International Container Terminal Services Inc. said Tuesday it secured an approval from the state-run Philippine Ports Authority to increase tariff on stevedoring and cargo handling charges at the Manila International Container Terminal.
The port terminal operator led by businessman Enrique Razon III said it received a copy of PPA Memorandum Circular No. 12 – 2021 approving is petition of a 10-percent increase on stevedoring and cargo handling charges at MICT.
The PPA also approved the request of a similar tariff of Asian Terminals Inc. at the South Harbor.
The tariff increase will be implemented in two tranches. The 2-percent tariff increase will be implemented 30 days after publication of PPA MC 12-2021 in a newspaper of general circulation.
The balance of 8 percent will be imposed after review and consideration by the PPA board six months after implementation of the initial 2-percent increase.
ICTSI earlier reported a net income of of $90.1 million in the first three months, up 51 percent from $59.6 million in the same period last year.
Gross revenues from port operations increased by 16 percent in the first quarter to $435.6 million from the $375.8 million reported in the same period in 2020.
The group allocated $250 million in capital expenditure budget for 2021. This will be utilized mainly for the completion of the expansion project at MICT in Manila; the ongoing yard expansion at IDRC in Matadi, Democratic Republic of Congo; the new expansion project at VICT in Melbourne, Australia; equipment acquisitions and upgrades; and for various maintenance requirements.
ICTSI is a leading global developer, manager and operator of container terminals in the 50,000 to 3,350,000 TEU/year range. ICTSI operates in six continents and continues to pursue container terminal opportunities around the world.