ICTSI profit up 50pc to US$294 million, sales rise 20pc
MANILA's International Container Terminal Services Inc (ICTSI) posted a first half 50 per cent year-on-year net profit increase to US$294.5 million, drawn on revenues of $1.06 billion, up 20 per cent.
Second quarter net profit increased 43 per cent year on year to $152.2 million, drawn on revenues of $534.6 million, up 20 per cent.
"We have delivered another period of strong operational and financial results across our global portfolio with throughput growth of five per cent," said ICTSI president and chairman Enrique Razon.
"Over the years, we have demonstrated our resilience and the benefits of having a clear strategic market position and a disciplined and purpose-led culture," he said.
ICTSI handled 5,752,582 TEU in the first six months of 2022, up five per cent year on year due to volume growth and general improvement in trade activities as economies continue to recover from the impact of Covid restrictions.
For the quarter ended June 30, total consolidated throughput was six per cent higher at 2,919,581 TEU compared to 2,751,731 TEU in 2021, said the company.
First half expenditure amounted to $231.3 million. This went to upgrading terminals, namely the Manila International Container Terminal (MICT), VICT in Melbourne, ICTSI DR Congo (IDRC) in Matadi, Contecon Manzanillo de CV (CMSA) in Manzanillo, Mexico, and the acquisition of land in the Philippines and in Brazil for new projects.
The group's capital expenditure budget for 2022 is US$33 million to go to payment of the concession extension upfront fees at Madagascar International Container Terminal Services Ltd (MICTSL); ongoing expansion at the company's terminals in Democratic Republic of Congo, Australia, Mexico and Philippines; equipment acquisitions and upgrades and for various maintenance requirements.
Maersk cuts free container dwell time at US ports
DANISH shipping giant Maersk has cut import container dwell time by five days at two major US cargo ports in a bid to clear boxes from terminals.
The carrier will reduce import container dwell time from 14 days to nine at Los Angeles and Long Beach and at choked-up New York-New Jersey terminals.
From this week, Maersk will begin transferring containers dwelling for nine or more days that are customs cleared and have no appointment confirmed for pickup at the terminals.
Maersk may also include containers with confirmed delivery appointments in situations where the appointments have been routinely missed or cancelled.
"Unfortunately, persistent congestion continues to impact operations in our key Los Angeles/Long Beach and Newark/Elizabeth gateways," Maersk said.
"However, average dwell times remain excessive across the United States, so we feel it's important to do more to free up capacity and improve productivity in our marine terminals so we can provide a more reliable service," it said.
Containers trucked to Maersk designated off-dock locations in the Pacific southwest and New Jersey can only be made available on a "Last-In-First-Out" (LIFO) basis.
Consequently Maersk asks shippers to take delivery of most urgent loads within the first seven-days after discharge to avoid potential delays in a 'peel off' stack.
Asia-US east coast capacity increases 18.9pc
ASIA to US east coast capacity is up 18.9 per cent, while congestion on the US west coast led to an increase in demand and capacity on the Asia-US east coast routes, reports the UK's Seatrade Maritime News.
In the three months to July 24, capacity between Asia and the US east coast was up 18.9 per cent year on year to an average of 210,000 TEU, said Xeneta data.
"Compared to the average weekly capacity in the same period last year, this is the equivalent of adding four 8,750-TEU ships a week," said Xeneta.
Global container line reliability rises to 40 per cent, said the data provider. Asia-US west coast capacity eased, but remained the bigger trade by far.
In the same period, Asia-west coast capacity was down 1.7 per cent, averaging 310,000 TEU. The shift between the coasts was driven by delays and queues at US west coast ports.
Schedule reliability fell on the US east coast with 18.7 per cent of services running on time in June with average delays of nine days for those arriving late.
On the west coast, reliability improved to 24.8 per cent in June, with average delays of 9.9 days.
Shanghai handles record number of containers in July
THE Port of Shanghai is reporting a new monthly record for the total number of containers moving through, reports Fort Lauderdale's Maritime Executive.
The volume growth comes as the port recovered from earlier Covid crisis lockdowns and from the new surge in volume across many of China's largest container ports.
The Shanghai International Port Group declared it handled 4.3 million TEU in July. It compares with a previous record of 4.2 million TEU in October 2020.
On average, the port handled 3.93 million TEU a month in 2021.
Seeking to give a sense of the magnitude of the volume, the Chinese media highlighted that Shanghai handled 140,000 TEU daily in July.
The Shengdong International Container Terminal also reported a new monthly record of 840,000 TEU.
July's volume is 16 per cent over July 2021 and 13 per cent ahead of June.
The port worked in June to catch up after May's lockdown, including restrictions on inter-city trucking.
Shanghai has handled 26.85 million TEU in 2022, putting it at a rate similar to the port's monthly average in 2021.
Shanghai was ranked as the world's busiest container port for 12 years running since China launched an effort in 2010 to expand the port operations.
The China Ports & Harbour Association reports overall solid growth in port operations in 2022.
There was growth at eight of the 10 largest coastal ports.
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