ICTSI building new terminal in Indonesia
East Java Multipurpose Terminal is scheduled to be operational by September 2024
MANILA -International Container Terminal Services Inc. (ICTSI) continues its global expansion with the construction of a multipurpose terminal in Indonesia, which it expects to become operational by September next year.
The Razon-led port operator’s Indonesian business unit, East Java Multipurpose Terminal (EJMT), broke ground earlier this month for the terminal designed to service Lamongan, Tuban and central Java hinterlands.
The project includes a 300-meter quay line, breakwater and super heavy lift breakbulk deck.
The company did not say how much the terminal will cost.
“Catering to an already thriving industry with this new investment, EJMT is well-positioned to support the growing economy of East Java and Indonesia,” EJMT CEO Patrick Chan said.
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EJMT is a joint venture between ICTSI and Indonesian oil company East Log Holdings.
“By building positive relationships with stakeholders, ICTSI is contributing to the sustainable economic and social well-being of the local community,” said Gerard Langes, ICTSI head of business development for Asia Pacific and the Philippines.
In August, ICTSI was granted a $750-million credit line with a tenor of six years from the Metropolitan Bank & Trust Co. (Metrobank) to refinance short-term obligations and fund global expansion.
READ: Expanding ICTSI borrows $750M from Metrobank
The transaction was the largest bilateral facility extended by the Ty-led bank. It was also the port operator’s biggest loan borrowing to date.
The Razon-led company has allotted $400 million in capital expenditures to support terminal upgrades this year.
