A joint venture contract with Yantai Port Group Company and SDIC Communication sees ICTSI gain control of 60% of the shareholdings of Shandong port operator, Yantai Gangtong Container Terminal Company, which manages the Yantai Gangtong Terminal in China.
The deal, still subject to regulatory approvals, will give ICTSI control of container berths 38/39 of the Yantai Gangtong Terminal, including a 280,000 sq m container yard and back up area. The agreement marks ICTSI’s first foray into the swelling Chinese port market.