ICTSI’s Net Income Triples in 2016

Image Courtesy: ICTSI

Manila-based container terminal operator International Container Terminal Services, Inc. (ICTSI) has seen its net income attributable to equity holders surge to USD 180 million in 2016 from USD 58.5 million earned in 2015, representing a jump of 207 percent.

The company’s revenue from port operations increased by 7 percent to USD 1.128 billion in 2016 from USD 1.051 billion reported in 2015.

The rise was attributed to improvement in trade activities at most of the Philippine terminals resulting to volume growth, new contracts with shipping lines and services at the terminals in Indonesia, Pakistan, Ecuador and Mexico, and tariff rate adjustments at certain terminals, among other factors.

In 2016, ICTSI handled a consolidated volume of 8.68 million twenty-foot equivalent units (TEUs) for the year ended December 31, 2016, up by 12 percent compared to 7.77 million TEUs handled in 2015. The volume was mainly driven by a continuing volume ramp-up at ICTSI Iraq, the terminal in Umm Qasr, Iraq, new shipping lines and services at Contecon Manzanillo S.A. (CMSA) in Manzanillo, Mexico, Contecon Guayaquil S.A. (CGSA) in Guayaquil, Ecuador, and the terminals in Indonesia, according to ICTSI.

Improvement in trade activities in Madagascar International Container Terminal Services, Ltd. (MICTSL) in Toamasina, Madagascar, Adriatic Gate Container Terminal (AGCT) in Rijeka, Croatia and in most of the Philippine terminals also contributed to the rise in volume.

For the quarter ended December 31, 2016, total consolidated throughput was 12 percent higher at 2.25 million TEUs compared to 2 million TEUs in the same period in 2015, while the company’s revenue increased by 13 percent to USD 293.4 million from USD 259.3 million in the respective periods.

Earlier in March, the company said that its Manila International Container Terminal (MICT) is preparing to service the largest containerships in the intra-Asia trade as the facility will expand its capacity with five post-Panamax quay cranes.

The first three cranes from the batch, capable of servicing up to 13,000-TEU boxships, are scheduled for delivery by 2018, while the remaining two would be delivered in 2019.

The order comes on the back of the terminal’s two-million TEU milestone reached in 2016, which triggered a PHP multi-billion capacity improvement commitment with the Philippine Ports Authority (PPA).

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
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 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >