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ICTSI Manila hits 2M TEU milestone [Seaport]

The Manila International Container Terminal (MICT), International Container Terminal Services, Inc.’s (ICTSI) flagship operation and the Philippines’ largest, most technologically advanced container terminal, capped 2016 with a milestone as it reached its first year-to-date two millionth TEU move last December. Nominated among the world’s top container terminals for several years, the MICT has an annual capacity of 2.75 million twenty-foot equivalent units (TEU).
The two millionth TEU container was offloaded from SITC Osaka, which is operated by Chinese megaliner SITC Container Lines. The container vessel originated from Ningbo in China. SITC is one of MICT’s longtime clients with regular vessel calls to the Port of Manila. MICT reached its first one million-TEU move back in December 2002.

A ceremony held to commemorate the milestone was led by Christian R. Gonzalez, ICTSI Senior Vice President and Regional Head of Asia-Pacific and MICT, and Qing Quan, SITC Container Lines Philippines, Inc. General Manager.
“Today represents a significant achievement for MICT as we continue with our mandate to provide the highest level of service to our clients and stakeholders, most especially to the Filipino people. As the gateway to the Philippine market, MICT consistently seeks to improve our operational efficiency to ensure fast and uninterrupted flow of trade in and out of the port,” said Mr. Gonzalez.

Terminal utilization at the MICT has significantly improved since the completion of Yard 7 late in November 2015. Yard 7, which is part of MICT’s PHP5 billion expansion project, increased the terminal’s capacity by 18 percent from 2.5 million to 2.75 million TEUs.

The two million milestone also triggers a multi-billion peso capacity improvement commitment with the Philippine Ports Authority that requires ICTSI to commission five additional post-Panamax quay cranes along with corresponding yard equipment, and build at least another berth by 2019.

Also, key to achieving the two million TEU milestone was the rollout the Terminal Appointment Booking System (TABS), an online container booking platform, in October 2015, which significantly improved and optimized the flow of trucks in and out of the terminal.

Mr. Gonzalez explains: “The construction of Yard 7 and the implementation of TABS last year gave us the flexibility and efficiency we need to perform optimally. We have more projects in the pipeline like the revival of the rail line which will link MICT with Laguna Gateway Inland Container Terminal.”

Aside from establishing an intermodal link between its Manila and Laguna terminals, ICTSI also submitted a proposal to the Philippine Department of Transportation to build the Cavite Gateway Terminal (CGT), a USD30 million common-user barge and roll on–roll off terminal in Tanza, Cavite. The 115,000-TEU facility, which will be built in a six-hectare property, will also be directly linked with MICT. The transshipping of cargo from MICT to CGT and vice-versa will serve the dynamic economic activity of Cavite, and lessen the number of truck trips in Manila by approximately 140,000 annually.

Posted at 19:07   パーマリンク



International Container Terminal Services, Inc. (ICTSI) today formally opened the first phase of its new greenfield terminal development at its Basra Gateway Terminal in the North Port, Umm Qasr, Iraq.

The official inauguration of the new facility marks the successful implementation of the first entirely foreign financed development of new port infrastructure in Iraq.
The Hon. Minister of Transport for Iraq, Kadhem Finjan al-Hamami was in attendance as Enrique K. Razon Jr, ICTSI Chairman and President, formally cut the ribbon, symbolizing the opening of the terminal after which the first container was lifted by one of the two new ship-to-shore cranes installed at the terminal.

Also present at the ceremony were Dr. Majid M. Al-Nasrawy, Governor of Basra; Mr Riyadh Swadi Shamkhi Al Hammad, GCPI Port Director; and Elmer G. Cato, Charge d’ Affaires, en pied and Head of Mission, Embassy of the Philippines, together with ICTSI senior management.

Mr. Razon emphasised ICTSI’s commitment to Iraq, saying:
“Today represents a milestone in the development of Iraq’s shipping infrastructure. ICTSI’s commitment to Iraq is evidenced in major investments in the upgrade of existing berths 19, 20 and the construction of the new terminal incorporating Berth 27. Modern and reliable infrastructure, equipped with state-of-the-art quayside and landside handling systems is critical for sustainable economic growth. We are confident the new terminal area will boost efficiency and speed the movement of import and export cargo supporting the rapid growth in Iraq’s economy.”

Phillip Marsham, CEO, BGT, noted that the fast-track development and on-time delivery of the new terminal area was facilitated by the extremely good working relationship with the General Company for Ports of Iraq (GCPI) and other Iraqi government agencies.

“This,” he said, “is a special day for BGT and Umm Qasr Port, with the project completed on time. The support of GCPI and all the involved agencies in Iraq has made this possible, and BGT is now well positioned to build on the considerable progress already made in delivering high calibre services in line with international standards of operation.”

When fully developed, the new terminal area will comprise 600 meters of quay and 50 hectares of yard area. Total investment for the first phase development is USD130 million.

In addition to the acquisition of new equipment and IT systems BGT has invested heavily in the training of its workforce, drawn largely from the local community.

Summarizing the combined impact of the comprehensive investments, Hans-Ole Madsen, Senior Vice President, Europe, Middle East and Africa underlined:
“BGT is set to consolidate and expand its position as Iraq’s premier multi-purpose container terminal. With the investment in modern infrastructure, handling systems and supporting IT systems as well as extensive staff training, BGT will progressively raise the bar in container and general cargo handling operations in Iraq.”

Posted at 17:27   パーマリンク

ICTSI Successfully Prices Tender Offer and New Perpetual Securities Issuance [Seaport]

ICTSI successfully repurchased US$345.5 million of its outstanding perpetual securities via a tender offer, funded by the US$375.0 million issuance of new senior perpetual securities. The liability management exercise allowed ICTSI to further strengthen its capital structure while realizing significant cost savings.

On October 13, 2016, International Container Terminal Services, Inc. (“ICTSI”) and Royal Capital B.V. (the “Issuer”) announced the results of the Issuer’s offer to holders (“Securityholders”) of its 6.25% senior perpetual capital securities callable in 2019 (“NC19 Securities”) and 5.50% senior perpetual capital securities callable in 2021 (“NC21 Securities”, and together with the NC19 Securities, the “Old Perpetual Securities”), both guaranteed by ICTSI, to tender Old Perpetual Securities for cash (the “Tender Offer”).

An aggregate nominal principal amount of US$345,453,000 in the Old Perpetual Securities was submitted by Securityholders in the Tender Offer (the “Tender Instructions”) of which US$160,314,000 comprised tenders of the NC19 Securities and US$185,139,000 from tenders of NC21 Securities. The Issuer offered Securityholders a price of US$1,067.50 per US$1,000 in principal amount of the NC19 Securities and US$1,057.50 per US$1,000 in principal amount of the NC21 Securities. ICTSI and the Issuer accepted all Tender Instructions submitted.

In addition, on October 13, 2016, the Issuer successfully priced a US$375,000,000 offering of senior perpetual capital securities, guaranteed by ICTSI (the “New Perpetual Securities”). The New Perpetual Securities were structured to constitute equity under International Financial Reporting Standards and represent ICTSI’s third successful issuance in this format.

The New Perpetual Securities confer a right to receive distributions at a rate of 4.875% per annum and were priced at 99.225%. The New Perpetual Securities shall rank pari passu with all other outstanding unsubordinated obligations of the Issuer, who will have the right to redeem the New Perpetual Securities on May 5, 2024 and any semi-annual distribution payment date thereafter. The rate of distribution for the New Perpetual Securities will be reset every five years from May 5, 2024 and will increase by 2.50% per annum on May 5, 2024, in each case if the New Perpetual Securities were not already redeemed by the Issuer. Consistent with the requirements for equity under IFRS, the Issuer may resolve, at its discretion, to defer payment of distribution otherwise payable on a distribution payment date.

The New Perpetual Securities were widely distributed with fund managers accounting for 46%, private banks for 30%, and banks for 24%. By geography, Asia took up 82% with Europe at 18%.

The transaction is significant in several respects. The Tender Offer is the first such transaction targeting repurchase of U.S. dollar perpetual securities in Asia this year. Meanwhile, the New Perpetual Securities achieved the longest non-call date for any Asian corporate hybrid security to date. ICTSI remains the only Philippine issuer to have offered U.S. dollar senior perpetual securities in the international debt capital markets. Moreover, the New Perpetual Securities set a record-low U.S. dollar distribution rate for a Philippine corporate perpetual security, a significant reduction relative to the NC19 Securities and NC21 Securities.

ICTSI Senior Vice President and Chief Financial and Compliance Officer Rafael D. Consing remarked, “This capital management exercise is strategic and value accretive in many respects. The two most important of which are the extension of the call duration on almost half of ICTSI's outstanding senior perpetual securities, and securing guaranteed annual cost savings from the lower distribution rate. We are pleased to have achieved these objectives particularly given the volatile market backdrop.”

Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners for the New Perpetual Securities issuance and as Dealer Managers for the Tender Offer.

ICTSI operates a total of 30 common user container terminals located in 20 countries, with a focus on facilities having total annual throughputs ranging from 50,000 to 2,500,000 twenty-foot equivalent units (TEUs).

Posted at 17:27   パーマリンク


ICTSI Congo receives 1st of 2 mobile cranes [Seaport]

Matadi Gateway Terminal (MGT), the new container and general cargo terminal on the Congo River, DR Congo, has received the first of two new mobile cranes scheduled to go into service at the terminal.

The Terex Model 5 crane is the largest member of the medium size crane family available from Terex Port Solutions and was delivered fully erect on-board the m/v BBC ODER which commenced its voyage from Antwerp, Belgium.

With a working radius of up to 51m, the geometry of the Model 5 unit is designed to serve Panamax class container ships. This unit and its sister unit, set to arrive in September, will operate with an automatic twin-lift spreader (60t in twin lift and 50t in single lift) and will also provide a heavy lift capability, 125t at an outreach of 18m.

Tim Vancampen, Chief Executive Officer, MGT states: “This new unit is a game changer. It is the first unit of its kind in Matadi and will deliver high performance and faster vessel turnaround times. With the arrival of the second unit, MGT will also be able to give reliable service to larger gearless vessels.”

Other key equipment to be deployed at the terminal includes reach stackers and front loaders as well as Navis N4 for efficient management of vessel loading/unloading and terminal operations.

The Matadi Gateway Terminal is a joint venture company between ICTSI, the Ledya Group and SCTP SA. ICTSI operates 30 terminals in 21 countries and is recognised to be a leading developer, manager and operator of gateway terminals of different sizes and serving extended hinterlands including cross border.

Posted at 21:50   パーマリンク

ICTSI, NALP break ground for Cabuyao auto logistics hub [Seaport]

Officers of International Container Terminal Services, Inc. (ICTSI), NYK Auto Logistics Philippines (NALP) and other project partners recently led the ground breaking ceremony on NYK’s pre-delivery inspection and storage facility located at ICTSI-owned land in Barangay Niugan, Cabuyao Laguna.

The facility will serve as a storage center for completely built-up units (CBUs) discharged from Bauan International Port, Inc. (BIPI), a subsidiary of ICTSI that operates the Bauan terminal in Batangas. The initial phase of the project will feature a 5,000 square meter covered warehouse and storage space for 2,800 CBUs.

Aside from the project development, ICTSI and NYK will also undertake CSR initiatives for the benefit of the host communities. ICTSI has already donated a 4,500 square meter parcel of land to the City of Cabuyao, which will be developed into access roads leading to other parts of Barangay Niugan. NYK is conducting several development projects as well to help the residents of St. Francis homes and improve the condition of the facility’s surrounding areas.

Also present in the ground breaking were Cabuyao City Mayor Atty. Rommel Gecolea and Barangay Niugan Chairman Dennis Hain.

The city fully supports the project, which is expected to create local jobs for the local community and nearby cities.

Posted at 21:45   パーマリンク

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