Ictsi renews Subic deal
International container terminal services (Ictsi) has secured a 25-year extension for its two Subic Bay concessions, covering the operation of new container terminals 1 and 2. The agreements with the Subic Bay metropolitan authority (SBma) run until 2058 and were signed by Ictsi executive vice-president Christian R. Gonzalez (pictured 2nd left) and SBma chairman Eduardo Jose L. Aliño (pictured 2nd right).
As part of the deal, Subic Bay international terminals will invest over USD 130m in infrastructure and new equipment, including one additional quay crane and hybrid RTGs, aiming to increase capacity from 600,000 to one million teu annually. Gonzalez said the extension underscores Ictsi’s long-term commitment to supporting regional trade growth and economic development. (js)