Philippines-based International Container Terminal Services (ICTSI) has announced solid third quarter results for its international operations which include a terminal in Madagascar.
“Despite a worsening global economic climate, ICTSI has delivered solid results for the quarter. We remain cautious concerning the outlook for the global economy and world trade, and are taking steps to position ourselves accordingly,” said Enrique K Razon Jr, ICTSI’s chairman and president.
ICTSI handled consolidated volumes of 1,021,499 TEUs in the third quarter of 2008, 26% higher than the 811,049 TEUs handled in the same period in 2007. For the nine months ended 30 September 2008, total TEUs handled was 2,776,972 compared to 2,095,798 TEUs in 2007, a 33% increase over the same period last year.
Foreign container volume grew 23% over the same period last year, driven principally by the addition of the company’s Ecuador, Syria and Georgia port operations, and exceptionally strong growth at the company’s operations in Brazil, Madagascar, and China.