ICTSI’s Profit Sinks Despite Growth in Volume

Image Courtesy: ICTSI

Manila-based container terminal owner and operator International Container Terminal Services Inc. (ICTSI) has posted a net income of USD 58.5 million for the full year of 2015, down by 68 percent compared to the USD 182 million earned in 2014.

During 2015, the company handled a total of 7.8 million twenty-foot equivalent units (TEUs), a five percent increase on 7.4 million TEUs handled in 2014.

According to ICTSI, the rise 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.

ICTSI’s volumes increase by 5% to 7.8 million TEUs

Other factors influencing the growth in volume were new shipping line contracts and services at Pakistan International Container Terminal (PICT) in Karachi, and at Contecon Guayaquil S.A. (CGSA) in Ecuador, as well as an increased demand for services at Subic Bay International Terminal Corp. (SBITC) in the Philippines; favorable impact of consolidation at Yantai International Container Terminal (YICT) in China; and the contribution from ICTSI Iraq, the company’s new terminal in Umm Qasr, which began commercial operation in November 2014.

Excluding the volume from the new terminal in Iraq, organic volume increased three percent.

The terminal operator’s revenue from port operations reached USD 1.051 billion in 2015, representing a slight decrease from the previous year’s USD 1.061 billion. The company said that the slight decrease is mainly attributed to unfavorable container volume mix, lower storage revenues and ancillary services, and the negative foreign exchange translation impact at certain terminals.

Furthermore, ICTSI’s revenue was 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, USA and weaker short-sea trade and reduced vessel calls at Baltic Container Terminal (BCT) in Gdynia, Poland.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

THE 30TH WORLD PORTS CONFERENCE Enabling Trade Energizing The World

This event is expected to have more than 500 attendees from the field of port, logistics, shipping and maritime industry…

read more >

Singapore Maritime Week 2017

Singapore Maritime Week (SMW) is the leading maritime event in Singapore. Driven by the Maritime and Port Authority of Singapore (MPA), SMW…

read more >

Breakbulk Europe 2017

For more than a decade, Breakbulk Europe has served as the networking hub for industry professionals who do business in Europe — or would like to! Exhibitors and sponsors include cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers, equipment companies and more that are involved in this specialized industry.

In addition to exceptional networking opportunities, Breakbulk Europe provides a dynamic conference, along with a range of educational and training workshops — intensive all-day classes held the day before the exhibition opens as well as many on-the-floor sessions.

  • Over 7,600 participants attended Breakbulk Europe 2016
  • Meet with over 400 exhibitors and sponsors
  • Hear from industry experts, including leading shippers, during the conference sessions
  • Learn new skills in the educational workshops held before the exhibition and on-the-floor micro-seminars and exhibitor-led sessions during the event

More info

read more >

Smart Operations

Smart Operations events, from Fathom Maritime Intelligence, examines how to use intelligent shared integration, and connected operations…

read more >