• 2020 August 6 18:07

    ICTSI 1H2020 net income down 12% to US$113.4mln

    International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first half of 2020 posting revenue from port operations of US$724.3 million, a decrease of four percent from the US$751.8 million reported for the same period last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$416.4 million, two percent lower than the US$424.4 million generated in the first half of 2019; and net income attributable to equity holders of US$113.4 million, 12 percent less than the US$128.5 million earned in the same period last year due to lower operating income, increase in interest on concession rights payable and COVID-19 related expenses; partially tapered by a reduction in net loss at its greenfield terminal in Melbourne, Australia and lower equity in net loss of joint ventures.

    Equity in net loss of joint ventures decreased by 22 percent to US$9.7 million in the first half of 2020 from US$12.4 million for the same period in 2019 mainly due to the decrease in the Company’s share 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. Diluted earnings per share was 10 percent lower at US$0.043 from US$0.048 in the first half of 2019.

    For the quarter ended June 30, 2020, revenue from port operations decreased five percent from US$368.0 million to US$348.5 million; EBITDA was one percent higher at US$204.2 million from US$201.9 million; and net income attributable to equity holders was at US$53.8 million, four percent less than the US$56.1 million in the same period in 2019. Diluted earnings per share for the second quarter of 2020 was unchanged at US$0.020 compared to the same period in 2019.

    ICTSI handled consolidated volume of 4,799,765 twenty-foot equivalent units (TEUs) for the first six months of 2020, five percent less than the 5,041,916 TEUs handled in the same period in 2019. The decrease in volume was primarily due to the decline in trade activities which resulted from the impact of the COVID-19 pandemic on global trade and lockdown restrictions. Excluding the contribution of the new terminal in Rio de Janeiro, Brazil, ICTSI Rio, consolidated organic volume would have decreased six percent in the first half of 2020. For the quarter ended June 30, 2020, total consolidated throughput was 11 percent lower at 2,290,779 TEUs compared to 2,563,244 TEUs in 2019.

    Gross revenues from port operations for the first six months of 2020 decreased by four percent to US$724.3 million from the US$751.8 million reported in the same period in 2019 as trade activities declined due to the impact of the COVID-19 pandemic and lockdown restrictions; partially tapered by the contribution of ICTSI Rio; tariff adjustments and new services at certain terminals. Excluding contribution of ICTSI Rio, consolidated organic gross revenues would have decreased by six percent in the first half of 2020. For the second quarter of 2020, gross revenues decreased five percent from US$368.0 million to US$348.5 million.

    Consolidated cash operating expenses in the first six months ended June 30, 2020 was four percent lower at US$222.8 million compared to US$232.0 million in the same period in 2019. The decrease in cash operating expenses was mainly due to the continuous group-wide cost reduction and optimization measures; and favorable translation impact of Brazilian Reais (BRL)-based expenses in Suape, Brazil, Australian Dollar (AUD)-based expenses in Melbourne, Australia, Mexican Peso (MXN)-based expenses in Manzanillo, Mexico, and Pakistan Rupee (PKR)-based expenses in Karachi, Pakistan. The decreased was tapered by the cost contribution of ICTSI Rio, the Company’s new terminal in Rio de Janeiro, Brazil. Excluding the cost contribution of ICTSI Rio, consolidated cash operating expenses would have decreased by nine percent in 2020.

    Consolidated EBITDA decreased two percent to US$416.4 million for the first six months of 2020 from US$424.4 million in 2019 primarily due to lower operating revenues; tapered by lower cash operating expenses resulting from continuous cost reduction and optimization measures, and positive contribution of the new terminal, ICTSI Rio. EBITDA margin, on the other hand, increased to 57 percent in the first half of 2020 from 56 percent the previous year.

    Consolidated financing charges and other expenses for the first half of 2020 increased 14 percent from US$59.6 million in 2019 to US$67.7 million in 2020 primarily due to COVID19-related expenses and the absence of capitalized borrowing cost related to the Phase 2 expansion project in Basra, Iraq in 2019.

    Capital expenditures, excluding capitalized borrowing costs, for the six months ended June 30, 2020 amounted to US$91.2 million. The capital expenditures for the first half of 2020 were mainly for the ongoing expansions at Manila International Container Terminal (MICT) in Manila, Philippines; Contecon Manzanillo S.A. (CMSA) in Mexico; and ICTSI DR Congo (IDRC) in Matadi, Democratic Republic of Congo. Amid the ongoing impact of the COVID-19 pandemic on global trade, the Group has reduced its capital expenditure plan for the year to approximately US$160 million, which will be utilized mainly to complete the ongoing expansion projects.

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

2020 September 21

12:22 Towing of seagoing tugboat Andrey Stepanov along Northern Sea Route completed
12:01 Fincantieri launches the first patrol vessel for Qatar
11:00 BeHydro dual-fuel hydrogen engine awarded Approval in Principle by LR
10:39 Remote audits discussed to avoid further disruption to audit schedule
10:02 Philippine Ports Authority launches COVID-19 contact tracing system for all port users, community
09:41 Oil prices are slightly up
09:23 MABUX: Bunker market this morning, Sep 21
09:08 Baltic Dry Index as of September 18

2020 September 20

16:27 Innovative vacuum cleaner removes plastic from nature reserve in the port of Antwerp
15:33 Master and chief engineer plead guilty in MV Funing case
14:07 World’s largest LNG bunkering vessel arrives in Rotterdam
12:38 Austal Australia delivers 7th GCPB
11:14 ABS to class another four VLEC for Zhejiang Satellite Petrochemical
10:49 MBZ and Boluda Towage Europe ink the 5-year concession agreement for providing sustainable towage service in the Port of Zeebrugge

2020 September 19

15:04 Vroon to recycle three PSVs
14:11 Limited openings at Erasmus Bridge for tall vessels
13:46 The construction of Finnnline's second hybrid ro-ro vessel started
12:33 USCG offloads estimated $216 million of cocaine, marijuana at Port Everglades
11:17 New Maritime Minister visits Port of Southampton

2020 September 18

18:53 Russian ports switch to unified digital platform for daily scheduling of vessels layout and traffic
18:17 KR issues world’s first cyber security class notation to HHI for very large LPG carriers
17:59 Rosmorport takes part in TRANSTEC International Transport Corridors Forum
17:37 Land purchase in Saint Petersburg: new service center for SCHOTTEL in Russia
17:26 Start-ups invited to enter competition to win £75,000 grant to develop innovate port technology
17:11 New high-speed passenger ship put into operation in Yamal-Nenets Autonomous District
17:06 SEACOR Marine forms new Sustainability Council to lead enhanced ESG program
16:51 District awards $15.4 million contract to dredge Freeport Lower Stauffer Reach channel
16:48 DP World and Dubai Customs to assess opportunities to develop trade links between UAE and Israel
16:30 Gazprom Nedra and Marine Rescue Service test SeaDrone MG in Arctic conditions
16:09 SG-STAR Fund: First global tripartite initiative to support countries for crew change
16:02 IUMI raises concerns over increased accumulation risk for yachts and inland vessels
15:43 USCG releases new plan to protect global maritime security
15:08 CMA CGM informs of revised port charges in Ghana
14:51 Bunker prices are stable at the Port of Saint-Petersburg, Russia (graph)
14:24 Goods traffic between North Sea Port and hinterland by inland waterways continues to increase
14:07 Vostochny Port installs four more dust capturing units
13:10 Last jackets to leave Dubai and head for the Moray East offshore wind farm
12:53 Admiralteiskie Verfi shipyard starts assembling major equipment on two trawlers for RFC
12:22 Reconstruction of Klaipeda Seaport breakwaters to increase competitiveness of economy in Lithuania
12:01 Kalmar to support DP World’s continuing expansion at Caucedo with new terminal tractors and empty container handlers
11:03 Naming ceremony held for Japan’s first LNG bunkering vessel
10:48 BIMCO introduces new PIs and KPIs to help improve performance
10:16 ECSA publishes study on implications of EU ETS for shipping
10:10 Keel laying of Tallink’s newest vessel MyStar takes place in Rauma shipyard, Finland
09:54 Port of Oakland import volume up for third straight month
09:51 MABUX: Bunker market this morning, Sept 16
09:47 Tallink Grupp’s vessel Baltic Queen arrives in Riga for the first time
09:23 Oil prices rise after a recent decrease
09:09 Baltic Dry Index as of September 17

2020 September 17

18:05 Digital Twin Ready certification awarded to Furuno
17:54 Damen launches Marine Aggregate Dredger for Hanson
17:52 Verifavia launches industry’s first “3-Way Plug & Play” dashboard
17:41 Nord Star officially listed as first resident of RF Arctic Zone
17:30 ITF and IMEC contribute US$500,000 to the Singapore Shipping Tripartite Alliance Resilience
17:06 Azerbaijan State Marine Academy offers skills development and advanced training courses for ASCO employees
16:43 Ship banned in Australia for AUD $118,000 in unpaid crew wages
16:15 COVID-19 is negatively impacting the offshore energy insurance sector, but market is beginning to harden, says IUMI
16:00 Gasum secures contract with Celsa Armeringsstål AS including LNG deliveries and new terminal
15:42 Diana Shipping announces the sale of a Panamax dry bulk vessel
15:28 FESCO launches regular intermodal service for seafood delivery from Far East to China