Excerpts from Transport Topics:
At 4,628,117teu, the Philippines-based terminal operator International Container Terminal Services Inc [ICTSI] handled 13% more containers in the first nine months of 2013 than it did in the same period of the previous year, improving its net profit by 22%.
However, Drewry Maritime Equity Research (DMER), which analyses the financial performance of shipping and port companies, has suggested the company’s finances could be hit by a continuing problem at its operations in the US west coast port of Portland, where a labour dispute between two rival unions is pushing its major customer, Hanjin, to the verge of quitting the port.
“We believe that if Hanjin leaves the terminal, there would be an impact on earnings for ICTSI. The Portland terminal’s approximate volume and revenue contribution to group level numbers for 2012 was 3% and 5% respectively,” it wrote.