Snubbed Mærsk takes to court in Transnet/ICTSI Durban port deal
A spanner is a good tool to crack a nut
Terminal operator ICTSI has reported a busy – and profitable – first half, with net income up 19% at $103.6m on revenues up 10% to $550.8m.
It attributed the increases to developing operations at its new terminal in Matadi, DRC, and also noted “strong operating income contribution” from terminals in Iraq, Mexico and Brazil.
Volumes rose 7% to 4.5m teu, in part because of new terminals ramping up operations and improvement in emerging markets. ICTSI pointed in particular to Basra, Manzanillo, Matadi and Melbourne.
The company has been expanding with some vigour, which has also led to an increase in costs – financing charges and other expenses rose 29% to $59m, while cash operating expenses were 9% higher at $221.7m.
Consolidated EBITDA rose 13% to $289.7m on the back of its growth, although start-up costs in Melbourne pulled the number back.
The port company plans to spend more in the second half – capital expenditure is expected to be $168m, as opposed to $71m in the first half. The budget is destined for the completion of its projects in DRC and Iraq, the second stage of the Melbourne project, expansion in Mexico and Honduras, and capacity expansion in Manila. It has also invested $19.7m in Buenaventura in Colombia.
You can read the full results here.
Etail by air – here to stay or on a short shelf life?
HMM sees opportunities in Hapag-Lloyd’s exit from THE Alliance
Hong Kong drops out of world's top 10 busiest container ports
How crazy is this: DSV goes hostile on Expeditors or CH Robinson?
Capture of MSC Aries will further drive up Indian export costs
The rise and rise of China's ecommerce platforms
Carriers look to short-term gains over blanking, as Red Sea crisis props up rates
Cargo flows through Dubai delayed by flooding, with 300 flights cancelled
Alex Lennane
email: [email protected]
mobile: +44 7879 334 389
During August 2023, please contact
Alex Whiteman
email: [email protected]
Alessandro Pasetti
email: [email protected]
mobile: +44 7402 255 512
Comment on this article