Port operator International Container Terminal Services Inc. (ICTSI) has finalized a deal with the Subic Bay Metropolitan Authority for the operation of a new container terminal at Cubi Point, Subic Bay.
In a disclosure to the Philippine Stock Exchange on Wednesday, ICTSI said it had signed the 25-year contract for the operation and management of a new container terminal (NCT-2).
The concession agreement was finalized three months after the SBMA announced it was awarding the project to ICTSI.
The agreement gives ICTSI, which also operates the first container terminal in Subic, a dominant position in this business in Subic Bay.
NCT2 has a capacity of 300,000 TEUs, or 20-foot equivalent units, a measure used for capacity in container transportation. ICTSI unit Subic Bay International Container Terminal has committed to bring in a minimum of 100,000 TEUs in NCT2 per year.
Led by businessman Enrique Razon, ICTSI is in the management, operation and development of container terminals. ICTSI and its subsidiaries provide cargo handling and related services to container, storage facilities and services, and roll-on roll-off (RORO) and anchorage services to non-containerized cargo or general cargo.
The group has operations in the Philippines, Brazil, Poland, Madagascar, Japan, Indonesia, Syria, China, Ecuador, Colombia, Georgia, Brunei, Argentina, Mexico and USA.
In the Philippines, ICTSI operates the Manila International Container Terminal, Mindanao Container Terminal in Misamis Oriental, the Makar Wharf, Port of General Santos City, Bauan International Port in Batangas and Sasa International Port in Davao City.