INTERNATIONAL Container Terminal Services, which owns the Victoria International Container Terminal, reported revenue from port operations of US$1.5 billion for the 2020 calendar year – an increase of 2% on 2019.

The company’s EBITDA increased by 6% to US$876.8 million, and its total throughput increased 0.2% to 10.2 million TEU.

This increase in throughput was due to the contribution of the company’s new terminal operations in Rio de Janeiro. Excluding this contribution from the new terminal, the company’s consolidated organic volume would have decreased by 2% in 2020.

Likewise, the company’s revenues would have decreased by 1% in 2020 if the contributions of new terminals are excluded.

ICTSI chairman and president Enrique K. Razon, Jr said the company delivered a positive performance in challenging circumstances.

“We were swift to take action at the start of the pandemic to initiate cost reduction, reduce capital expenditures, and later seized opportunities to lengthen our debt maturities at lower rates,” he said.

“At the same time, we stepped up our social community support and increased health and safety measures at all our ports to ensure that we all remain resilient in these extraordinary times. These actions have helped us to navigate a severe weakening of demand at some of our key terminals around the world.

Mr Razon said as ICTSI’s volumes rebounded when lockdown restrictions began to lift in the second half, so did the company’s margins.

“Those gains have continued into the new financial year as ICTSI emerges from these trying times leaner, stronger and optimistic of the future as governments around the world begin the herculean task of global mass vaccination,” he said.