The contract covers deepening of the outer harbor, from approximately Fort Pulaski for 18.5 miles into the Atlantic Ocean. Dredging the outer harbor is the first step to deepening the entire 40-mile shipping channel and harbor from deep ocean to the Georgia Ports Authority terminal in Garden City.

“This award is a very significant part of deepening the Savannah Harbor,” said Col. Tom Tickner, Savannah District Commander. “About half of the channel dredging for SHEP is incorporated into this one contract. The 47-foot depth is a forthcoming reality and we are well on our way to putting a critical piece of transportation infrastructure in place that will benefit not only the southeast, but the entire nation.”

The deepening, officially known as the Savannah Harbor Expansion Project, or SHEP, will enable larger container ships to call on Savannah with greater ease, heavier cargoes and fewer tidal restraints than they currently experience. The Corps of Engineers partnered with the State of Georgia for the deepening.

“After 16 years of study, it is gratifying to know that we can now move forward with the deepening of the Savannah River,” said Georgia Gov. Nathan Deal. “Today’s announcement has been made possible, in part, by the state’s $266 million investment into the port’s expansion. This crucial advancement in our logistics network will aid the prompt delivery of valuable cargo, preserving and creating economic opportunity across Georgia and the Southeast.”

“The harbor deepening, which begins in earnest with this contract, supports long-term economic viability and growth for our state and nation,” said Georgia Ports Authority Executive Director Curtis Foltz.
“The 21,000 American businesses that rely on the Port of Savannah are projected to save $174 million a year through increased transportation efficiency. This project will ensure continued world-class service, allowing the Port of Savannah to better handle the larger, latest generation container ships already calling the East Coast.”

The deepening brings a net benefit of $174 million each year to U.S. consumers in lower transportation costs and greater efficiencies. Each dollar invested in the SHEP will return $5.50 to the economy.

The construction phase of the SHEP began in January when divers started recovering material from the CSS Georgia ironclad resting next to the shipping channel near Old Fort Jackson. The start of the outer harbor dredging could begin soon. The outer harbor contract sets overall production goals, but grants Great Lakes Dredge and Dock discretion on scheduling, how and when to mobilize, and kinds of equipment to be used. These variables influence when a contractor actually begins dredging.

The units are assembled, branded and sold as used Terex cranes at prices well under market value and are either painted white using the Terex brand or red using the Demag brand.

“This is a serious situation, not only because this infringes on our intellectual property but, more importantly, it poses a serious safety risk for our customers. The use of these inferior, counterfeit cranes can result in deadly consequences” says Klaus Meissner, Director of Product Strategy for Terex Cranes.

While made to look like Terex units, these pirated cranes are often assembled with a blend of older and newer technology and components not designed to work together. These counterfeit cranes frequently exhibit poor weld quality, inferior steel structures and improperly fitted tracks. Additionally, many of the safety components designed into genuine Terex cranes are missing.

“Unfortunately going by serial number alone will not determine with certainty you are buying a genuine Terex crane, as these plates can be fake as well,” adds Meissner. “Many of the counterfeit cranes were purchased either without an on-site inspection or through an inspection conducted by an unqualified person.”

Terex stresses the importance of conducting a thorough inspection of any used crane by a qualified individual prior to purchasing the machine, especially in the markets of concern. The safety of the company’s workers as well as individuals who happen to be in the area where the crane is operating depends on it.

Meissner also offers one additional bit of advice to those entering the used crane market in Asian countries. “If the deal seems too good to be true, it probably is,” he says. “Contact me under Klaus.Meissner@terex.com, and I will be happy to assist you in verifying that it is a genuine Terex crane.”

Similar to the incident reports of 2013 from China, the Terex CC 2500-1 lattice boom crawler crane is the crane model of choice for the copycat manufacturers. The units are assembled, branded and sold as used Terex cranes at prices well under market value and are either painted white using the Terex brand or red using the Demag® brand.

“This is a serious situation, not only because this infringes on our intellectual property but, more importantly, it poses a serious safety risk for our customers. The use of these inferior, counterfeit cranes can result in deadly consequences” says Klaus Meissner, Director of Product Strategy for Terex Cranes. While made to look like Terex units, these pirated cranes are often assembled with a blend of older and newer technology and components not designed to work together. These counterfeit cranes frequently exhibit poor
weld quality, inferior steel structures and improperly fitted tracks. Additionally, many of the safety components designed into genuine Terex cranes are missing. “Unfortunately going by serial number alone will not determine with certainty you are buying a genuine Terex crane, as these plates can be fake as well,” adds Meissner. “Many of the counterfeit cranes were purchased either without an on-site inspection or through an inspection conducted by an unqualified person.”

Terex stresses the importance of conducting a thorough inspection of any used crane by a qualified individual prior to purchasing the machine, especially in the markets of concern. The safety of the company’s workers as well as individuals who happen to be in the area where the crane is operating depends on it. Meissner also offers one additional bit of advice to those entering the used crane market in Asian countries. “If the deal seems too good to be true, it probably is,” he says. “Contact me under Klaus.Meissner@terex.com, and I will be happy to assist you in verifying that it is a genuine Terex crane.”

. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$443.0 million, 17 percent higher than the US$377.3 million generated last year; and net income attributable to equity holders of US$182.0 million, up six percent compared to the US$172.4 million earned in 2013. Diluted earnings per share for the period was likewise higher by five percent at US$0.075, from US$0.071 in 2013.

The increase in net income attributable to equity holders for 2014 was mainly due to strong consolidated revenue and EBITDA growth driven by increased contributions from newer operations in Manzanillo, Mexico and Puerto Cortes, Honduras; the consolidation of terminal operations in Yantai, China; and improved performance at Subic Bay, Philippines. Net Income growth was also negatively impacted by start-up costs and higher levels of operating expenses in Mexico, Honduras and China, higher levels of depreciation expense and increased interest expense driven by lower levels of capitalized interest during construction. In addition, net income was also affected by a number of non-recurring items, including gains on the sale of non-operating subsidiary in the Philippines (US$13.2 million), the termination of a management contract in Kattupalli, India (US$1.9 million), settlement of insurance claims at Guayaquil, Ecuador (US$1.5 million) and a gain on the restructuring of investment in Yantai China of US$31.8 million. These items were offset by an impairment charge of US$38.1 million relating to the goodwill component of a subsidiary in Argentina (TECPLATA, S.A.) and a US$0.9 million settlement of an insurance claim at Gdynia, Poland. Excluding the non-recurring items, net income would have been flat at US$172.6 million.

ICTSI handled consolidated volume of 7,438,635 twenty-foot equivalent units (TEUs) for the year ended December 31, 2014, 18 percent more than the 6,309,840 TEUs handled in 2013. The increase in volume was mainly due to the volume generated by Contecon Manzanillo S.A. (CMSA), Operadora Portuaria Centroamericana, S.A. de C.V (OPC), and ICTSI Iraq, the Company’s new container terminals in Manzanillo, Mexico, Puerto Cortes, Honduras, and Umm Qasr, Iraq, respectively; the positive impact of the consolidation of terminal operations at the Port of Yantai in Yantai, China from July 2014; and the 20 percent volume growth in Baltic Container Terminal (BCT) in Gdynia, Poland. Excluding the volume from the three new terminals, organic volume would have increased by slightly more than two percent. The Company’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan, which grew by five percent, accounted for 70 percent of the Group’s consolidated volume in 2014.

Gross revenues from port operations in 2014 surged 24 percent to US$1.1 billion from the US$852.4 million reported in 2013. The increase in gross revenues was mainly due to the revenue contribution from the new terminals in Manzanillo, Mexico, Puerto Cortes, Honduras, and Umm Qasr, Iraq; a strong 45 percent revenue growth from the Company’s consolidatedterminal operations in Yantai, China; and favorable volume mix. Excludingthe revenues from the new terminals, organic revenue growth was eight percent. All three geographical segments reported double-digit growth in gross revenues with Americas posting a notable growth of 40 percent and Asia and EMEA each posting strong 16 percent increases. The Group’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan, which grew 10 percent, accounted for 74 percent of the Group’s consolidated revenues in 2014.

Consolidated cash operating expenses in 2014 grew 26 percent to US$454.5 million, from US$359.5 million in 2013 reflecting the ramp-up in operations at Manzanillo, Mexico (CMSA), Puerto Cortes, Honduras (OPC) and the consolidation at Yantai, China. The increase was mainly driven by higher volume-related expenses (i.e., on-call labor, fuel, power and repairs and maintenance), government-mandated and contracted salary rate increases in certain terminals, increased business development activities, and cash operating expenses and start-up costs of new terminals and projects. Excluding the cash operating expenses of the new terminals in 2014, total cash operating expenses would have increased by only seven percent.

Consolidated EBITDA for 2014 increased 17 percent to US$443.0 million, from US$377.3 million in 2013 mainly due to the contribution from the new terminals in Puerto Cortes, Honduras and Manzanillo, Mexico, and the positive impact of the consolidation of operations at Yantai port. Excluding the contributions of the new terminals, consolidated EBITDA would have increased five percent. Meanwhile, consolidated EBITDA margin decreased to 42 percent in 2014 compared to 44 percent in 2013 mainly due to the effect of the new terminals and higher business development expenses as the Company pursued additional new projects during the period. Consolidated financing charges and other expenses increased 17 percent, from US$48.2 million in 2013 to US$ 56.5 million in 2014
mainly due to lower capitalized borrowing cost at CMSA and slightly higher interest expense as a result of the higher debt level for the period.

ICTSI’s capital expenditure in 2014 amounted to US$279.0 million against a full year capital expenditure budget of US$310.0= million. Last year’s capital expenditure was mainly attributed to the development of new container terminals in Mexico and Argentina; capacity expansion in its terminal operation in Croatia; facilities rehabilitation in its newly acquired terminal in Honduras; and to start the development of the terminal in Democratic Republic of Congo. The Group’s capital expenditure budget for 2015 is approximately US$530.0 million mainly allocated for the completion of development at the Company’s new container terminals in Mexico and Democratic Republic of Congo, capacity expansion in its terminal operation
in Manila, and to start the development of the new terminals in Iraq and Australia. With regard to ICTSI’s joint venture container terminal development project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia, the Company invested US$64.7 million in 2014, and expects to invest approximately US$140.0 million in 2015 to complete phase one of the project.