ICTSI first-quarter results show increases

INTERNATIONAL Container Terminal Services reported an increase in revenues, net income and EBITDA in its first-quarter financial results.

ICTSI operates 33 terminals, including the Victoria International Container Terminal in Melbourne.

ICTSI’s gross revenues increased 8% (compared with Q1 22) to US$572.25 million. Its EBITDA increased 5% to US$354.2 million and net income increased 11% to US%172.57 million.

ICTSI chairman and president Enrique K. Razon, Jr. said the first quarter of the year was “strong”, with an increase in throughput of 9% to 3.1 million TEUs.

“These results have been driven by our diversified portfolio and continued focus on margins, and they have been achieved against a challenging macroeconomic and geopolitical backdrop,” he said.

“Looking ahead, whilst we remain cautious of continued uncertainty, ICTSI is a strong and agile business differentiated by our strategy in origin and destination gateway terminals as well as an experienced team with a sharp focus on operational discipline, which positions us well for future growth.”

The company said the increase in volume was primarily due to the contribution of Manila North Harbour Port (MNHPI) in Manila, which was consolidated starting September 2022 and volume growth and new shipping lines and services at certain terminals.

The company’s global throughput was tempered by several changes in its terminals, including a decline in trade activities at VICT, because “container trade volume in the Port of Melbourne contracted in the first quarter of 2023 due to weakening domestic demand and rising inflation”.

ICTSI said its increase in gross revenues was mainly due to tariff adjustments, volume growth and higher revenues from ancillary services at certain terminals, among other factors.

is a leading global developer, manager and operator of origin and destination (O&D) ports with a long-term commitment to the markets it serves. ICTSI operates 33 terminals in 20 countries across six continents and continues to pursue container terminal opportunities around the world.