ICTSI allots P3 B for Manila container yard expansion

MANILA, Philippines - Port giant International Container Terminal Services Inc. (ICTSI) is spending P3 billion to expand its flagship Manila International Container Terminal (MICT) and to put up an inland container depot in Laguna.

ICTSI has allocated P1.6 billion to bankroll the first phase of the expansion project of MICT through the development of six hectares of new yard space.

The listed port operator has completed Phase 1 of the company’s Berth 7 yard development by deploying four hectares of new yard space to serve as empty container depot that could store up to 4,300 containers in moderate wind conditions. 

Furthermore, another two hectares would be competed by yearend bringing to 6,500 twenty-foot equivalent units (TEUs) the total capacity of the new empty container depot.

ICTSI said the new yard is part of the company’s expansion project for the MICT aimed at immediately addressing growing volumes at the Port of Manila.

The expansion program to be completed in 20 months would add approximately 500,000 TEUs of yard capacity to the MICT. 

Likewise, ICTSI is spending another P1.4 billion to develop a 21-hectare inland container depot.

The port operator owned by businessman Enrique Razon Jr. has also ordered six new rubber tired gantries to be deployed either at MICT or in Subic Bay.

ICTSI develops, manages and operates container terminals in gateway ports in over 20 countries across the Asia-Pacific, the Americas, Europe and the Middle East, and Africa. 

Earnings of ICTSI climbed five percent to $142.3 million in the first nine months of the year from $135.7 million in the same period last year on the back of higher volume handled by its domestic and international ports.

ICTSI reported yesterday that its net income amounted to $142.3 million from January to September this year or $6.6 million higher compared to the $135.7 million booked in the same period last year.

Gross revenues from port operations jumped 25 percent to $779.2 million from $624.7 million amid the 17 percent increase in handled consolidated volume to 5.41 million TEUs in the first nine months of the year from 4.63 million TEUs in the same period last year with the launching of new terminals in Manzanillo, Mexico (CMSA) and Puerto Cortes, Honduras (OPC).