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ICTSI's Q3 container throughput surges 15pc to 2.2m TEU

MANILA, Philippines-headquartered port operator International Container Terminal Services, Inc. (ICTSI) has recorded a 15 per cent year-on-year growth in its consolidated container throughput in the third quarter of 2016, handling a total of 2.2 million TEU in the three months ended on September 30, up from the 1.9 million TEU handled in the same period last year.

In the first nine months of the year, ICTSI's consolidated volumes went up by 12 per cent to 6.4 million TEU from the 5.8 million TEU handled in the corresponding period last year, the Container Management reported.

The company said the increase in volumes was mainly due to "new shipping lines and services, improvement in trade activities in most of the terminals in the Asia region and the continuing ramp-up at ICTSI Iraq".

In Iraq, ICTSI officially opened in October 2016 Berth 27, the first phase of its new Greenfield terminal development at its Basra Gateway Terminal in the North Port.

The company's three geographic segments, namely Asia, EMEA and Americas, all recorded growth for the third consecutive quarter.

ICTSI's gross revenues from port increased by 5 per cent from US$792 million in the first nine months of 2015 to $835m in the same period this year. The company attributed this rise mainly to volume growth at most of its terminals, tariff rate adjustments and new contracts with carriers and services at several terminals, and the continuing ramp-up at ICTSI Iraq.

According to the operator, this was however partially offset by "unfavourable container volume mix and lower non-containerised and storage revenues at certain terminals".

In the third quarter of the year, gross revenue was up 18 per cent to $284 million from $240 million in the same period of 2015. The company reported all three of its geographic segments recorded double-digit revenue growth in the three months ended on September 30, 2016.