International Container Terminal Services Inc. (ICTSI) announced on Wednesday that it is deploying additional equipment at its Subic terminal to “boost its onshore operations and improve overall productivity in support of growth prospects in North and Central Luzon. in the Phillippines”.
ICTSI said Subic Bay International Terminals (SBITC) is adding 4 rubber-tyred gantry cranes (RTGs) this month. Their delivery is scheduled for the last week of September.
With the addition of the new RTGs, SBITC will have a fleet of 10 RTGs that enable faster truck and vessel turnaround times for smoother cargo flow.
“The resulting efficiencies will allow SBITC to stay ahead of the demand curve and meet increased freight shipments during the peak shipping season,” the company said in a statement.
SBITC began using RTGs in 2019, resulting in reduced truck downtime, better yard utilization and a 42% increase in terminal static capacity.
“The additional RTGs will allow SBITC to further enhance its stakeholder service offerings and elevate the industry standard in the region,” the statement said.
SBITC has an annual capacity of 600,000 twenty-foot equivalent units. It is considered a gateway to the markets of northern and central Luzon.
In March, ICTSI said it would increase spending for 2022 to $330 million, from $165 million last year, to fund port expansion projects in the Philippines as well as other territories.
The company said the proceeds will be used to pay initial concession fees for its port in Madagascar, its ongoing port expansion in the Democratic Republic of Congo as well as Australia and Mexico.
The amount will also be used to finance the expansion of Pier 8 of the Manila International Container Terminal and the purchase of equipment as well as the maintenance of its ports.
ICTSI said its profit jumped 321% to $428.57 million in 2021 from $101.76 million the previous year. Its revenues increased 24% to $1.87 billion from $1.51 billion thanks to a 10% increase in consolidated volume to 11.16 million twenty-foot equivalent units (TEUs) from 10.19 million of TEUs the previous year.