By Genivi Factao

Leading port operator International Container Terminal Services Inc. (ICTSI) yesterday said it expects business growth boosted by new terminals as it continues to look for prospects abroad, even if there is recession in the US.

"The company is strong if there is recession (in US), there is recession. We can’t do anything about it. But the new terminals will mitigate recession," Enrique Razon Jr., ICTSI chairman, said.

Last year, ICTSI has completed port acquisition in China and Ecuador.

This year, he said the company is looking at ports in Africa, Middle East, Latin America, Europe and Asia.

ICTSI is looking at Vietnam, as it is the next great trading nation after China.

Edgardo Abesamis, executive vice-president of ICTSI, reportedly said Vietnam would have spectacular trade growth from 15 to 20 percent in the next 3 years. He said in a report that many factories, such as manufacturers of shoes, garments and electronics, which are big cargo generators, have relocated to Vietnam.

Razon said even if they are eyeing investments abroad, the business outlook is very cautious.

He further said that they are not affected that much by US because the revenues were not purely US denominated since they have various ports all over the world.

"The outlook is cautious because of the financial market conditions in the US and other areas. Right now, we don’t see any prospects here but abroad," Razon added.

"We have to see how the world economy will develop, but if it does anything interesting we are always ready," Razon said.

ICTSI will increase its capital expenditures for this year to about P10 billion, from P9.9 billion last year due to acquisition of new equipments for Equador and construction of terminal in Columbia and Poland.

Razon announced a 35-centavo dividend per share with payment due on May 18.

ICTSI will be expanding the capacity of its Manila International Container Terminal to handle more than 2 million TEUs (twenty foot equivalent units) next year from its current capacity of handling 1.6 million TEUs. MICT’s volume reached 1.37 million TEUs.

ICTSI will also expand the facilities in Brazil, Poland, Indonesia, Ecuador, and Georgia.

He further said the company has incurred losses in the 10-day picket due to labor dispute at its subsidiary Baltic Container Terminal (BCT) in Gdynia , Poland . But he said they are now backing to normal operations.

Last year unaudited net income rose 52 percent to P2.8 billion from the previous year’s P1.83 billion.

ICTSI is the leading port management company in the Philippines. It was incorporated on December 24, 1987 and has been cited by the Asian Development Bank as one of the top five major maritime terminal operators in the world.