Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$237.4 million, 12 percent higher than the US$212.2 million generated in the first six months of 2014; and net income attributable to equity holders of US$100.4 million, down one percent over the US$101.7 million earned in the same period last year. Diluted earnings per share for the period was likewise lower by one percent to US$0.042, from US$0.043 in 2014.

In the first half of 2014, the company recognized gains on the sale of a non-operating subsidiary in Cebu, Philippines; the termination of the management contract in Kattupalli, India; and the settlement of the insurance claims in Guayaquil, Ecuador of US$13.2 million, US$1.9 million and US$1.5 million, respectively. In the same period, the company also recognized non-recurring items such as the US$0.3 million gain on the sale of the terminal in Naha, Japan; the recognition of a US$1.3 million wealth tax on its equity in the project in Aguadulce, Colombia; and a US$0.6 million one-time super tax recognized at the terminal in Karachi, Pakistan. Excluding these one-time gains and charges, recurring net income surged 20 percent in the first half of 2015.

For the quarter ending June 30, 2015, revenue from port operations decreased two percent, from US$261.4 million to US$256 million. EBITDA was one percent higher at US$109.8 million, from US$108.6 million. Net income attributable to equity holders declined six percent, from US$49.3 million to US$46.4 million for the same period in 2014. Excluding the non-recurring gains recognized and one-time tax expenses at the terminals in Karachi, Pakistan and Aguadulce, Colombia, recurring net income would have increased five percent. Diluted earnings per share for the quarter decreased from US$0.021 in 2014 to US$0.019 in 2015.

ICTSI handled consolidated volume of 3,888,130 twenty-foot equivalent units (TEUs) in the first six months of 2015, nine percent more than the 3,566,023 TEUs handled in the same period in 2014. The increase in volume was mainly due to the continuing volume ramp-up at Contecon Manzanillo S.A. (CMSA) in Manzanillo, Mexico and Operadora Portuaria Centroamericana, S.A. de C.V. (OPC) in Puerto Cortez, Honduras; new shipping line contracts and services at Pakistan International Container Terminal (PICT) in Karachi, Pakistan; increased demand for services at Subic Bay International Terminal Corp. (SBITC) in Subic Bay, Philippines; favorable impact of consolidation at Yantai International Container Terminal (YICT) in Yantai China; and the contribution of the Company’s new terminal, ICTSI Iraq, in Basra, Iraq which began commercial operation in November 2014. Excluding the volume generated by the new terminal in Iraq, organic volume growth was at seven percent.

The company’s eight key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador, Pakistan and Honduras, which accounted for 77 percent of the Group’s consolidated volume in the first half of 2015, grew six percent compared to the same period last year.

For the quarter ending June 30, 2015, total consolidated throughput was five percent higher at 1,905,357 TEUs compared to 1,808,928 TEUs in 2014.

With over 200,000 cars and 6,000 coaches, the Port of Dover was able to send one million holidaymakers on their way to the Continent between 29th June to the 4th August.

Tim Godden, General Manager of Strategy and Risk Management, Port of Dover, said: “The team at the Port of Dover has been working incredibly hard to deliver our customers to mainland Europe by making sure families make that all important summer break. Amidst an extremely challenging backdrop, the Port has stayed open for business throughout and played its part to keep the traffic, Dover and the UK economy moving.”

The Port and its ferry customers have been delivering the most reliable shortest-sea crossing as Eurotunnel suffered frequent disruption to its services during the period. As a result, the Port was able to maximise available capacity for the additional traffic, whilst maintaining a first class service.

The Port of Dover, together with sister ports in France, handles £100 billion of UK/European trade each year and represents a principal trade route between the UK and mainland Europe.

Services provided by Crowley will be full turnkey operation and management of the fleet, including crewing, and scheduled and unscheduled repair and dry-docking. The turnover phase will begin in late September.

“Crowley
is honored to have been selected to provide technical management for such an elite government fleet,” said Crowley’s Mike Golonka, vice president, government services. “This contract is a perfect fit for Crowley, and would not be possible without the hard work and determination of our remarkable government team and the tremendous support we received from MSC.” These ships are used to preposition U.S. Marine Corps vehicles, equipment and ammunition throughout the world. Prepositioned ships in each squadron have sufficient equipment, supplies and ammunition to support about 17,000 personnel for 30 days, and are self-sustaining with cranes that enable them to unload their own cargo.

The Crowley contract covers five of MSC’s 14 Bobo Class ships – including the MV 2nd Lt. John P. Bobo, MV Pfc. Dewayne T. Williams, MV 1st Lt. Jack Lummus, MC Sgt. William R. Button and MV 1st Lt. Baldomero Lopez – and the USNS Gunnery Sgt. Fred W. Stockham.

“Vessels in the Bobo Class are named after recipients of America’s highest military recognition, the Medal of Honor,” said Crowley’s Sam Ailes, program manager. “It’s humbling and rewarding to provide service to this distinguished fleet as it fulfills its military duties. This is yet another critical government program and we realize what a privilege it is to serve it.”

The Bobo Class is named in recognition of USNS 2nd Lt. John P. Bobo, a Vietnam War hero who was killed while saving the lives of his fellow marines during an ambush in 1966. He was posthumously awarded the Medal of Honor.