The USD200-million project involves construction of a multi-purpose terminal berth and related auxiliary facilities. The project will boost the capacity of Zanzibar Island for cargo import and export, create more jobs for locals and play an important role in promoting Tanzania’s economic development. The contract is scheduled to be complete over a 36 month period.

Major portfolio activities for APM Terminals in 2013 included the opening of the 1.2 million TEU annual throughput capacity Brasil Terminal Portuário (BTP) at the Port of Santos, Brazil, in which APM Terminals holds a 50% share, and the acquisition of Russian terminal operator NCC Group Ltd. by Global Ports Investments PLC, in which APM Terminals has a 30.75% co-controlling share. Santos is the busiest container port in South America. Global Ports’ five Russian terminals now represent a combined 3.6 million TEUs of annual capacity, and approximately 40% of total Russian container throughput.

“We are making good progress toward our goal of becoming the recognized industry leader, and we will continue to invest in infrastructure in underserved and high-growth markets to provide the services our customers require as global trade continues to expand” stated APM Terminals CEO Kim Fejfer.

The International Monetary Fund (IMF) has projected global economic output to increase by 3.7% in 2014, with emerging and developing markets to grow by 5.1%. World trade in goods and services has been forecast to increase by 4.5% in 2014, and 5.2% in 2015, with emerging and developing markets again leading growth with imports of goods and services rising by 5.9% and 6.5% in 2014 and 2015, respectively.

New terminal projects secured by APM Terminals in 2013 included a new 1.5 million TEU annual throughput capacity deep-water terminal near Izmir, Turkey, and a second container terminal at the Port of Abidjan, Ivory Coast with an annual throughput capacity of 2 million TEUs.

Five facilities within the APM Terminals Global Terminal Network were cited among the world’s Top 10 most productive terminals for the first half of 2013 in a study on crane moves per hour with vessels in port conducted by the JOC Group, while safety performance improved by 28% as the Lost-Time Injury Frequency (LTIF) rate was reduced to 1.81 per million man-hours worked from 2.53 in 2012.

“The global economy is poised for increased growth in the year ahead, and so are we” observed Mr. Fejfer.

This is an increase of 17 percent over the US$729.3 million reported for the same period the previous year Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$377.3 million, 23 percent higher than the US$307.6 million generated last year, and net income attributable to equity holders of the parent of US$172.4 million, up 20 percent compared to the US$143.2 million earned in 2012.  The higher net income attributable to equity holders of the parent in 2013 was mainly due to strong revenue growth and margin improvement in certain key terminals and the contribution from the new terminal in Karachi, Pakistan.  Diluted earnings per share for the period was likewise higher by 22 percent at US$0.071 from US$0.058 in 2012. 

 ICTSI handled consolidated volume of 6,309,840 twenty-foot equivalent units (TEUs) for the year ended December 31, 2013, 12 percent more than the 5,628,021 TEUs handled in 2012.  The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the Company’s terminals; new shipping lines and routes; full year contribution of new terminals, PT Olah Jasa Andal (PT OJA) and Pakistan International Container Terminal (PICT), which were consolidated in August 2012 and October 2012, respectively; and the start of commercial operations of new terminals, Contecon Manzanillo S.A. de C.V. (CMSA) and Operadora de Puerto Cortés, S.A. de C.V. (OPC), beginning November 2013 and December 2013, respectively.  Excluding the volume contribution from the four new terminals and the effect of the cessation of the operations in Syria effective January 2013, organic volume growth increased by two percent.  The Company’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 78 percent of the Group’s consolidated volume in the 2013. 

Gross revenues from port operations in 2013 surged 17 percent to US$852.4 million from the US$729.3 million reported in 2012.  The increase in revenues was mainly due to volume growth, higher storage revenues and ancillary services, tariff rate increases in certain key terminals, full year contribution of the terminal operations in Karachi, Pakistan and Jakarta, Indonesia, and inclusion of the new terminals in Manzanillo, Mexico and Puerto Cortes, Honduras.  Excluding the revenues from the newly acquired terminals and the effect of the cessation of the operations in Tartous, Syria, organic revenue growth was at seven percent.  The Group’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 84 percent of the Group’s consolidated revenues in 2013.  

Consolidated cash operating expenses in 2013 grew 13 percent to US$359.5 million from US$318.9 million in 2012.  The increase was 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, higher business development expenses as the Company pursued a number of opportunities within the year, full-year impact of the expenses of PICT and PT OJA, and the inclusion of the expenses of new terminals, CMSA and OPC.  Excluding the cash operating expenses of the new terminals as well as the expenses incurred in the Company’s operation in Syria in the same period in 2012, total cash operating expenses would have increased by only three percent.

 Consolidated EBITDA for 2013 increased 23 percent to US$377.3 million from US$307.6 million in 2012 mainly due to volume growth and stronger revenues arising from favorable volume mix, higher revenues from storage and ancillary services, tariff increases in certain key terminals, and full year contribution from the Company’s terminal operation in Karachi, Pakistan.  Excluding the impact of four new terminals in Pakistan, Indonesia, Mexico and Honduras, as well as the effect of the cessation of the terminal operations in Tartous, Syria in 2012, organic EBITDA growth is at 12 percent.  Meanwhile, consolidated EBITDA margin increased to 44 percent in 2013 compared to 42 percent in 2012. 

Consolidated financing charges and other expenses for 2013 increased 38 percent to US$48.2 million from US$35.0 million in 2012 due mainly to higher outstanding interest-bearing debt.  ICTSI issued US$400 million of 10-year bonds in January 2013 mainly to fund its capital expenditure program for 2013 and refinance medium-term loans, and its subsidiaries in Ecuador, Poland and Croatia availed of term loans locally. 

ICTSI’s capital expenditure in 2013 amounted to US$477.6 million against a full year capital expenditure budget of US$550.0 million.  Last year’s capital expenditure was mainly attributed to the development of new container terminals in Mexico, Argentina and Colombia; capacity expansion in its terminal operation in Croatia; and the Company’s newly acquired terminal in Honduras.  The Group’s capital expenditure budget for 2014 is approximately US$310.0 million mainly allocated for the completion of phase one development in the Company’s new container terminals in Mexico and Argentina, and to start the development of the terminals in Honduras and Democratic Republic of Congo.  This does not include the Company’s share in the joint venture project with PSA International Pte Ltd. (PSA) for the development of the container terminal in Buenaventura, Colombia which for 2014 is approximately US$120.0 million.  

ICTSI is a leading port management company involved in the operation and development of marine terminals and port projects worldwide.  The Company was among the first international terminal operators to take its expertise overseas.  ICTSI has received global acclaim for its public-private partnerships with economies divesting of its port assets to the private sector.

“Speed and efficiency were also the reasons Porsche Cars North America decided to move its 918 Spyder through Colonel’s Island Terminal in Brunswick,” said Georgia Ports Authority Executive Director Curtis Foltz. “I hope I get a chance to drive one of these high performance cars one day.”

Company officials said the terminal’s proximity to East Coast markets made it the best option to reach buyers in states ranging from Florida and Georgia through North and South Carolina, Tennessee, Alabama, Mississippi and Louisiana.

The carmaker plans to produce up to 918 of this special model at its manufacturing line at Porsche AG’s Zuffenhausen Plant in Stuttgart, Germany. The number of units for the U.S. market will depend on worldwide demand and availability. The Port of Brunswick accounts for approximately 23 percent of the nationwide vehicle imports for all Porsche models.

“Porsche Cars North America has been doing business in Brunswick since April 2002,” said Justin Newell, Porsche’s manager of vehicle logistics and port operations. “The GPA has been very supportive of Porsche’s parts and vehicle import business over the past 12 years. Atlantic Vehicle Processors (AVP) a Wallenius Wilhelmsen Vehicle Services Americas company, has been the port processor and a valuable partner for Porsche since December 2004.”

Porsche Cars North America, Inc. sold 42,323 vehicles in 2013 and Porsche AG sold 162,145 vehicles worldwide in 2013, a new company record.  

Newell described the 918 Spyder as the continuation of the traditional Porsche DNA in a ground-breaking sports car concept.

Designed from the start to be a high-performance hybrid, the 918 Spyder boasts an unprecedented combination of performance (offering the 887-hp output of a super sports car) and the virtually silent propulsion of an electric vehicle.

In addition to its impressive acceleration and fuel economy, the 918 Spyder also allows a combustion engine to be combined with an electric motor-based drive to further optimize the dynamic performance of the vehicle – and to provide up to 20 miles of pure electric range.
 
The 918 Spyder broke the production car lap record in September 2013 with a lap time of 6:57 on the famed 12.8-mile Nürburgring north loop in Germany.