LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Thursday the inclusion of its Subic port in the expanded service of Swiss-Italian maritime giant Mediterranean Shipping Company (MSC).
Subic Bay International Terminal Corp.’s (SBITC) inclusion in the so-called Seahorse Service of MSC provides “industries in northern and central Luzon with a reliable link to global markets — especially Europe and the United States,” ICTSI said in an e-mailed statement.
MSC is considered the world’s largest shipping line in terms of capacity. It has access to an integrated network of road, rail and sea transport resources worldwide, ICTSI said.
It sails on more than 230 trade routes and calls over 500 ports.
The expanded service is seen to improve connection between Subic and Singapore, ICTSI said.
The updated service is expected to help speed up shipments of dry and reefer imports by MSC from Europe, United States, Canada, South America and other long-haul markets.
“Aside from making regular calls in Subic, the updated service also calls North Port in Manila, which was already part of the previous port rotation,” ICTSI said.
“The updated rotation covers Tanjung Pelepas – Singapore – Manila – Subic – Kaohsiung – Vung Tau – Tanjung Pelepas.”
As of the third quarter of 2021, ICTSI’s total revenues hit $1.37 billion, a 24% increase from $1.1 billion previously.
Its net income attributable to equity holders for the January-to-September period was $316.4 million, 73% higher than the $182.6 million earned in the same period in 2020.
The company handled consolidated volume of 8,266,621 twenty-foot equivalent units (TEUs) during the period, 11% more than the 7,426,307 TEUs handled in the same period in 2020.
ICTSI shares closed 2.78% lower at P210 apiece on Thursday. — Arjay L. Balinbin