International Container Terminal Services Inc. is set to take over the new container terminal 2 in Subic following a contract-signing Wednesday, Manilastandardtoday reports.
ICTSI told the Stock Exchange that it signed with the Subic Bay Metropolitan Authority the contract to operate and manage NCT2. The 25-year concession for the development and operation of the port was awarded to the Razon-led firm in April.
NCT 2 is adjacent to NCT 1, which is also operated by ICTSI unit Subic Bay International Terminal Corp.
NCT 1 and NCT 2 have a total terminal area of 30 hectares, a berth length of 560 meters and a combined capacity of 600,000 TEUs a year. It has 84 units of reefer station and four quay gantry cranes.
The NCT 2 is part of the $215-million port development project co-funded by the Japanese government through the Japan Bank for International Cooperation.
NCT 1 and 2 are expected to address the growing requirements of seaborne trade in northern and central Luzon and the capacity shortage of 14 million TEUs projected for South East Asia.
More than 700 manufacturing and trading companies are using the port for their import and export activities.
ICTSI operates and develops 22 marine terminals and port projects in 17 countries worldwide.
ICTSI last week said that it would extend the closing date of its tender offer to acquire Portek International Ltd., a Singapore-based port operator following a higher bid launched by Mitsui & Co. Ltd. of Japan.
ICTSI told the Stock Exchange that it signed with the Subic Bay Metropolitan Authority the contract to operate and manage NCT2. The 25-year concession for the development and operation of the port was awarded to the Razon-led firm in April.
NCT 2 is adjacent to NCT 1, which is also operated by ICTSI unit Subic Bay International Terminal Corp.
NCT 1 and NCT 2 have a total terminal area of 30 hectares, a berth length of 560 meters and a combined capacity of 600,000 TEUs a year. It has 84 units of reefer station and four quay gantry cranes.
The NCT 2 is part of the $215-million port development project co-funded by the Japanese government through the Japan Bank for International Cooperation.
NCT 1 and 2 are expected to address the growing requirements of seaborne trade in northern and central Luzon and the capacity shortage of 14 million TEUs projected for South East Asia.
More than 700 manufacturing and trading companies are using the port for their import and export activities.
ICTSI operates and develops 22 marine terminals and port projects in 17 countries worldwide.
ICTSI last week said that it would extend the closing date of its tender offer to acquire Portek International Ltd., a Singapore-based port operator following a higher bid launched by Mitsui & Co. Ltd. of Japan.