ICTSI bags port deal in Rio de Janeiro

/ 01:05 PM July 18, 2019


MANILA, Philippines–Razon group-led port operator International Container International Services Inc. (ICTSI) has bagged a new deal to take over the port container terminal concession at Terminal de Contêineres 1 (T1Rio) in the port of Rio de Janeiro City, Brazil.

The ICTSI disclosed to the Philippine Stock Exchange on Thursday that its wholly-owned subsidiary ICTSI Americas BV was declared on July 17 as the winning bidder to acquire 100 percent of the shares of Libra Terminal Rio S.A. (Libra Rio) from Boreal Empreendimentos e Participações SA.


Libra Rio holds the concession rights to operate, manage and develop the container terminal T1Rio. The concession of T1Rio commenced in 1998, and was extended in 2011, to last until 2048.

“ICTSI will assume the operational, development and other responsibilities under the current concession contract. The transfer of the facilities to ICTSI management is expected to take place after all conditions precedent and required regulatory approvals have been obtained,” the disclosure said.


The parties will work to sign a share purchase agreement in due course, the disclosure added.

In 2018, T1Rio had a throughput of around 135,000 TEUs – the 20-foot equivalent unit which is used to measure a ship’s cargo carrying capacity – and an estimated capacity of 530,000 TEUs. It has state-of-the-art container terminal assets, including five ship-to-shore gantry cranes and an extensive range of yard handling equipment including more than 16 rubber-tired-gantry cranes.

It has a total land area of 18.8 hectares and 715 meters of quay wall, with a design water depth of up to 16 meters and thus the capability to receive large container vessels of global shipping lines. /jpv


ICTSI sets aside $380M for 2019 capex

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Corporate, ICTSI, local news, Philippine news update, port deal
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2019 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.