• 2018 November 7 15:34

    ICTSI 9M2018 revenues up 10% to USD1 billion

    International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first nine months of 2018 posting revenue from port operations of US$1.0 billion, an increase of 10 percent over the US$918.3 million reported in the same period in 2017; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$462.1 million, six percent higher than the US$434.9 million generated in the first three quarters of 2017; and net income attributable to equity holders of US$153.3 million, up three percent compared to the US$149.3 million earned in the same period last year mainly due to strong operating income from organic terminals; a decrease in the Company’s share in the 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, which decreased from US$25.6 million in the first nine months of 2017 to US$23.3 million for the same period in 2018 as the company continued to ramp-up container volume; and a US$2.8 million non-recurring gain from the pre-termination of interest rate swap related to the pre-payment of the project finance loan at its terminal in Manzanillo, Mexico in May 2018.

    The increase was tapered by the drag from the new terminals and a US$7.5 million non-recurring gain on the termination of the sub-concession agreement in Nigeria in the second quarter of 2017. Excluding the non-recurring gains, consolidated net income attributable to equity holders would have increased by six percent. Diluted earnings per share was 11 percent lower at US$0.052 from US$0.058 in the first nine months of 2017 mainly due to additional distributions to holders of senior guaranteed perpetual capital securities issued in January 2018.

    For the quarter ended September 30, 2018, revenue from port operations increased nine percent from US$314.6 million to US$344.0 million; EBITDA was 12 percent higher at US$162.6 million from US$145.1 million; and net income attributable to equity holders was up 22 percent from US$45.7 million to US$55.6 million. Diluted earnings per share for the quarter was 11 percent higher at US$0.019 compared to US$0.017 in 2017 due to strong operational results despite the additional distributions to holders of senior guaranteed perpetual capital securities issued in January 2018.

    ICTSI handled consolidated volume of 7,152,392 twenty-foot equivalent units (TEUs) in the first nine months of 2018, five percent more than the 6,836,611 TEUs handled in the same period in 2017. The increase in volume was primarily due to improvement in trade activities at most of the Company’s terminal locations and the contribution of new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia. Excluding the new terminals, consolidated volume would have increased by two percent.

    For the quarter ended September 30, 2018, total consolidated throughput was six percent higher at 2,438,136 TEUs compared to 2,291,207 TEUs in 2017. Excluding the new terminals, consolidated volume would have increased by four percent in the third quarter of 2018.

    Gross revenues from port operations for the first nine months of 2018 increased 10 percent to US$1.0 billion compared to US$918.3 million reported in the same period in 2017. The increase in revenues was mainly due to volume growth; new contracts with shipping lines and services; increase in revenues from non-containerized cargoes, storage and ancillary services; and the contribution from the Company’s new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia. Excluding the new terminals, consolidated gross revenues would have increased by five percent.

    For the third quarter of 2018, gross revenues increased nine percent from US$314.6 million to US$344.0 million. Excluding the new terminals, consolidated gross revenue for the third quarter would have increased by five percent.

    Consolidated cash operating expenses in the first three quarters of 2018 was 16 percent higher at US$398.0 million compared to US$343.4 million in the same period in 2017. The increase in cash operating expenses was mainly due to the cost contribution of the new terminals in Lae and Motukea in Papua New Guinea, and Melbourne, Australia; higher fuel consumption and external yard rental as a result of increase in volume; and increase in prices of fuel and higher repairs and maintenance at certain terminals. The increase was tapered by the favorable translation impact of Philippine Peso and BRL expenses at the various terminals in the Philippines and in Suape, Brazil, respectively. Excluding the new terminals, consolidated cash operating expenses would have increased by only four percent in the first nine months of 2018. For the quarter ended September 30, 2018, total cash operating expenses of the Group increased by nine percent to US$132.1 million in 2018 from US$121.7 million in 2017.

    Consolidated EBITDA for the first nine months of 2018 increased six percent to US$462.1 million from US$434.9 million in 2017 mainly due to strong revenue growth and the positive contribution of the new terminals in Lae and Motukea in Papua New Guinea, tapered by higher fixed port lease expense at Melbourne, Australia. Consequently, EBITDA margin decreased from 47 percent in the first nine months of 2017 to 46 percent in the same period in 2018.

    Consolidated EBITDA for the third quarter of 2018 increased by 12 percent to US$162.6 million from US$145.1 million in the same period in 2017. EBITDA margin for the quarter increased from 46 percent in 2017 to 47 percent in 2018.

    Consolidated financing charges and other expenses for the first three quarters increased three percent from US$86.9 million in 2017 to US$89.2 million in 2018 primarily due to lower capitalized borrowing cost on qualifying assets.

    Capital expenditures excluding capitalized borrowing costs for the first nine months of 2018 amounted to US$196.4 million, approximately 52 percent of the US$380.0 million capital expenditures budget for the full year 2018. The established budget is mainly allocated for the capacity expansion in its terminal operations in Manila, Mexico and Iraq; continuing rehabilitation and development of the Company’s container terminal in Honduras; procurement of additional equipment and minor infrastructure works in its newly acquired terminal operations in Papua New Guinea; and the completion of its new barge terminal project in Cavite City, Philippines.

    ICTSI is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to three million TEU/year range. ICTSI has an experience record that spans six continents and continues to pursue container terminal opportunities around the world.




2018 November 16

18:07 Ocean Network Express announces delivery of 14,000 - TEU containership “ONE COLUMBA”
18:02 Sovcomflot reported its results for Q3 and 9M ending 30 September 2018
18:01 Throughput of port Vyborg in 10M’18 up 23% Y-o-Y to 1.53 million tonnes
17:42 Federal Antimonopoly Service of Russia approves amendments to railway transport tariffs
17:30 Keppel announces settlement agreement for termination of an integration project
17:17 Throughput of port Kaliningrad in 10M’18 grew by 5% Y-o-Y to 11.83 million tonnes
17:07 Van Oord and Ace Aquatec making FaunaGuard available for rest of the world
17:06 PaxOcean delivers largest FSRU to be built in China
16:55 Throughput of port Primorsk in 10M’18 fell by 10% Y-o-Y to 44.42 million tonnes
16:55 NYK develops advance water-in-oil alarm to prevent engine trouble
16:33 Throughput of port Vysotsk in 10M’18 climbed by 6% Y-o-Y to 15.34 million tonnes
16:28 Maersk Line receives Service Innovation Award for its Remote Container Management product
16:10 Bureau Veritas Chongqing Liansheng wins Global Project Excellence Award of IPMA 2018
15:48 Port of Ust-Luga handled 81.50 million tonnes in 10M’18, down 4% Y-o-Y
15:29 Port of St. Petersburg handled 49.14 million tonnes in 10M’18, up 12% Y-o-Y
15:10 ZIM announces Q3 2018 results
14:45 Jan De Nul supports the 6th Forum of Dredging Companies as its Sponsor
14:24 Decision on construction of 4th and 5th nuclear-powered icebreakers expected before year end
14:10 Diana Shipping announces time charter contract for m/v Thetis with Hudson
13:32 Entry fee for vessels to be changed at the Port of Ventspils in 2019
13:10 Global Ship Lease completes strategic combination with Poseidon Containers
12:55 Ship inspection to keep high standards
12:31 GoodBulk announces delivery of Supramax vessel to its new owners
12:04 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
11:30 GTT receives an order from HHI to design the tanks of two new LNG carriers
11:25 Multipurpose Reloading Complex (Ust-Luga) boosts allocations for its development programme
11:04 ForSea completes conversion of the world’s largest battery ferries, powered by ABB
10:44 Wärtsilä, LUT University and Nebraska Public Power District to develop business case for alternative fuels
10:41 Nor-Shipping looks to achieve industry first with ISO sustainable event standard
10:20 Brent Crude futures price up 0.84% to $67.17, Light Sweet Crude – up 0.74% to $56.88
10:02 Portmaster improves efficiency in the Port of Scheveningen
09:57 High level experts to present at Maritime Reconnaissance and Surveillance Technology conference
09:35 Container throughput of port Hong Kong (China) down 5.4% to 16.3 million TEUs in Jan-Oct’18
09:16 Baltic Dry Index is up to 1,020 points

2018 November 15

18:03 Costa Smeralda to call on Cruiseport Rotterdam
17:54 Polish LNG Conference 2018 concludes in Warsaw
17:25 Port of Singapore throughput in 10M’18 grew by 0.7% Y-o-Y to 523.73 million tonnes
17:03 Maersk Line announces rates from Mediterranean to West and Central Asia
16:52 Expert says downward trend in bunker prices may continue next week
16:30 Nevsky Shipyard launched dry cargo vessel of Project RSD59 «Pola Anfisa»
16:19 "K" Line takes delivery of coal carrier “SHONAI MARU” for JERA Trading
16:04 ICTSI names new APAC head
15:22 Meyer Turku starts construction of Carnival XL1
15:03 Port of Antwerp signs an agreement with Enabel
14:34 Throughput of Ukraine’s seaports in 10M’18 declined by 0.7% Y-o-Y to 108 million tonnes
14:03 Pavilion Energy and Novatek agree to strengthen their LNG partnership
14:00 Damen hands over four FCS 2610 vessels to Allianz during ADIPEC
13:36 ABS awards industry’s first offshore facility cyber security-ready notation to Sembcorp Marine
13:23 NOVATEK’s Board of Directors to be elected on 18 January 2019
13:00 Zvezda shipyard started serial manufacturing of Aframax-class tankers
12:39 Residents of Riga and the Port outline a common vision for the future
12:04 Singapore hosts 10th APEC Port Services Network (APSN) Port Connectivity Forum
11:48 Bunker prices are still high in the Far East ports of Russia (graph)
11:22 Sea Port of Saint-Petersburg’s allocations for its development programme totaled RUB 413.5 million in 9M’2018
11:03 NYK promotes decarbonization through exploratory design of NYK Super Eco Ship 2050
10:51 ABS and HHI pioneer Cyber Security standard for new vessels
10:25 Brent Crude futures price down 0.18% to $66, Light Sweet Crude – down 0.36% to $56.05
10:11 OOCL introduces new Asia – South Africa direct services
09:58 A.P. Moller – Maersk, CMA CGM, Hapag - Lloyd, MSC and Ocean Network Express plan to establish container shipping association
09:38 ASW Severomorsk of RF Navy's Northern Fleet completed a call to the Republic of Djibouti