Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$285.5 million, 26 percent higher than the US$225.8 million generated in the first nine months of 2012; and net income attributable to equity holders of US$128.8 million, up 22 percent over the US$105.8 million earned in the same period last year. 

The higher net income attributable to equity holders for the first nine months of 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 17 percent at US$0.054 from US$0.046 in 2012. 

For the quarter ending 30 September 2013, revenue from port operations increased 17 percent, from US$179.7 million to US$211.0 million while EBITDA was 27 percent higher at US$97.3 million, from US$76.7 million.  Net income attributable to equity holders grew 29 percent, from US$35.6 million to US$45.9 million and diluted earnings per share improved 27 percent to US$0.019 from US$0.015 in 2012. 

ICTSI handled consolidated volume of 4,628,117 twenty-foot equivalent units (TEUs) for the first nine months of 2013, 13 percent more than the 4,083,842 TEUs handled in the same period 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 and the volume generated by Pakistan International Container Terminal (PICT) and PT Olah Jasa Andal (PT OJA), the Company’s new container terminals in Karachi, Pakistan and Jakarta, Indonesia, respectively.  Excluding volume from the two new terminals and the effect of the cessation of the operations in Syria effective January 2013, organic volume growth increased by one percent.  The Company’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 79 percent of the Group’s consolidated volume in the first nine months of 2013. 

For the quarter ending September 30, 2013, total consolidated throughput was 16 percent higher at 1,601,112 TEUs compared to 1,386,107 TEUs in 2012. 

Gross revenues from port operations for the first nine months of 2013 surged 19 percent to US$624.7 million, from the US$524.7 million reported in the same period in 2012.  The increase in revenues was mainly due to the volume growth, higher storage revenues and ancillary services, tariff rate increases in certain key terminals, and the revenue contribution from the new terminals in Jakarta, Indonesia and Karachi, Pakistan.  Excluding the revenues from the newly acquired terminals and the effect of the cessation of the operations in Tartous, Syria, organic revenue growth was eight percent.  The Group’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 85 percent of the Group’s consolidated revenues in the first nine months of 2013.  

Gross revenues from port operations for the quarter ended September 30, 2013 surged 17 percent to US$211.0 million from the US$179.7 million reported in the same period in 2012.

Consolidated cash operating expenses in the first nine months of 2013 grew 13 percent to US$255.4 million, from US$225.4 million in the same period in 2012.  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, higher business development expenses, and the inclusion of the expenses of the new terminals in Jakarta, Indonesia, Karachi, Pakistan.  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 five percent. Consolidated EBITDA for the first nine months of 2013 increased 26 percent to US$285.5 million, from US$225.8 million in 2012 mainly due to the volume growth and stronger revenues arising from favorable volume mix, higher revenues from storage and ancillary services, tariff increases in certain key terminals and the contribution of the new terminals in Jakarta, Indonesia and Karachi, Pakistan.  Excluding PICT and PT OJA, as well as TICT in 2012, EBITDA growth would have been at 12 percent.  Meanwhile, consolidated EBITDA margin increased to 46 percent in the first nine months of 2013 compared to 43 percent in the same period in 2012. 

For the quarter ended September 30, 2013 consolidated EBITDA increased 27 percent to US$97.3 million from US$76.7 million in 2012 while consolidated EBITDA margin also improved to 46 percent compared to 43 percent in the same period in 2012. 

Consolidated financing charges and other expenses for the first nine months of 2013 increased 57 percent to US$33.9 million, from US$21.6 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. 

Capital expenditures for the first half of 2013 amounted to US$357.9 million, approximately 65 percent of the US$550.0 million capital expenditure budget for the full year 2013.  The established budget is mainly allocated for the completion of the Company’s terminal development projects in Mexico and Argentina, and the ramp-up of construction activities in Colombia and Davao, southern Philippines. 

In line with its Ten Year Strategy and focus on infrastructure development and regional integration, the AfDB Group approved the construction of the New Port of Walvis Bay Container Terminal Project in July 2013. The Bank also provided a UA 1.5 million grant (US $2.3 million) to the Government of Namibia for logistics and capacity building complementing the port project loan.

Namibia’s Finance Minister and Governor for the Bank, Sara Kuugongwelwa-Amadhila, signed the loan guarantee and grant agreements on behalf the Government in Windhoek. Namport CEO Bisey Uirab signed the loan agreement on behalf of Namport, while Ebrima Faal, Regional Director of the AfDB’s Southern Africa Resource Center (SARC), signed for the Bank.

In her intervention, Kuugongwelwa-Amadhila stressed the importance of the project and its contribution to one of the key development goals (the logistics pillar) of the National Development Plan which aims to position Namibia as a regional logistics hub by 2017. The Minister also thanked the AfDB for its strong and holistic support to Namport and the Government of Namibia through the loan and grant financing.

For his part, the Namport CEO acknowledged the positive spirit and enthusiasm of the AfDB in committing to finance the project and its unwavering commitment throughout the project preparation process.

In his statement, Faal emphasized the developmental impact of the project: “This project is important for Namibia and for the Southern African Development Community (SADC) region. It is critical to fulfilling Namibia’s aspirations to become a world-class logistics hub in the SADC region,” he said.

According to Faal, the project will enhance international and inter-regional trade and regional integration and Namibia will be able to fully exploit its unique geographical location to facilitate trade to and from the region.

“With the high levels of youth unemployment, the Bank’s support to Namport and the Government of Namibia will greatly improve private sector development and youth employment and will especially boost women participation in the logistics sector,” he emphasized.

The Project is expected to enable Namport to triple the container-handling capacity at the Port of Walvis Bay from 350,000 TEUs to 1,050,000 TEUs per annum. It will also finance the purchase of up-to-date port equipment and the training of pilots and operators for the new terminal. The grant component will fund the preparation of the National Logistics Master Plan study, technical support and capacity-building for the Walvis Bay Corridor Group and training of freight forwarders with particular emphasis on female staff. 

According to the AfDB Director of Transport and ICT, Amadou Oumarou: “Through this project which potentially serves up to seven major economies in the SADC region, the Bank is assisting in the diversification and distribution of port facilities on the southwest coast of Africa, and provides the much-needed alternative for the region’s landlocked countries.”

The project will stimulate the development and upgrade of multimodal transport corridors linking the port to the hinterland while improving the country’s transport and logistics chains. It will also boost competition among the ports and transport corridors in the region with the ripple effect on reductions in transportation costs and increased economic growth.

The projected project outcomes include improvement in port efficiency and increase in cargo volumes by 70% in 2020 as a result of increased trade in the region. The benefits of the project will include among others, the stimulation of inter-regional trade and regional integration, private sector development, skills transfer and most importantly employment creation, leading to significant economic development and poverty reduction in Namibia, and the SADC region.

This is an important business win for the UK’s best performing terminal.

Britain’s only container terminal on the south coast will now receive three additional weekly sailings from the Grand Alliance on the America-Europe trade: The Gulf Atlantic Express (GAX), the Gulf Mexico Express (GMX) services and the Pacific Atlantic Express (PAX, also connecting with Asia and the US West Coast). This adds to the existing weekly North Atlantic Express service ATX of the Grand Alliance which has been calling at Southampton for many years.

The Grand Alliance said that its decision to move the three Transatlantic services to the south coast port was “in order to further improve the schedule reliability and to offer the best possible service”.

The decision is a vote of confidence in Southampton’s capabilities. Recently ranked the most productive port in Europe, and the number one performing container terminal in the UK by the Journal of Commerce (JOC), DP World Southampton was shown as having average shipside container moves per hour significantly higher than its nearest UK rival and it moves 36% of inland containers by rail, a higher modal share than any other UK terminal.

This is the third new business win for DP World Southampton this year. The terminal has earlier this year secured calls from the G6 Alliance ‘Loop 5’, connecting Southampton with South Korea and China, as well as from CMA CGM’s FEMEX service, connecting Southampton with Turkey, Greece and Morocco.

Chris Lewis, Managing Director, DP World Southampton said: “Southampton is able to offer a uniquely compelling package to shipping lines. Not only do we offer service levels which are among the highest in Europe but we offer the best inland connections for the UK as well. This mix is unique to Southampton and gives our customers a competitive advantage.

At the same time we are investing heavily to build on our service levels and further enhance our capabilities as part of a programme of continuous improvements. Here in Southampton we understand what shipping lines and cargo owners really want and pride ourselves not only on our productivity levels but also our customer service. It is this combination that has proved attractive to the Grand Alliance.”

Associated British Ports (ABP) is currently undertaking a £150m redevelopment project, which is enhancing the terminal’s infrastructure and will enable DP World Southampton to handle the largest container vessels afloat. Teamed with DP World Southampton’s market-leading performance, its proximity to the world’s main shipping lanes and its excellent road and rail connections the terminal provides an attractive offering for both today and long into the future.

The ABP £150m investment into Southampton’s facilities comprises a new 500m long deep berth due to open early next year (2014), designed to cater for the next generation of Ultra Large Container Vessels, four additional Liebherr super post panamax cranes and an extensive dredging program to ensure marine access of the deepest and largest vessels for the Port of Southampton.

1) In which part of the human body would you find the pharynx?
You will find the pharynx in the throat.
 
2) In maths, what is the sum of all the interior angles in any quadrilateral?
The sum of all the interior angles is 360 degrees.
 
3) In science, non-conductive materials such as plastic and rubber are known as what?
The are known as “Insulators”.
 
4) Which American term for a dinner jacket is derived from the name of a fashionable New York country club?
The Tuxedo.