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ICTSI's new Rio de Janeiro terminal helps boost 2020 global volumes
来源：Shipping News Headlines 编辑：编辑部 发布：2021/03/15 11:37:59
GLOBAL port management company headquartered in Manila, Philippines, International Container Terminal Services, Inc, ICTSI handled a volume of 10.19 million TEU globally in 2020 a marginal 0.2 per cent increase on the previous year.
The result was bolstered ICTSI Rio, the company's new terminal operations in Rio de Janeiro in Brazil; improvement in trade activities in the second half of 2020 as lockdown restrictions in most parts of the world eased; and new contracts with shipping lines and services at certain terminals.
Excluding the contribution of company's new terminal in Rio de Janeiro in Brazil, consolidated organic volume would have decreased by 2 per cent in 2020, according to Seatrade Maritime News, Colchester, UK.
"ICTSI has delivered a positive performance in very challenging circumstances and it highlights not only the significant dedication and commitment of our colleagues who have performed strongly throughout the pandemic but also the agility and strength of our business," said Enrique Razon Jr, ICTSI chairman and president. "And as our volumes rebounded from their lows when lockdown restrictions began to lift in the second half, so did our margins reflect the benefits of these actions."
Gross revenues from port operations grew by 2 per cent in 2020 to US$1.50 billion compared to the $1.48 billion reported in 2019 due to the contribution of ICTSI Rio, higher revenues from ancillary services, tariff adjustments and new services at certain terminals. Excluding contribution of the new terminals consolidated gross revenues would have decreased by 1 per cent in 2020.
Net income attributable to equity holders of $101.8 million, one per cent higher than the $100.4 million earned in 2019 mainly due to higher revenues, lower cash operating expenses resulting from continuous group-wide cost reduction and optimisation measures, positive contribution of Rio terminal, and lower equity in net loss of joint ventures; tapered by an increase in interest on concession rights payable recognised at the new terminal in Cameroon.
ICTSI said in a statement that equity in net loss of joint ventures was lower by 38 per cent at U$12.3 million in 2020 from $19.7 million in 2019.
The group's capital expenditure budget for 2021 is approximately $250 million. The estimated capital expenditure budget will be utilised mainly for the completion of the expansion project at MICT in Manila, Philippines, the ongoing yard expansion at IDRC in Matadi, Democratic Republic of Congo; the new expansion project at VICT in Melbourne, Australia; equipment acquisitions and upgrades; and for various maintenance requirements.
The result was bolstered ICTSI Rio, the company's new terminal operations in Rio de Janeiro in Brazil; improvement in trade activities in the second half of 2020 as lockdown restrictions in most parts of the world eased; and new contracts with shipping lines and services at certain terminals.
Excluding the contribution of company's new terminal in Rio de Janeiro in Brazil, consolidated organic volume would have decreased by 2 per cent in 2020, according to Seatrade Maritime News, Colchester, UK.
"ICTSI has delivered a positive performance in very challenging circumstances and it highlights not only the significant dedication and commitment of our colleagues who have performed strongly throughout the pandemic but also the agility and strength of our business," said Enrique Razon Jr, ICTSI chairman and president. "And as our volumes rebounded from their lows when lockdown restrictions began to lift in the second half, so did our margins reflect the benefits of these actions."
Gross revenues from port operations grew by 2 per cent in 2020 to US$1.50 billion compared to the $1.48 billion reported in 2019 due to the contribution of ICTSI Rio, higher revenues from ancillary services, tariff adjustments and new services at certain terminals. Excluding contribution of the new terminals consolidated gross revenues would have decreased by 1 per cent in 2020.
Net income attributable to equity holders of $101.8 million, one per cent higher than the $100.4 million earned in 2019 mainly due to higher revenues, lower cash operating expenses resulting from continuous group-wide cost reduction and optimisation measures, positive contribution of Rio terminal, and lower equity in net loss of joint ventures; tapered by an increase in interest on concession rights payable recognised at the new terminal in Cameroon.
ICTSI said in a statement that equity in net loss of joint ventures was lower by 38 per cent at U$12.3 million in 2020 from $19.7 million in 2019.
The group's capital expenditure budget for 2021 is approximately $250 million. The estimated capital expenditure budget will be utilised mainly for the completion of the expansion project at MICT in Manila, Philippines, the ongoing yard expansion at IDRC in Matadi, Democratic Republic of Congo; the new expansion project at VICT in Melbourne, Australia; equipment acquisitions and upgrades; and for various maintenance requirements.