INTERNATIONAL Container Terminal Services reported a 16% increase in first-quarter revenues from port operations.

ICTSI, which runs the Victoria International Container Terminal, reported revenues of US$435.6 million, an increase of 16 percent over the US$375.8 million reported for the same period last year.

The company said this increase was mainly due to volume growth; favourable container mix; tariff adjustments at certain terminals; new contracts with shipping lines and services; and increased storage and ancillary services, particularly in the Americas.

ICTSI handled consolidated volume of 2.7 million TEU for the quarter to March 31, 8% more than the same period in 2020. This increase was primarily due to improvement in trade activities as economies recover from the impact of the pandemic and new shipping lines and services at the company’s operations.

ICTSI chairman and president Enrique K. Razon Jr. said the company has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia; the Americas; and Europe, Middle East, and Africa.

“We have seen improvements in most of our terminals as economies continue to recover from the pandemic as well as significant contributions from new shipping lines and services,” Mr Razon said.

“The pandemic remains extremely challenging for so many people around the globe. At ICTSI, we are proud of our role in working with the government and the private sector in driving the vaccination procurement program in the Philippines. Not only will this combined effort save lives, it will also contribute to the full opening of the Philippine economy and support significant recovery across all business sectors.”

ICTSI was established in 1988 in Manila, Philippines, where it is still headquartered. Its portfolio of terminals and projects are located in the Asia Pacific, the Americas, and EMEA.