ICTSI forms group to operate Subic’s second box terminal

0
1843

INTERNATIONAL Container Terminal Services, Inc (ICTSI) has formed another unit to run the second container terminal in Subic Bay.

ICTSI Subic, Inc will handle operations of the New Container Terminal 2 (NCT-2), expected to be formally awarded to ICTSI soon. The contract’s formal awarding has been delayed a few times this year due to the change in national government as well re-composition of the Subic Bay Metropolitan Authority Board (SBMA).

Another ICTSI unit, Subic Bay International Terminal Corp (SBITC), operates NCT-1. SBITC won this concession two years ago.

ICTSI Subic, Inc has an authorized capital of P400 million, P100 million of which is subscribed and paid-up.

NCT-2 cost SBMA $80 million to build. Its operations are expected to further boost break-bulk business in Subic Bay which has been swelling by about 40% annually since three years ago.

NCT-2 has a capacity of 300,000 twenty-foot equivalent units (TEUs) expandable to 600,000 TEUs. The facility has potential annual revenues of $6 million, including wharfage fees.

The annual lease for the port, which has a lifespan of 50 years, will be enough to shoulder the $60-million loan from the Japan Bank for International Cooperation that was used to partly fund the project.