MANILA's International Container Terminal Services, Inc (ICTSI) handled 2.33 million TEU in the first quarter, up two per cent year on
year on the back of improvements at ICTSI Iraq and ICTSI Democratic
Republic of Congo, yet net income dived 15 per cent to US$44.1 million.
The new Victoria International Container
Terminal (VICT) in Australia and South Pacific International Container
Terminal in Papua New Guinea were also credited for the increase in
container volumes, reported Container Management.
However, declining throughput at ICTSI's terminals in Guayaquil, Ecuador
and Karachi, Pakistan offset growth at other facilities.
Gross revenue climbed nine per cent to $325.4 million, with volume
growth, tariff rate adjustments, new contracts with shipping lines and
increased storage and ancillary services all contributing to the
increase. EBITDA rose just one per cent to $147.8 million on account of
high operating expenses tied to the fixed port lease at VICT.
Of ICTSI's $380 million capital expenditures budget for 2018, the
operator spent $68 million, or 18 per cent, in the first quarter of the
year.
The budget is mainly allocated for expanding operational capacity in
Manila, Mexico and Iraq; continuing the rehabilitation of the container
terminal in Honduras; continued work in Papua New Guinea; and the
completion of the new barge terminal project in Cavite City,
Philippines.
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