Port operator International Container Terminal Services Inc. said Monday it will appeal the recent court decision reducing from $93.6 million to $19 million the damages the International Longshore & Warehouse Union should pay the terminal operator of Port of Portland for illegal job actions in 2012 to 2017.
“We are pleased the court affirmed the jury’s findings that the ILWU engaged in illegal actions for five years and that these actions directly caused ICTSI Oregon Inc.’s damages,” ICTSI Oregon Inc.’s president and chief executive Elvis Ganda said.
“However, we are disappointed in the court’s opinion that ICTSI Oregon Inc. only suffered $19 million in damages rather than the $93.6 million the jury awarded after hearing all the evidence during the two-week trial,” he said.
ICTSI said it was “considering all options in our continuing efforts to hold the ILWU accountable and obtain justice.”
The port posted a net income of $100.4 million in 2019, down 52 percent from $207.5 million in 2018.
Excluding the non-recurring gains and charges, recurring net income increased 23 percent last year to $259.1 million from $210.5 million in 2018.
ICTSI’s gross revenues from port operations in 2019 increased 7 percent to $1.5 billion from $1.4 billion in 2018.
The company handled consolidated volume of 10,178,018 twenty-foot equivalent units in 2019, or 5 percent more than the 9,736,621 TEUs it handled in 2018.
The group’s capital expenditure budget for 2020 is about $270 million, up from $240.8 million in 2019.
The estimated capex will be utilized for the ongoing expansion projects at Manila International Container Terminal in Manila, Philippines and Contecon Manzanillo S.A in Mexico, yard expansion at IDRC in Democratic Republic of Congo, equipment acquisitions and upgrades and for maintenance requirements.
