ICTSI port contract in Indonesia gets 10-yr extension
International Container Terminal Services Inc. has extended its contract to operate a container terminal in South Sulawesi, Indonesia for another 10 years, the company disclosed to the Philippine Stock Exchange.
The publicly listed company is 63.5-percent owned by businessman Enrique K. Razon, who is also the company's chairman and president.
ICTSI finance manager Arthur Tabuena informed the PSE that PT Makassar Terminal Services (MTS) and PT Pelabuhan Indonesia IV (Pelindo IV) agreed to extend ICTSI's contract to operate container handling equipment at the Makassar Container Terminal at the Port of Makassar.
The contract, which had been set to expire on Sept. 30, 2013, has been extended until Jan. 31, 2023.
ICTSI’s subsidiary MTS in Indonesia operates container handling equipment at the Makassar Container Terminal under a joint contract with the state-run Pelindo IV, which owns and operates the Makassar Container Terminal.
ICTSI directly operates the Manila International Container Terminal at the Port of Manila and owns or operates facilities in China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the United States.
For the first three quarters of 2012, ICTSI’s earnings rose four percent year-on-year to $105.8 million. Port operation revenues went up by seven percent to $524.7 million in the same period.