Mexico, Honduras and Iraq; capacity expansion in its terminal operation in Manila; and to start the development of the new terminals in Democratic Republic of Congo and Australia. In addition, ICTSI invested US$95.1 million in the development of Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal development project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia. ICTSI’s capital expenditure budget for 2016 is approximately US$420.0 million mainly allocated for the completion of the initial stage of ICTSI’s new container terminals in Democratic Republic of Congo and Iraq, and the continuing development of ICTSI’s project in Australia. With regard to ICTSI’s joint venture container terminal development project in Buenaventura, Colombia, ICTSI allocated approximately US$60.0 million for its share in 2016 to complete the initial phase of the project.

    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 six continents and continues to pursue container terminal opportunities around the world.




2024 March 28

17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS