ICTSI banks on emerging markets

SPICTL will provide and deploy cranes, berth and yard equipment to the Port of Lae SPICTL will provide and deploy cranes, berth and yard equipment to the Port of Lae

International Container Terminal Services Inc (ICTSI) is building up its emerging market portfolio by acquiring three new operations in Papua New Guinea and the Philippines.

Chief Financial Officer Rafael Consing told the Nikkei Asian Review that the operator has signed two 25-year agreements to operate the international ports in Motukea and Lae in Papua New Guinea.

ICTSI told the Philippine Stock Exchange that the ports will be run under 25-year contracts which will take effect once the company meets the customary conditions.

The terminal operating agreements were signed by ICTSI’s PNG subsidiaries, Motukea International Terminal Limited (MITL) and South Pacific International Container Terminal Limited (SPICTL), with the PNG state-owned enterprise, PNG Ports Corporation Limited (PNGPCL).

MITL will apparently provide and deploy cranes, berth and yard equipment for the Port of Motukea, while SPICTL will provide and deploy cranes, berth and yard equipment to the Port of Lae.

ICTSI is demonstrably keen to add more midsize facilities in emerging markets.

The operator also strengthened its foothold in Manila last week by buying a 35% stake in Manila North Harbor Philippines for 1.75 billion pesos (US$34.5 million).

These latest acquisitions follow some decisions earlier in the year to abandon port contracts in Oregon, US, Nigeria and Brunei over matters of financial viability.

Latest Jobs

Assistant Marine Superintendent

SVITZER is the largest global company within towage and related services. We employ over 4000 employ... Read more

Port Manager

SVITZER is the largest global company within towage and related services. We employ over 4000 employ... Read more

Chief Engineer - Seagoing, Maritime Services (48205)

Serco Marine Services deliver marine support packages tailored to our customers’ needs all delivered... Read more

Electrician

Reporting to the Engineering Maintenance Supervisor, the purpose of the role is to ensure that all o... Read more

Logistics Customer Service Coordinator

Do you enjoy being part of a small multifunctional team and can you provide excellent service to our... Read more

Principal project manager - Ports

We are looking for a principal project manager with a broad range of experience in the maritime sect... Read more

View all jobs