International Container Terminal Services Inc (ICTSI) has signed an agreement for the management and running of operations at the Kattupalli Container Terminal in Tamil Nadu in India, reporteddow Jones Newswires.
The deal to operate the container terminal, which is scheduled to commence operations in January 2012, was signed with L&T Shipbuilding. Financial details of the deal weren't disclosed.
The terminal has two 350m-long berths and a total terminal area of around 20 hectares in Phase 1, the company said. During the second phase of development, terminal capacity can be increased to handle 1.8 million TEUs from 1.2 million TEU annual capacity.
ICTSI, the Philippines' largest port operator by revenue, also operates container ports in Brunei, China, Poland, Georgia, Ecuador, Syria, Indonesia, Madagascar and Brazil.
Meanwhile, ICTSI said it has awarded by the Subic Bay Metropolitan Authority a concession contract to manage and operate the new container terminal in Subic freeport.
ICTSI's 83.3 percent-owned subsidiary Subic Bay International Terminal Corp. already operates and manages the existing and adjacent container terminal in Subic freeport under a 25-year concession agreement that started in 2008.
SBITC was the only bidder when SBMA auctioned the concession deal for the new container terminal in the freeport.
The new terminal was built at a cost of US$80 million, which was financed mainly by a $60 million loan from the Japan Bank for International Cooperation.
The 14-hectare terminal has a capacity of 300,000 TEUs a year, and a 280m wharf.
SBM projects annual revenue of around $6 million from the new container terminal.
ICTSI didn't provide details of its winning bid.
Under its concession deal covering the first terminal in the freeport, SBITC pays a base rent of $0.70 a sq m a month for the 14-hectare terminal with a six percent escalation on the 5th year of the 25-year concession and every three years after, a fixed fee of $500,000 and a variable fee of 12 to 16 percent of SBITC gross revenues.
The deal to operate the container terminal, which is scheduled to commence operations in January 2012, was signed with L&T Shipbuilding. Financial details of the deal weren't disclosed.
The terminal has two 350m-long berths and a total terminal area of around 20 hectares in Phase 1, the company said. During the second phase of development, terminal capacity can be increased to handle 1.8 million TEUs from 1.2 million TEU annual capacity.
ICTSI, the Philippines' largest port operator by revenue, also operates container ports in Brunei, China, Poland, Georgia, Ecuador, Syria, Indonesia, Madagascar and Brazil.
Meanwhile, ICTSI said it has awarded by the Subic Bay Metropolitan Authority a concession contract to manage and operate the new container terminal in Subic freeport.
ICTSI's 83.3 percent-owned subsidiary Subic Bay International Terminal Corp. already operates and manages the existing and adjacent container terminal in Subic freeport under a 25-year concession agreement that started in 2008.
SBITC was the only bidder when SBMA auctioned the concession deal for the new container terminal in the freeport.
The new terminal was built at a cost of US$80 million, which was financed mainly by a $60 million loan from the Japan Bank for International Cooperation.
The 14-hectare terminal has a capacity of 300,000 TEUs a year, and a 280m wharf.
SBM projects annual revenue of around $6 million from the new container terminal.
ICTSI didn't provide details of its winning bid.
Under its concession deal covering the first terminal in the freeport, SBITC pays a base rent of $0.70 a sq m a month for the 14-hectare terminal with a six percent escalation on the 5th year of the 25-year concession and every three years after, a fixed fee of $500,000 and a variable fee of 12 to 16 percent of SBITC gross revenues.