Throughput surge boosts ICTSI financials
International Container Terminal Services Inc (ICTSI) has reported a 7% increase in port revenue from last year, with the US$1.128 billion total being helped along by a surge in throughput.
The 12% throughput surge of up to 8.7m teu was mainly due to continuing volume ramp-up at ICTSI Iraq, the operator's terminal in Umm Qasr and new shipping lines and services at Contecon Manzanillo S.A. (CMSA) in Manzanillo, Mexico.
In addition, Contecon Guayaquil S.A. (CGSA) in Guayaquil, Ecuador and the terminals in Indonesia, International Container Terminal Services Ltd (MICTSL) in Toamasina, Madagascar, Adriatic Gate Container Terminal (AGCT) in Rijeka, Croatia and most of the Philippine terminals saw improved volume growth.
ICTSI's increase in revenue was tapered by lower storage and non-containerised revenues at Tecon Suape S.A. (TSSA) in Recife, Brazil, weaker short-sea trade and reduced vessel calls at Baltic Container Terminal Ltd (BCT) in Gdynia, Poland and discontinued vessel calls at ICTSI Oregon in the USA.
The operator also blames an unfavourable translation brought about by the 4% depreciation of the Philippine peso and 18% depreciation of the Mexican peso.
ICTSI’s capital expenditure of US$391.9 million was mainly to fund the initial development stage of the company’s greenfield projects in Australia, Democratic Republic of Congo and Iraq, the continuing development of its container terminals in Mexico and Honduras and capacity expansion in its terminal operations in Manila and Ecuador.
In addition, ICTSI invested US$41.2 million or 69% of its US$60 million budget 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.
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