LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Monday that its Brazilian subsidiary ICTSI Rio Brasil is adding rail logistics to its operations.
“To run this operation, ICTSI Rio formed a new company — IRB Logística — to take over the operations of the terminal from Multitex Logistica starting on 1 July 2021,” ICTSI said in an e-mailed statement.
“IRB Logística will offer sustainable cargo handling, transport, and storage services to the economic, industrial, and production centers in Rio de Janeiro, Minas Gerais, and São Paulo,” it added.
Roberto Lopes, ICTSI Rio chief executive officer, said IRB Logística and ICTSI Rio have a common goal of driving economic growth in the region.
They intend to provide “more efficient, seamless, and value-added solutions across the entire logistics chain,” Mr. Lopes added.
ICTSI saw a 51% increase in its attributable net income for the first three months of 2021, owing to the improvements in its terminals and “significant” contributions from new shipping lines and services.
Its net income attributable to equity holders for the first quarter reached $90.1 million, up from $59.6 million in the same period in 2020.
The company’s total revenues increased 16% to $435 million in the first quarter from $375.8 million in the same period a year ago.
It handled 2.71 million twenty-foot equivalent units (TEUs) in the first quarter, 8% higher than the 2.51 million TEUs handled in the same period a year earlier. — Arjay L. Balinbin