International Container Terminal Services, Inc’s. (ICTSI) revenue increased 22% in 2018 as it saw its consolidated volume and revenue spike despite the US-China trade war, according to its latest financial results.
The terminal operator’s net income brought in approximately US$221.5 million between January and December 2018 and its Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose by 11% to $642.2 million.
In total it handled 9,736,621 TEU, a 6% increase on its 2017 volume; it credited this jump to continuous trade activities and the contribution of new terminals in Australia and Papa New Guinea.
Its revenues rose by 11% and brought in $1.2 billion, which it put down to new contracts with shipping lines and services and an increase in traffic of non-containerized cargoes, storage and ancillary services, tariff adjustments and the aforementioned new terminals.
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The increase in overall performance and net income, ICTSI said, was down to a strong operating income from its organic terminals and a decrease in its share in the net loss at Sociedad Puerto Industrial Aguadulce S.A (SPIA), Colombia, the joint container terminal venture it has with PSA International.
Enrique Razon, Chairman, ICTSI, said the operator is cautiously optimistic for 2019: “I am pleased to report strong full year operating results for 2018.
“Our drive in maintaining positive volume growth organically and through M&A, our focus on cost and operating efficiency, and the constructive global trade dynamics outside of the U.S.-China “trade war” combine to provide a case for cautious optimism in 2019.”
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