MANILA HARBOR CENTER, a unit of Razon-led International Container Terminal Services, Inc. (ICTSI), has rebranded as Manila Multipurpose Terminal, citing its growth trajectory and alignment with the parent company.
“The rebranding is inspired by the company’s steady growth and to underscore synergies with its owner and parent company,” ICTSI said in a statement on Monday.
The terminal is a 13.2-hectare port facility at the Port of Manila, serving bulk, breakbulk, and other types of general cargo. It has a yearly capacity of 10 million metric tons, catering to several industries including construction, mining, power, telecommunications, manufacturing, and agriculture.
It is the largest and busiest international bulk and break bulk operations hub in the Philippines, the company said.
“Manila Multipurpose Terminal experienced a significant leap in productivity resulting from streamlined processes and new technologies,” ICTSI said.
“ICTSI’s global brand of port operation has enabled Manila Multipurpose Terminal to leverage new opportunities and navigate the shifting trends in global trade,” it added.
In a related development, the company announced the completion of the phase 3A expansion of its unit in Australia, the Victoria International Container Terminal (VICT).
With the expansion of VICT, supersized ships may now sail directly into Port Phillip and dock at VICT, the only terminal in Melbourne capable of receiving them, ICTSI said.
“This translates to faster turnaround times, improved efficiency, and ultimately, a competitive edge for Australian businesses,” it added.
VICT’s expansion, valued at P8.5 billion, is being carried out in two phases. The phase 3A was completed in December.
Phase 3A increases the terminal capacity by 30% to 1.25 million twenty-foot equivalent units (TEUs), while Phase 3B is expected to be completed by 2026.
“VICT can now accommodate the largest container vessels calling Australia — the neo-Panamax giants — solidifying the Port of Melbourne’s position as Australia’s number one container port,” Enrique K. Razon, chairman and president of ICTSI, said in a statement.
For 2023, ICTSI saw a 17.3% drop in its net income attributable to equity holders, falling to $511.53 million from the previous $618.46 million, attributed to the impairment cost associated with the acquisition of Pakistan International Container Terminal.
Its consolidated revenues reached $2.39 billion, marking a 6.7% increase from $2.24 billion registered in the same period in 2022 due to increased volumes.
The company said its throughput grew by 4.3% to 12.75 million TEus from the 12.22 million TEUs in the same period a year earlier.
At the local bourse on Monday, shares in the company gained P16.80 or 5.93% to end at P300 apiece. — Ashley Erika O. Jose