ICTSI completes terminal in Melbourne
INTERNATIONAL Container Terminal Services, Inc. ( ICTSI) on Tuesday said it recently completed its terminal in Webb Dock in Melbourne, Australia, formalizing the port giant’s entry in the Oceania region.
ICTSI Chairman and President Enrique K. Razon, Jr. said the Victoria International Container Terminal (VICT) will be “the most technologically advanced container terminal in the world” when it starts operations in January.
“This is an achievement that everyone who have helped build the terminal and are invested in the success of the State of Victoria should celebrate,” he was quoted in a statement as saying during the celebration of the VICT’s completion.
Located on a 34-hectare property in Web Dock East at the Port of Melbourne, VICT is described as the world’s most advanced terminal.
In late August, ICTSI Senior Vicepresident and Head of Asia-Pacific Region Christian R. Gonzalez said VICT, with its fully automated operations, will be a “game changer” in Australia.
“The $550 million (Australian dollars) is actually the third largest investment that ICTSI has ever made in a single site,” he said, noting that only investments in Manila and Ecuador have been bigger.
In May 2014, VICT, a wholly owned unit of ICTSI, signed a contract for the design, construction, commissioning, operation and financing of the container terminal with the Port of Melbourne Corp. VICT will operate the terminal until June 30, 2040.
Once fully developed, the VICT will be able to handle up to 1.4 million standard containers or twenty foot equivalent units ( TEUs) a year.
For the first nine months, ICTSI’s net income attributable to equity holders rose 4% to $141.9 million from $136.2 million a year ago.
“Net income attributable to equity holders increased primarily due to the volume and revenue growth tapered by higher depreciation & amortization expenses and lower capitalized borrowing costs related to Tecplata S.A., the company’s new terminal in Buenos Aires, Argentina, and higher interest expense from higher average loan balance,” the listed company said.
Without the effect of new terminals and projects, ICTSI noted consolidated net income attributable to equity holders would have increased by 28% in the nine-month period. —