Rise in volume leads to higher revenue for ICTSI

International Container Terminal Services, Inc. (ICTSI) are off to a strong start in the first quarter of 2019 as revenue from port operations increased 18% year-on-year to US$383.8m.

The growth was mainly attributed to a rise in volume, tariff adjustments at certain terminals, new contracts with shipping lines and services as well as an increase in revenue from non-containerised cargoes, storage and ancillary services.

Enrique K. Razon Jr, ICTSI chairman and president, said: “ICTSI has continued to grow and delivered a strong first quarter financial performance underpinned by operational improvements and higher contributions from our new ports including Victoria International Container Terminal (VICT) in Melbourne, Australia, Lae and Motukea in Papua New Guinea.”