Good growth in global trade activities also led to continuing volume growth at most terminals, although excluding the new terminals, volume increased by just 1%, ICTSI said in a press release.
A larger proportion of the growth came in the latter part of the reporting period, with total consolidated throughput rising 5% to 2.4m in the second quarter compared to 2.3m teu in the second quarter of 2017. Excluding the new terminals, second quarter consolidated volume would have increased by 3%, ICTSI added.
The 10% rise in first half revenue to $661.8m came mainly on the back of volume growth, new contracts with shipping lines and services, increase in revenues from non-containerized cargoes, storage and ancillary services, and contributions from new terminals, ICTSI said, adding that without the three new terminals, consolidated gross revenues would have increased by 6%.
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The global operator of smaller ports said capital expenditure in the first half of $134.3m amounted to approximately 35% of the $380.0m budget for 2018. This has been mainly allocated for capacity expansion at its terminals in Manila, Mexico and Iraq; continuing rehabilitation and development of ICTSI’s container terminal in Honduras; procurement of additional equipment and minor infrastructure works at its newly acquired terminal operations in Papua New Guinea; and the completion of the new barge terminal project at Cavite City in the Philippines.
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