• 2020 August 6 18:07

    ICTSI 1H2020 net income down 12% to US$113.4mln

    International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first half of 2020 posting revenue from port operations of US$724.3 million, a decrease of four percent from the US$751.8 million reported for the same period last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$416.4 million, two percent lower than the US$424.4 million generated in the first half of 2019; and net income attributable to equity holders of US$113.4 million, 12 percent less than the US$128.5 million earned in the same period last year due to lower operating income, increase in interest on concession rights payable and COVID-19 related expenses; partially tapered by a reduction in net loss at its greenfield terminal in Melbourne, Australia and lower equity in net loss of joint ventures.

    Equity in net loss of joint ventures decreased by 22 percent to US$9.7 million in the first half of 2020 from US$12.4 million for the same period in 2019 mainly due to the decrease in the Company’s share in 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. Diluted earnings per share was 10 percent lower at US$0.043 from US$0.048 in the first half of 2019.

    For the quarter ended June 30, 2020, revenue from port operations decreased five percent from US$368.0 million to US$348.5 million; EBITDA was one percent higher at US$204.2 million from US$201.9 million; and net income attributable to equity holders was at US$53.8 million, four percent less than the US$56.1 million in the same period in 2019. Diluted earnings per share for the second quarter of 2020 was unchanged at US$0.020 compared to the same period in 2019.

    ICTSI handled consolidated volume of 4,799,765 twenty-foot equivalent units (TEUs) for the first six months of 2020, five percent less than the 5,041,916 TEUs handled in the same period in 2019. The decrease in volume was primarily due to the decline in trade activities which resulted from the impact of the COVID-19 pandemic on global trade and lockdown restrictions. Excluding the contribution of the new terminal in Rio de Janeiro, Brazil, ICTSI Rio, consolidated organic volume would have decreased six percent in the first half of 2020. For the quarter ended June 30, 2020, total consolidated throughput was 11 percent lower at 2,290,779 TEUs compared to 2,563,244 TEUs in 2019.

    Gross revenues from port operations for the first six months of 2020 decreased by four percent to US$724.3 million from the US$751.8 million reported in the same period in 2019 as trade activities declined due to the impact of the COVID-19 pandemic and lockdown restrictions; partially tapered by the contribution of ICTSI Rio; tariff adjustments and new services at certain terminals. Excluding contribution of ICTSI Rio, consolidated organic gross revenues would have decreased by six percent in the first half of 2020. For the second quarter of 2020, gross revenues decreased five percent from US$368.0 million to US$348.5 million.

    Consolidated cash operating expenses in the first six months ended June 30, 2020 was four percent lower at US$222.8 million compared to US$232.0 million in the same period in 2019. The decrease in cash operating expenses was mainly due to the continuous group-wide cost reduction and optimization measures; and favorable translation impact of Brazilian Reais (BRL)-based expenses in Suape, Brazil, Australian Dollar (AUD)-based expenses in Melbourne, Australia, Mexican Peso (MXN)-based expenses in Manzanillo, Mexico, and Pakistan Rupee (PKR)-based expenses in Karachi, Pakistan. The decreased was tapered by the cost contribution of ICTSI Rio, the Company’s new terminal in Rio de Janeiro, Brazil. Excluding the cost contribution of ICTSI Rio, consolidated cash operating expenses would have decreased by nine percent in 2020.

    Consolidated EBITDA decreased two percent to US$416.4 million for the first six months of 2020 from US$424.4 million in 2019 primarily due to lower operating revenues; tapered by lower cash operating expenses resulting from continuous cost reduction and optimization measures, and positive contribution of the new terminal, ICTSI Rio. EBITDA margin, on the other hand, increased to 57 percent in the first half of 2020 from 56 percent the previous year.

    Consolidated financing charges and other expenses for the first half of 2020 increased 14 percent from US$59.6 million in 2019 to US$67.7 million in 2020 primarily due to COVID19-related expenses and the absence of capitalized borrowing cost related to the Phase 2 expansion project in Basra, Iraq in 2019.

    Capital expenditures, excluding capitalized borrowing costs, for the six months ended June 30, 2020 amounted to US$91.2 million. The capital expenditures for the first half of 2020 were mainly for the ongoing expansions at Manila International Container Terminal (MICT) in Manila, Philippines; Contecon Manzanillo S.A. (CMSA) in Mexico; and ICTSI DR Congo (IDRC) in Matadi, Democratic Republic of Congo. Amid the ongoing impact of the COVID-19 pandemic on global trade, the Group has reduced its capital expenditure plan for the year to approximately US$160 million, which will be utilized mainly to complete the ongoing expansion projects.

    ICTSI is a leading global developer, manager and operator of container terminals in the 50,000 to three million TEU/year range. ICTSI operates in six continents and continues to pursue container terminal opportunities around the world.

2020 September 30

13:24 Port of San Diego celebrates completion of Tenth Avenue Marine Terminal modernization project
13:10 RS introduces new distinguishing marks for class notation
12:09 Detachment of RF Navy’s Pacific Fleet returned to Vladivostok after long range campaign in Asia-Pacific region
11:31 Russia’s seaborne cargo traffic turnover to rise by some 10% in 2020
11:04 Port of Los Angeles and Port of Long Beach to host Clean Air Action Plan update meeting
10:50 Rosmorport announces tender for dredging in Kavkaz port’s water area
10:23 Bunker prices decrease in the Port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Sept 30
09:35 Scorpio Bulkers announces the sale of a Kamsarmax vessel
09:27 Oil prices continue decreasing
09:12 Baltic Dry Index as of September 29
08:33 Keppel reaffirms Vision 2030 and rolls out next steps for implementation
07:29 ADNOC signs 25-year agreement to service all petroleum ports in Abu Dhabi

2020 September 29

19:01 Carnival Cruise Line’s Mardi Gras departs on sea trials
18:37 Great Lakes announces receipt of $105 mln Jacksonville deepening award
18:03 Kongsberg Digital wins contract to deliver cutting-edge engine room simulator to German training institute
17:55 Murmansk Commercial Seaport expands its fleet of equipment
17:31 Milaha signs deal with Schlumberger
17:16 Expansion of Aberdeen Harbour by Van Oord in full swing
17:08 HHLA invests in the Adriatic Port of Trieste
16:29 Record-high number of international cruise ships to arrive at the Port of HaminaKotka next year
16:05 Hamworthy Pumps makes strong re-entry to tanker market
15:44 New BIMCO Shipping KPI version offers improved benchmarking concept
15:32 Free energy scan for inland vessels is to stimulate the use of shore power
15:05 Mir sailing training ship accepts new shift of cadets
14:30 Admiral Essen frigate of RF Navy’s Black Sea Fleet passes Black Sea Straits towards Mediterranean Sea
13:58 Traficom surveyed Maritime professionals’ opinions regarding N2000 fairway and nautical chart reform
13:13 Victor Shitukhin is appointed as Acting Director of its Ship Repair Plant ‘Nerpa’
12:49 Lotos shipyard lays down two self-propelled dredgers
12:11 Bunker prices decrease in the Far East ports of Russia (graph)
11:47 Port of Antwerp focuses heavily on general cargo: search begun for breakbulk candidate for Churchill Dock
11:27 Joint oil spill exercise tests inter-agency response and cooperation amidst COVID-19 pandemic
10:46 New impetus for digitalization of shipping in the COVID-19 pandemic
10:09 IAPH presents guidelines for LNG-powered vessels during port calls
09:54 Oil prices are decreasing
09:35 Port Authority of Singapore holds joint oil spill exercise
09:15 Baltic Dry Index as of September 28
08:58 MABUX: Bunker market this morning, Sept 29

2020 September 28

18:57 Okeanis Eco Tankers announces one year VLCC time charter
18:27 Bumi Armada secures third FPSO project in India
18:07 Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry
17:59 RF Government to allocate RUB 27.6 billion for construction of two scientific research ships
17:28 Port of Long Beach announces closure of traffic routes leading to the Gerald Desmond Bridge
17:05 Maersk Supply Service and Ørsted to test offshore charging buoy to reduce vessel emissions
17:02 Oboronlogistics completed Northern Delivery programme of 2020
16:56 UTLC ERA JLC and Belintertrans-Germany GmbH open joint end-to-end regular multimodal service from China to Western Europe
16:37 Atommash shipped Reactor Pressure Vessel for Turkey's first nuclear power plant
16:14 The digital transformation is accelerating, and insurers and underwriters must adapt, says IUMI
15:51 Ships of RF Navy's Black Sea Fleet returned to their permanent locations after "Kavkaz-2020" maneuvers
15:29 New railway bridge over Kolar river put into operation in Murmansk Region
15:13 BIMCO to push for international guidelines for ship/shore communication at IMO
14:12 Submersible robot buries power cables for offshore wind farms 5.5 metres below seabed to the north of Maasvlakte
13:53 Moscow Exchange registered debut bond issue by FSUE "Rosmorport"
13:30 Blanket repair begins at Beloomut dam’s second section
13:12 Busan Port Authority concludes an agreement to establish a smart maintenance system for port facility
12:54 Average spot market price for Russian M100 product fell to RUB 11,773 pmt
12:11 Abu Dhabi Ports acquires MICCO to become a leading provider of fully integrated supply chain logistics solutions
11:36 RF Government approves National Programme for Far East Development
11:13 Aker Solutions awarded subsea contract for Breidablikk
10:51 Hornsea Two monopile installation scheduled to start next month