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ICTSI’s South Pacific unit begins bulk coffee operations

LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Tuesday that its unit South Pacific International Container Terminal (SPICT) in Papua New Guinea has started its bulk coffee operations.

“SPICT’s coffee bulking facility offers a 2,000-square-meter, fully equipped warehouse manned by a specialized team dedicated to coffee handling and storage operations,” ICTSI said in an e-mailed statement.

“SPICT assures customers of readily available containers from all shipping lines, as well as zero risk of missed sailings for shipments,” it added.

ICTSI noted that its unit recently took delivery of 320 bags of green coffee beans from Monpi Coffee Exports Ltd., a major coffee producer in Papua New Guinea (PNG). It said the shipment was bound for export to Melbourne, Australia.

Robert Maxwell, SPICT chief executive officer, said: “After almost a year of securing the necessary permits from state regulators and consultation with coffee experts across the country, we are now ready to provide the highest level of service to PNG’s coffee industry.”

“Opening the coffee bulking facility is one of our major accomplishments for this year. Having a young and capable team, along with ICTSI’s cargo-handling expertise, we look forward to helping PNG’s coffee industry grow by helping exporters capitalize on opportunities from the increasing global demand for coffee,” he added.

ICTSI saw a 51% increase in its attributable net income for the first three months of the year, owing to the improvements in its terminals and significant contributions from new shipping lines and services.

ICTSI’s 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.

ICTSI shares closed 5.78% higher at P163 apiece on Tuesday. — Arjay L. Balinbin

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