ICTSI, PSA inaugurate joint venture terminal in Aguadulce, Colombia [Seaport]
International Container Terminal Services, Inc. (ICTSI) and PSA International (PSA) have formally opened Puerto Aguadulce, a joint venture terminal in the Port of Buenaventura, Colombia with His Excellency, Juan Manuel Santos, President of the Republic of Colombia, leading the inaugural rites.
The first phase of the USD550 million world class multi-user container and bulk handling facility can handle mega container vessels with capacities of up to 18,000 TEUs, and is seen to further spur the Colombian economy. Puerto Aguadulce is operated by Sociedad Puerto Industrial de Aguadulce, the joint venture company of ICTSI and PSA.
"It is very important to have dreams and is more satisfying when they become reality. This is what we are doing today to inaugurate this port," says President Santos.
He adds: “We are stimulating foreign trade with many countries to exploit the full potential we have. We have the vision to have a competitive country, to be a food pantry for the world and this port will be a very important link. All that awaits you is more business, more profit, because if you do well, the country is doing well.”
President Santos was joined by Vice President Germán Vargas Lleras, Valle del Cauca Governor Dilian Francisca Toro, and Buenaventura Mayor Eliécer Arboleda. Other important guests include port sector and infrastructure leaders, Compas shareholders and executives, and host community leaders.
“We have always been bullish on Colombia and believe that its economy is a key driver in pushing the Latin American market into the future. Exports from Colombia such as coffee and sugar remain in high demand. We at ICTSI want to be a partner in the country’s economic journey by offering top-notch port equipment, facilities and technology to facilitate this growing economy. This new terminal is also a positive proof of the successful collaboration between foreign port partners and local stakeholders. For that we would like to thank the government for entrusting us with the privilege to build a vital facility,” says Martin O’Neil, ICTSI Executive Vice President.
“The opening of Puerto Aguadulce marks an important milestone not only in Buenaventura but in the entire Colombia. The terminal is ideally positioned to be a hub for international trade. It was built and designed to meet the current and future requirements of customers and partners, with whom we are going to work with to offer high levels of services and productivity,” says Miguel Abisambra, Puerto Aguadulce CEO.
One of the leading port groups in the world, PSA brings to the table its complementary strengths and years of industry experience to ensure the success of the Aguadulce Port Project. ICTSI and PSA signed the agreement to jointly develop, construct and operate the terminal and its ancillary facilities back in September 2013.
The terminal had its soft opening late in November last year, servicing its first container vessel – the MSC Sasha with outstanding productivity levels.
Puerto Aguadulce features state of the art cargo handling equipment, leading edge operating systems and top-of-the-line facilities and infrastructure. Equipped with neo post-Panamax quay cranes and the latest in port technology, the terminal can service new generation container vessels with capacities of up to 18,000 TEUs.
Under its first phase development, the terminal has an annual handling capacity of 550,000 TEUs operating two container berths. The bulk terminal, on the other hand, will have a capacity of two million tons annually.
It is strategically located in the port city of Buenaventura, Colombia’s sole maritime trading gateway to the Pacific, and the first port of call for southbound services to and from the West Coast of South America.
Headquartered and established in 1988 in Manila, Philippines, International Container Terminal Services, Inc. (ICTSI) is in the business of port development, management and operations. As an independent business with no shipping, logistics or consignee-related interests, ICTSI works and transacts transparently with any stakeholder in the port community. ICTSI’s portfolio of terminals and projects spans developed and emerging market economies in the Asia Pacific, the Americas, and Europe, the Middle East and Africa. ICTSI has received global acclaim for its public-private partnerships with governments divesting of their port assets to the private sector. (www.ictsi.com)
PSA International is one of the leading global port groups. PSA participates in port projects across Asia, Europe and the Americas with flagship operations in Singapore and Antwerp. Employing the finest talents in the industry, PSA delivers reliable and best-in-class service to its customers and develops win-win relationships with its partners. As the port operator of choice in the world's gateway hubs, PSA is “The World's Port of Call”. PSA International has been voted “Best Global Container Terminal Operating Company” for eight years at the Asian Freight & Supply Chain Awards since 2005.
Posted at 19:06 パーマリンク
ICTSI Net Income more than triple to US$180.0M [Seaport]
Throughput up 12% to 8.7 million TEUs
Revenues increased 7% to US$1.128 billion
EBITDA improved 17% to US$525.1 million
International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for the year ended December 31, 2016 posting revenue from port operations of US$1.128 billion, seven percent higher compared to US$1.051 billion last year, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$525.1 million, 17 percent better than the US$450.0 million generated the previous year, and reported net income attributable to equity holders of US$180.0 million, up 207 percent compared to the US$58.5 million earned in 2015. Fully diluted earnings per share for the period surged 491 percent to US$0.065 from US$0.011 in 2015.
In 2016, the Company recognized a non-recurring charge of US$23.4 million on the pre-termination of the lease agreement at ICTSI Oregon, Inc., the Company’s terminal in Oregon, USA. In 2015, the Company recognized non-recurring items such as the gain on the sale of the terminal in Naha, Japan, impairment charges on the concession rights assets of Tecplata S.A. in Buenos Aires, Argentina, and the goodwill of PT ICTSI Jasa Prima Tbk and PT OJA in Jakarta, Indonesia, of US$0.3 million, US$88.0 million and US$26.6 million, respectively. Excluding these non-recurring items, recurring net income would have increased 18 percent to US$203.4 million from US$172.8 million in 2015.
ICTSI handled consolidated volume of 8,689,363 twenty-foot equivalent units (TEUs) for the year ended December 31, 2016, 12 percent more than the 7,775,993 TEUs handled in 2015. The increase in volume was mainly due to continuing volume ramp-up at ICTSI Iraq, the Company’s 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; and 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. For the quarter ended December 31, 2016, total consolidated throughput was 12 percent higher at 2,254,171 TEUs compared to 2,007,745 TEUs in the same period in 2015.
Gross revenues from port operations increased seven percent in 2016 to US$1.128 billion from US$1.051 billion the previous year. The increase in revenues was mainly due 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; tariff rate adjustments at certain terminals; increase in storage and special services revenues at the terminal in Honduras; favorable container-volume mix at most of the Company’s terminals; and continuing ramp-up at ICTSI Iraq. The increase in revenue was tapered by lower storage and non-containerized revenues at Tecon Suape S.A. (TSSA) in Recife, Brazil, weaker short-sea trade and reduced vessel calls at Baltic Container Terminal Ltd. (BCT) in Gdynia, Poland, discontinued vessel calls at ICTSI Oregon in the USA, and unfavorable translation brought about by the four percent depreciation of the Philippine peso and 18 percent depreciation of the Mexican peso. For the quarter ended December 31, 2016, total consolidated gross revenue was 13 percent higher at US$293.4 million compared to US$259.3 million in the same period in 2015.
Total cash operating expenses of the Group decreased by three percent from US$432.3 million in 2015 to US$419.6 million in 2016 mainly due to improved operational efficiencies resulting to lower costs on repairs and maintenance, effective cost optimization initiatives, favorable translation impact of local currency expenses, and lower variable cost at ICTSI Oregon. The decreased was tapered by higher variable manpower costs, higher fuel and power consumption brought about by the volume increase, and cost contribution of new terminals in Argentina, Democratic Republic of Congo and Australia.
Consolidated EBITDA increased 17 percent to US$525.1 million in 2016 from US$450.0 million the previous year mainly due to the continuing ramp-up and further improvement in operating efficiencies at the terminals in Iraq and Mexico; and strong operating results from the company’s terminals in Madagascar, Honduras, Indonesia and the Philippines. Consolidated EBITDA margin continued to improve to 47 percent in 2016 from 43 percent the year earlier.
Consolidated financing charges and other expenses in 2016 was 39 percent lower to US$111.4 million from US$183.5 million in 2015 mainly due to lower non-recurring charges. In 2016, the Company recognized a non-recurring charge of US$23.4 million on the pre-termination of the lease agreement at ICTSI Oregon, Inc. In 2015, the Company recognized impairment charges on the concession rights assets of Tecplata S.A. in Buenos Aires, Argentina, and the goodwill of PT ICTSI Jasa Prima Tbk and PT OJA in Jakarta, Indonesia, of US$88.0 million and US$26.6 million respectively. Excluding these non-recurring charges, consolidated financing charges and other expenses would have increased 27 percent to US$88.0 million from US$69.0 million in 2015 due to lower capitalized borrowing cost and higher interest expense.
Capital expenditures for 2016 amounted to US$391.9 million. Excluding capitalized borrowing costs and other expenses, capital expenditures amounted to US$353.5 million, approximately 84% of the US$420.0 million capital expenditure budget for the full year 2016. The capital expenditure was mainly to fund the initial development stage of the Company’s greenfield projects in Australia, Democratic Republic of Congo and Iraq; the continuing development of the Company’s container terminals in Mexico and Honduras; and capacity expansion in its terminal operations in Manila and Ecuador. In addition, ICTSI invested US$41.2 million or 69 percent of its US$60.0 million budget in the development of Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal development project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia. The Group’s capital expenditure budget for 2017 is approximately US$240.0 million mainly allocated for the completion of the initial stage development of the Company’s greenfield projects in Democratic Republic of Congo and Iraq; the second stage development of the Company’s project in Australia; continuing development of the Company’s container terminals in Mexico and Honduras; and capacity expansion in its terminal operations in Manila. With regard to ICTSI’s joint venture container terminal development project in Buenaventura, Colombia, the Company allocated approximately US$25.0 million for its share in 2017 to complete the initial phase of the project.
ICTSI is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU/year range. ICTSI has an experience record that spans six continents and continues to pursue container terminal opportunities around the world.
Posted at 19:05 パーマリンク
ICTSI Manila to order mega vessel handling equipment [Seaport]
International Container Terminal Services Inc. (ICTSI) is set to order the most modern equipment that will have the largest vessel handling capability in the Philippines, existing or planned, and at par with those used in major developed markets around the world.
The massive order for the Manila International Container Terminal (MICT) includes five post-Panamax quay cranes capable of servicing up to 13,000-TEU boxships, the largest in the intra-Asia trade. Also on order are 20 rubber tired gantry cranes.
The purchase, along with the construction of another berth, is part of ICTSI’s USD80 million capital equipment program for the MICT.
With a maximum reach of 20 containers across and twin lift rated load capability, the post-Panamax quay cranes are capable of servicing single-ocean box ships, too large to pass through the Panama Canal. The capital equipment program would enable the MICT to service new generation vessels with capacities of up to 13,000 TEUs, setting a new standard for container terminal operation in the country.
“Hitting the two-million mark last year is a clear indication that we need to further expand our operation in response to the direction of the market. We also have to address the growing consolidation trend happening with major carriers that have them deploying larger capacity vessels," says Christian R. Gonzalez, ICTSI Senior Vice President and Regional Head of Asia Pacific and MICT.
The 2 millionth TEU milestone triggered a multi-billion peso capacity improvement commitment with the Philippine Ports Authority (PPA). The program is in line with the projected increase in container movement as a result of an improving Philippine economy despite the global downturn in the container shipping industry.
“We have always been steps ahead of the game in terms of planning. By the way things are looking, there is a legitimate need to invest in equipment and construct an additional berth in the near future. We need to ensure expansion is ahead of the curve in terms of being prepared for an increase in vessel sizes," continues Gonzalez.
The MICT currently has six berths. Two of the new quay cranes will be deployed at Berth 5. Another pair will be deployed at Berths 6 and 7, respectively, while the last crane will be deployed at Berth 3. The first three cranes are scheduled for delivery by 2018, with the remaining two at 2019.
In 2015, ICTSI deployed new-generation reach stackers at the MICT to improve operational efficiency as volume continued to grow. Earlier in 2014, the MICT completed the construction of Yard 7, which added four hectares of yard space to the terminal or roughly 500,000 TEUs, and further extended the terminal’s berth to 1,700 meters. With the recent expansion, MICT’s annual capacity increased to 2.75 million TEUs.
ICTSI has several other projects in the pipeline for its Philippine operation that should pave the way for it to become a complete logistics provider. These include the revival of the rail link between MICT and the recently opened Laguna Gateway Inland Container Terminal in Calamba. It has also recently submitted a proposal to build a roll on-roll off barge terminal in Cavite, south of Metro Manila.
Posted at 17:42 パーマリンク
ICTSI Manila hits 2M TEU milestone [Seaport]
The Manila International Container Terminal (MICT), International Container Terminal Services, Inc.’s (ICTSI) flagship operation and the Philippines’ largest, most technologically advanced container terminal, capped 2016 with a milestone as it reached its first year-to-date two millionth TEU move last December. Nominated among the world’s top container terminals for several years, the MICT has an annual capacity of 2.75 million twenty-foot equivalent units (TEU).
The two millionth TEU container was offloaded from SITC Osaka, which is operated by Chinese megaliner SITC Container Lines. The container vessel originated from Ningbo in China. SITC is one of MICT’s longtime clients with regular vessel calls to the Port of Manila. MICT reached its first one million-TEU move back in December 2002.
A ceremony held to commemorate the milestone was led by Christian R. Gonzalez, ICTSI Senior Vice President and Regional Head of Asia-Pacific and MICT, and Qing Quan, SITC Container Lines Philippines, Inc. General Manager.
“Today represents a significant achievement for MICT as we continue with our mandate to provide the highest level of service to our clients and stakeholders, most especially to the Filipino people. As the gateway to the Philippine market, MICT consistently seeks to improve our operational efficiency to ensure fast and uninterrupted flow of trade in and out of the port,” said Mr. Gonzalez.
Terminal utilization at the MICT has significantly improved since the completion of Yard 7 late in November 2015. Yard 7, which is part of MICT’s PHP5 billion expansion project, increased the terminal’s capacity by 18 percent from 2.5 million to 2.75 million TEUs.
The two million milestone also triggers a multi-billion peso capacity improvement commitment with the Philippine Ports Authority that requires ICTSI to commission five additional post-Panamax quay cranes along with corresponding yard equipment, and build at least another berth by 2019.
Also, key to achieving the two million TEU milestone was the rollout the Terminal Appointment Booking System (TABS), an online container booking platform, in October 2015, which significantly improved and optimized the flow of trucks in and out of the terminal.
Mr. Gonzalez explains: “The construction of Yard 7 and the implementation of TABS last year gave us the flexibility and efficiency we need to perform optimally. We have more projects in the pipeline like the revival of the rail line which will link MICT with Laguna Gateway Inland Container Terminal.”
Aside from establishing an intermodal link between its Manila and Laguna terminals, ICTSI also submitted a proposal to the Philippine Department of Transportation to build the Cavite Gateway Terminal (CGT), a USD30 million common-user barge and roll on–roll off terminal in Tanza, Cavite. The 115,000-TEU facility, which will be built in a six-hectare property, will also be directly linked with MICT. The transshipping of cargo from MICT to CGT and vice-versa will serve the dynamic economic activity of Cavite, and lessen the number of truck trips in Manila by approximately 140,000 annually.
Posted at 19:07 パーマリンク
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