ICTSI H1 volumes up 4% to 4.7m teu as emerging markets deliver gains

Philippines-based International Container Terminal Services Inc (ICTSI) saw overall throughput rise 4% to 4.7m teu in the first half compared to 4.5m teu handled in the previous corresponding period in 2017, mainly on robust trade in the emerging markets and contributions from new terminals in Lae and Motukea in Papua New Guinea and the Australian port of Melbourne.

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%.

Read More: ICTSI takes delivery of three mega boxship cranes at Manila Port

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.

Posted 07 August 2018

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

Read more stories like this...

Sign up to the Seatrade Maritime Newsletter and get stories like this delivered to your inbox.

Subscribe Now >

ShipTech Storybox

Seatrade ShipTech Middle East

23 – 24 September 2019 | Madinat Jumeirah, Dubai

The knowledge hub of technological advancements for the shipping sector. Learn, discover and experience new technologies and optimise operational efficiencies.

View 2019 programme >