Michele Labrut | Nov 05, 2021

The terminal operator said the increase in volume was primarily due to volume growth and improvement in trade activities as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions, and new shipping lines and services at certain terminals. 

For the quarter ended September 30, 2021, total consolidated throughput was 7% higher at 2.8m teu compared to 2.62m teu in 2020. 

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 Gross revenues from port operations for the first nine months of 2021 was 24% higher at $1.36bn compared to the $1.1bn reported in the same period in 2020 mainly due to higher volume; favourable container mix; tariff adjustments at certain terminals; new contracts with shipping lines and services; higher revenues from ancillary services; contribution of new terminals; and net favourable impact of foreign exchange at certain terminals. 

The increase was partially tapered by decline in trade activities at certain terminals primarily due to the impact of Covid-19 pandemic.  Excluding contribution of new terminals, consolidated gross revenues would have increased by 21% in the first nine months of 2020.  For the third quarter of 2021, gross revenues increased 27% to $482. 4m up from $379.3m.

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Enrique K. Razon, Jr., ICTSI Chairman and President said: “We have seen a considerable improvement in trade activities and outperformance in Asia, the Americas and EMEA as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions ease. 

“We remain mindful that the pandemic continues to create challenges throughout our industry.  We have good momentum to deliver further disciplined growth and we look to the future with confidence.” 

Capital expenditures, excluding capitalized borrowing costs, for the nine months ended September 30, 2021, amounted to $104m.  These were mainly for the ongoing expansion at Manila International Container Terminal (MICT) in the Philippines and ICTSI DR Congo (IDRC) in Democratic Republic of Congo; and acquisition of port facilities and equipment at International Container Terminal Services Nigeria Ltd. (ICTSNL) in the Port of Onne in Nigeria.  The Group’s capital expenditure budget for 2021 is approximately $250m. 

The estimated capital expenditure budget will be utilised mainly for the completion of the expansion project at MICT, the ongoing yard expansion at IDRC, the new expansion project at Victoria International Container Terminal (VICT) in Melbourne, Australia, equipment acquisitions and upgrades, and for various maintenance requirements.