ICTSI signs 25-year lease with Port of Portland
International Container Terminal Services Inc. (ICTSI) has signed a 25-year lease with the Port of Portland for the container/breakbulk facility at Terminal 6. Under the terms of the agreement, ICTSI will pay the Port US$8 million at closing in addition to an annual rent payment of US$4.5 million, subject to any increases in the consumer price index. As terminal volumes increase over time, ICTSI will pay the Port additional incremental revenue per container moved. The Port of Portland will continue to be responsible for providing security services at Terminal 6. According to ICTSI senior vice president Marcelo Suarez, improving access and capacity for exporters and importers, and increasing volumes are priorities for both the Port and ICTSI. The Port of Portland will be ICTSI’s exclusive focus on the US West Coast. Manila, Philippines-based ICTSI operates eighteen terminals in thirteen countries, and recently concluded agreements to operate and develop container terminals at the Port of Muara in Brunei, the Port of La Plata in Argentina and the Port of Manzanillo in Mexico. Quelle: eyefortransport |