• 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.




2019 January 21

14:03 CMA CGM joins to the world’s largest operational agreement extention
13:27 Algoma receives full refund for shipbuilding contracts with Uljanik and 3Maj Shipyard
13:13 ESL Shipping strengthens its Chartering team
12:46 Leonid Mashaev appointed as Acting General Director of “State Customer’s Directorate for Seaborne Transport Development Programmes”
12:18 Average wholesale prices for М-100 HFO up to RUB 14,769 in RF spot market
11:49 Dublin Port’s сargo volumes up by 4.3% in 2018
11:22 FESCO and ZIH launching a container train from Germany to China through the Far East
10:55 14 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 20-21
10:27 TransContainer announced its preliminary operating results for the fourth quarter and the full year of 2018
10:04 Brent Crude futures price up 0.41% to $62.94, Light Sweet Crude – up 0.43% to $54.28
09:40 Throughput of port Kaliningrad in 2018 grew by 2% Y-o-Y to 14.05 million tonnes
09:19 Baltic Dry Index is up to 1,112 points

2019 January 20

16:08 Subsea 7 acquires multi-purpose offshore construction and dive support vessel
15:03 TEPCO and Ørsted sign MoU to work jointly on offshore wind projects
13:51 Major contract for JSS awarded to Montreal-based company
12:42 Huntington Ingalls Industries to acquire Fulcrum IT Services
10:47 Algoma provides update on status of fleet renewal

2019 January 19

16:19 Ocean Yield acquires Suezmax tanker Milos for $56.0 million
15:16 Evac expansion continues with acquisition of UK service company Transvac Systems
14:02 Deltamarin contracted to continue with Titanic II project
12:51 SGRE launches 10 MW offshore wind turbine
11:44 Algoma increases its interest in the ocean self-unloader Pool

2019 January 18

18:06 North Carolina Ports sets new record in 2018
17:47 Freight turnover of Neva-Metal (Saint-Petersburg) in 2018 climbed by 3% Y-o-Y to about 3.2 million tonnes
17:25 Okskaya Sudoverf obtains patent for state-of-the-art pontoons
17:06 Hamburg prepares for ‘Hard Brexit’
16:44 Throughput of port Primorsk in 2018 fell by 7% Y-o-Y to 53.48 million tonnes
16:23 GTT receives a new order from SHI to design the tanks of two LNG carriers on behalf of Gaslog
16:20 NOVATEK elects new Board of Directors
15:56 Throughput of port Vyborg in 2018 grew by 25% Y-o-Y to 1.93 million tonnes
15:33 Stena Line’s first new generation ferry ‘floats’ in China
15:21 Bunker sales at the port of Singapore in 2018 fell by 1.7% Y-o-Y to 49.8 million tonnes
15:03 Panama Direct service CMA CGM to resume weekly rotations
14:47 Throughput of port Vysotsk in 2018 climbed by 7% Y-o-Y to 18.79 million tonnes
14:33 GranIHC appointed contractor for Equinor’s Peregrino Phase II Project
14:19 Port of Ust-Luga handled 98.72 million tonnes in 2018, down 4% Y-o-Y
14:03 Algoma Central Corporation increases its interest in ocean self-unloader Pool
13:50 18 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 17-18
13:35 Throughput of the Port of St. Petersburg in 2018 up 11% Y-o-Y to 59.32 million tonnes
13:18 CMA CGM unites its Containerships and MacAndrews brands
13:11 Vladimir Putin supports Government’s proposal on expanding Far East Ministry’s functions with Arctic issues
12:49 Throughput of port Kavkaz in 2018 grew by 11% Y-o-Y to 49.276 million tonnes
12:26 MV Werften purchases Neptun Ship Design
12:08 Sakaide shipyard holds naming ceremony for new LNG carrier jointly owned by NYK and JERA
11:38 PGNiG SA signs agreement for oil and gas exploration and production in UAE
11:14 Remote pilotage to be allowed in Finland
10:47 Free zone status is a crucial advantage for the future development of the Freeport of Riga
10:06 Ice restrictions at the port of Ust-Luga come into effect on January 31
09:42 Brent Crude futures price up 0.9% to $61.73, Light Sweet Crude – up 1.09% to $52.64
09:20 Baltic Dry Index is up to 1,077 points

2019 January 17

18:13 PORT OF KIEL presents annual results 2018
17:51 Ice restrictions at the port of Primorsk come into effect on January 25
17:28 Global Ports sets up a common service call centre
17:09 EFIP welcomes and supports the European Parliament position on the Connecting Europe Facility for 2021-2027
17:05 North Sea Port monitoring the Brexit closely
16:44 ABP invests £700K to boost storage at Port of Ipswich
16:27 Global fuel market: still many uncertainties in both demand and supply
16:22 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:05 OCEAN Alliance extends duration of OCEAN Alliance to ten years
15:42 COSCO SHIPPING Ports signs agreement with PSA to add two new berths at the terminal in Boao, Hainan