Paulson shared his plans for retirement with the commission in early 2010; at which time the commission accelerated the port’s succession planning process that began in 2006.  Pat Jones, an independent contractor with Jones Strategic Consulting and former executive director of the Washington Public Ports Association, was hired to assist the commissioners through the process.  Jones conducted extensive interviews with key port staff and a number of community leaders to gather input.

Coleman was identified early in the process as a strong internal candidate.  Joining the port in 2001, Coleman served as director of facilities before being promoted to deputy executive director in 2005. Prior to joining the port, Coleman was a partner in an engineering consulting firm, Coleman & Davido Engineering Consultants, in Estacada, Ore. He also held positions with Oregon companies URS, Inc. and Parametrix, Inc.

“I’m very pleased to see Todd move into this position,” said Paulson. “He’s done a superb job guiding the port successfully forward in what can only be called a very challenging economic environment; and because he knows our organization inside and out he’ll bring continuity along with his own innovative ideas to the position.”

Upon retirement, Paulson will have served the port for twenty years. Beginning in 1992, he acted as the primary attorney to the port while with the law offices of Schwabe, Williamson & Wyatt. He was named successor to retired Executive Director Byron Hanke in April 1997, and officially took the helm at the port as executive director in January 1999.

“Working at the port under Larry’s leadership has been an honor,” said Coleman. “I am humbled by the support I’ve received from the staff and the community through this process, and I look forward to partnering with the commission in continuing to deliver economic benefit to our region.”

Paulson and Coleman will continue in their currently held positions through April 30, 2012. 

The higher net income attributable to equity holders was mainly due to the recovery in global trade, the upsurge in revenues combined with modest increase in cash operating expenses, lower effective tax rate for the period and also includes a one-time gain on sale of non-core assets.  After adjusting for the effect of non-recurring income related to the sale of ICTSI’s 9.54% ownership stake in Subic Shipyard and Engineering, Inc. and 8.56% in Consort Land, Inc and a write-down of the carrying value of certain property assets related to the company’s greenfield project in Buenaventura, Colombia, net income attributable to equity holders for the period would have been US$88.9 million, 62 percent higher than the same period in 2009. “2010 was a record year for ICTSI reflecting both the strong rebound in trade volumes as well as our continued focus on cost containment.  We are well positioned for continued growth in the future,” said Enrique K. Razon Jr., ICTSI Chairman and President. ICTSI handled consolidated volume of 4,202,574 twenty-foot equivalent units (TEUs) in 2010, 18 percent higher compared to the 3,557,256 TEUs handled in 2009.  Throughput in the fourth quarter was 1,132,328 TEUs, an 11 percent improvement versus the 1,023,305 TEUs handled in the same period in 2009.  Throughput from the Company’s container terminal operations in Asia increased by 18 percent to 2,652,328 TEUs in 2010 from 2,250,924 TEUs in the same period in 2009.  The increase in volume was mainly due to a 15 percent volume increase at MICT (Manila International Container Terminal), a 16 percent volume increase at YRDICTL (Yantai Rising Dragon International Container Terminal Ltd.), and a 27 percent increase at DIPSSCOR (Davao Integrated Port and Stevedoring Services Corp.).  Volume contribution from ICTSI’s container terminal operations in Asia remained at 63 percent of consolidated volume.

Volume from the Group’s container terminals in the Americas, comprised mainly of the operations in Brazil and Ecuador, registered the highest growth rate in 2010 amongst the three regional segments with a 20 percent increase from 876,200 TEUs to 1,048,971 TEUs.  Both container terminal operations in Latin America turned in excellent volume contributions in 2010 with TSSA (Tecon Suape, S.A.) in north eastern Brazil performing exceptionally well with a 35 percent increase while CGSA (Contecon Guayaquil, S.A.) in Ecuador increased by 13 percent.  Container volume from the Americas accounted for 25 percent of the Group’s consolidated volume in 2010.

The Company’s Europe, Middle East, and Africa (EMEA) operations, comprised of terminals in Poland, Madagascar, Syria, and Georgia, experienced recovery in throughput with a 17 percent improvement from 430,132 TEUs in 2009 to 501,275 TEUs for the same period in 2010.  The increase in throughput in EMEA was mainly due to a 24 percent volume increase at BCT (Baltic Container Terminal) in Gdynia, Poland.  EMEA accounted for 12 percent of the Group’s consolidated volume in 2010. 

Full year gross revenues from port operations increased by 25 percent to US$527.1 million, from the US$421.7 million reported last year due largely to the higher volume brought about by the recovery in global trade.  Compared to the US$463.1 million of revenues booked in 2008, the revenues for the same period in 2010 represent an increase of 14 percent.  The increase in revenues in 2010 was mainly due to the increase in volumes handled in all of the Company’s container terminals and a more favorable volume mix.  In addition, revenue contribution from the Group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 90 percent of the Group’s consolidated revenue, increased 24 percent from US$384.9 million in 2009 to US$476.5 million in 2010.  Revenue contribution from the container terminal operations in Asia increased 28 percent from US$213.8 million in 2009 to US$273.6 million in 2010.  The improvement in gross revenue was mainly due to the stellar performance of the container terminal in Yantai, China which posted a 49 percent improvement year-on-year, MICT in Manila which grew 24 percent, and the three container terminal operations in southern Philippines, namely MICTSI, DIPSSCOR, and SCIPSI which registered increases of 62 percent, 40 percent, and 13 percent, respectively.  Asian port operations contributed 52 percent to ICTSI’s full year consolidated gross revenues.

Full year revenue contribution from container terminal operations in the Americas was 30 percent higher in 2010 at US$192.1 million compared to US$147.4 million in 2009.  The increase in gross revenue in the Americas was mainly from the exceptional performance of Company’s container terminal operation in Brazil, which posted a 75 percent increase in 2010.  Revenue contribution from the Company’s ports in the Americas increased from 35 percent in 2009 to 36 percent in 2010. 

The Group’s EMEA operations, which accounted for 12 percent of the Company’s revenue for the year, grew by two percent from US$60.5 million in 2009 to US$61.5 million in 2010. The revenue contribution improvement from the EMEA segment was principally due to the higher revenues from the Company’s terminals in Poland and Georgia, which was partially offset, by lower revenues in Madagascar and Syria. 

Total consolidated cash operating expenses for the year increased 10 percent to US$203 million from US$185.2 million in the same period in 2009 primarily due to the 23 percent rise in equipment and facilities-related expenses brought about by the significant upswing in volume. 

Consolidated EBITDA was 41 percent higher in 2010 at US$247.7 million compared to US$175.7million in 2009 mainly due to the strong growth in volume and revenues across all geographic segments of the group and subdued growth in operating expense.  Consolidated EBITDA margin for the full year 2010 improved by five percentage points to 47 percent against 42 percent in the same period in 2009. 

Consolidated interest expense and financing charges for the full year 2010 increased 77 percent to US$48.5 million from US$27.4 million in 2009.  The increase was mainly due to higher debt level and higher interest rate associated with the issuance of the 10-year US$450 million Bond.  The Company also accelerated the amortization of debt issue cost associated with loans at the parent level that were refinanced during the period to lengthen the duration of the Company’s loans and not have any substantial loan repayment until 2020.  In addition, a one-time prepayment cost of US$0.8 million was booked as a result of the prepayment of TSSA’s US$ project finance loans from the International Finance Corporation (IFC) and Netherlands Development Finance Company (FMO). 

The effective tax rate for the full year 2010 fell to 29 percent compared to 35 percent in the same period of 2009.  The decrease was mainly attributable to lower operating losses at terminals in the early stages of operation in 2010 compared to the same period in 2009 and the lower capital gains tax rate on the one-time gain on sale of non-core assets. 

In 2010, ICTSI’s capital expenditure amounted to US$125 million mainly from TSSA’s acquisition of container handling equipment, CGSA’s civil works in order to expand handling capacity and improve operating efficiency, SPIA’s pre-development civil works and MICT’s spending on Berth 6.  In 2011, the total estimated consolidated capital expenditure is approximately US$356 million, US$214 million of which is for new projects in Argentina, Mexico and Colombia, and the balance mainly for civil works, systems improvement, and purchase of major cargo handling equipment at its port operations in Manila (MICT), Brazil (TSSA) and  Ecuador (CGSA). 

Formed in 2006 under Emiri decree by the Abu Dhabi Government, ADPC is a major developer, owner and manager of UAE ports and industrial zones within the Emirate of Abu Dhabi and plays a vital role in supporting Abu Dhabi Economic Vision 2030 plan for economic development. Located halfway between Abu Dhabi and Dubai, the new Khalifa Port (adjacent to Kizad – Khalifa Industrial Zone Abu Dhabi – which is being built and which will become one of the world’s largest industrial zones) includes a multi-purpose port island located 4.5 km offshore, and covers an area of approximately 3 km2.   In the initial stage, from 2012, it will operate to a capacity of two (2) million TEU’s and twelve (12) million tonnes of general cargo. However, capacities are expandable to fifteen (15) million TEU’s, plus sixteen (16) million tonnes of general and roll-on/roll-off (RO-RO) cargo, plus twenty five (25) million tonnes of dry bulk annually. The Trade and Logistics Free Zone will cover an area of 50 km2 in its first phase. In addition, the port’s quayside facilities can be extended till 7.4 km for 22 container berths, 12.6 km for general and RO.RO cargo.  Built in five (5) phases, Khalifa Port, Abu Dhabi will be the UAEs’ and ADPC’s largest port development project. Once completed, the UAE and ADPC will be among the largest free zone operators and developers in the world.  “This order from ADPC is a step further toward our goal of establishing Terex sprinter carriers as the leading equipment choice for horizontal container transportation in all major port terminals worldwide.” said Thomas Ostermann, Vice President, Terex Cranes.  “Another of our key objectives is to establish Terex sprinters as the most effective and flexible solution for semi-automated Greenfield terminals and ADPC is on its way to becoming one of the largest port terminal developers in the world.”   This is the second Terex® Noell SC624E Sprinter carrier contract awarded to the company in recent months, following 4 diesel-electric units that were delivered to CSXI, North Baltimore (USA) and a contract for 20 diesel-hydraulic NSC422H units for Hyundai Development Corporation for the new port of Busan, South Korea.  Both the Abu Dhabi and South Korea projects will be operating their sprinter carriers in semi-automated terminals. This order confirms Terex® as the dominant brand in the market of Sprinter Carriers.