ICTSI takes over Chinese terminal operations
An International Container Terminal Services Inc (ICTSI)-led joint venture (JV) Yantai Rising Dragon International Container Terminals (YRDICT) has taken over operations at China's Yantai Gangtong Container Terminal.
ICTSI had early this year inked an agreement to buy 60% of Yantai Gangtong Container Terminal Co Ltd while JV partners Yantai Port Group Co. and SDIC Communications Co. took up a 20% stake each.
YRDICT is now managing and running the terminal, located within the port of Yantai, which can handle over 900,000 twenty-foot equivalent units (TEUs) per year.
Its cargo handling facilities include twelve RTG (rubber-tyred gantry) cranes and six post-Panamax quay cranes.
The high-tech terminal employs a container information system consisting of various sub-systems which control real-time port operations, yard planning, container freight station management, statistics inquiry and billing infrastructure.
This project is ICTSI's first purchase of a majority stake in a Chinese mainland terminal.
The venture into Chinese port projects is in line with ICTSI's recently aggressive international expansion programme.
ICTSI has made clear its keen interest in new overseas markets including Latin America, China and India.
Early this year ICTSI won a 20-year concession to operate a multi-purpose terminal at the port of Guayaquil in Ecuador and it recently also finalized agreements to build and run a new $180 million container terminal at the Colombian port of Buenaventura. The company has also taken over operations at Syria's Tartous Container Terminal.
On the local front, ICTSO recently secured a concession to operate the new $215 million container terminal at Subic Bay Freeport.
Reports say that funding for ICTSI's international expansion may come partly from a $120 million standby credit line offered by a consortium of 19 international banks led by ABN AMRO Bank N.V.
The Asian Development Bank (ADB) has cited ICTSI as one of the top five major maritime terminal operators in the world.
ICTSI also operates Brazil's Suape Container Terminal, Poland's Baltic Container Terminal, Japan's Naha International Container Terminal, Indonesia's Makassar Container Terminal and the Madagascar International Container Terminal.
ICTSI had early this year inked an agreement to buy 60% of Yantai Gangtong Container Terminal Co Ltd while JV partners Yantai Port Group Co. and SDIC Communications Co. took up a 20% stake each.
YRDICT is now managing and running the terminal, located within the port of Yantai, which can handle over 900,000 twenty-foot equivalent units (TEUs) per year.
Its cargo handling facilities include twelve RTG (rubber-tyred gantry) cranes and six post-Panamax quay cranes.
The high-tech terminal employs a container information system consisting of various sub-systems which control real-time port operations, yard planning, container freight station management, statistics inquiry and billing infrastructure.
This project is ICTSI's first purchase of a majority stake in a Chinese mainland terminal.
The venture into Chinese port projects is in line with ICTSI's recently aggressive international expansion programme.
ICTSI has made clear its keen interest in new overseas markets including Latin America, China and India.
Early this year ICTSI won a 20-year concession to operate a multi-purpose terminal at the port of Guayaquil in Ecuador and it recently also finalized agreements to build and run a new $180 million container terminal at the Colombian port of Buenaventura. The company has also taken over operations at Syria's Tartous Container Terminal.
On the local front, ICTSO recently secured a concession to operate the new $215 million container terminal at Subic Bay Freeport.
Reports say that funding for ICTSI's international expansion may come partly from a $120 million standby credit line offered by a consortium of 19 international banks led by ABN AMRO Bank N.V.
The Asian Development Bank (ADB) has cited ICTSI as one of the top five major maritime terminal operators in the world.
ICTSI also operates Brazil's Suape Container Terminal, Poland's Baltic Container Terminal, Japan's Naha International Container Terminal, Indonesia's Makassar Container Terminal and the Madagascar International Container Terminal.