ICTSI and Portland part ways
ICTSI Oregon and the Port of Portland have agreed to terminate the operator's 25-year lease at the port’s Terminal 6 after admitting no end in sight to a catalogue of troubles including a lack of major clients and considerable labour issues.
Both parties said that the agreement will ICTSI Oregon to be relieved of its long-term lease obligations effective 31 March 2017, pending approval by the Port Commission.
In exchange, the port will receive US$11.45 million in compensation to rebuild business, as well as additional container handling equipment, spare parts and tools at the terminal.
“Small businesses, farmers, agricultural producers, shippers and communities throughout the Columbia River region deserve and need a fully-functioning container terminal,” said ICTSI Oregon CEO Elvis Ganda.
“Hopefully, this agreement with the Port will make it possible for business to return to the terminal more quickly. However, ICTSI Oregon will continue to address the labour issues that gave rise to its decision to enter into this agreement and will pursue its legal claims against the ILWU.”
“This is the best opportunity to launch a new strategy to restore carrier service for Oregon and Northwest shippers,” said Bill Wyatt, port executive director. “We now have a new path to redefine our future in this business and launch new strategies to bring the terminal back to life.”
The port signed the lease with ICTSI Oregon back in 2010.
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