LISTED port operator International Container Terminal Services, Inc. (ICTSI) said on Thursday it was named one of the top global terminal operators.
“ICTSI ranked 8th among global terminal operators in terms of equity TEU based on the consolidated 10.1 million twenty-foot equivalent units (TEUs) it handled in 2020,” the company said in an e-mailed statement on Thursday, citing the latest Global Container Terminal Operators Annual Review and Forecast of maritime research firm Drewry.
In 2021, ICTSI’s consolidated throughput increased by 10% to 11.1 million TEUs as a result of the reopening of markets and improvements in trade amid the global health crisis.
The report also recognized ICTSI, which operates 33 terminals in 20 countries, as “the largest wholly independent port operator with a presence across six continents,” the company noted.
“Despite the slowdown of global trade during the past two years due to the COVID-19 pandemic, ICTSI continued to expand its operations with the addition of two new multipurpose terminals in Nigeria and Cameroon,” it added.
It also expanded its existing operation in Rio de Janeiro, Brazil, by adding rail logistics to its services.
The company allotted $250 million in capital expenditures (capex) for 2021 to fund projects in its flagship Manila International Container Terminal, Matadi Gateway Terminal in D.R. Congo, and Victoria International Container Terminal in Australia.
It has budgeted approximately $330 million in capex for 2022.
According to ICTSI Chairman and President Enrique K. Razon, Jr., 87% of the capex for this year will be used for the group’s expansion projects and 13% for maintenance.
Last year, ICTSI spent $165 million on expansion, maintenance, and new projects.
The listed port operator saw a 58% growth in its first-quarter attributable net income to $142.3 million from $90.1 million in the same period a year earlier.
The company’s revenue rose by 21% to $528.3 million, while its EBITDA — or earnings before interest, taxes, depreciation, and amortization — increased by 28% to $337.9 million. — Arjay L. Balinbin
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