ICTSI Global Container Volumes Up 2%

On Nov 7, 2024

Vessel laden with containers at berth

International Container Terminal Services, Inc. (ICTSI) has recorded a 2% increase in container throughput to 9.6 million Twenty foot Equivalent Units (TEUs for the first nine months of 2024.

While volume growth was relatively flat at 2% the terminal operators profit was up by 31% to an all-time high of $633 million in the first nine months of the year.

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ICTSI said growth in volumes was mainly due to the impact of new services and improvement in trade activities at certain terminals, and contribution of Visayas Container Terminal (VCT) in Iloilo, Philippines.

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This was offset by a decrease at Contecon Guayaquil (CGSA) in Ecuador, the impact of the expiration of the concession contract at Pakistan International Container Terminal (PICT) in Karachi and the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta.

Revenue from port operations increased 14% to $2.01 billion, up from $1.76 billion reported for the same period in 2023.

The company reported Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $1.32 billion, 19% higher than the $1.11 billion generated in the same period last year.