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International Container Terminal Services Inc. is winding up its container terminal concession in Pakistan’s Karachi Port on June 17
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ICTSI says in a regulatory disclosure it has received a notice that its container terminal concession in Karachi will revert to the port authority effective that date
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The asset, Pakistan International Container Terminal, has offered to render operations and management services when and if required by the Karachi Port Trust beyond June 16
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PICT will evaluate its right of first refusal when the terminal is tendered for a new term
International Container Terminal Services, Inc. (ICTSI) is winding up its container terminal concession in Karachi Port in Pakistan on June 17.
ICTSI said in a regulatory disclosure on June 13 said it had been informed that its container terminal concession in the Port of Karachi will revert to the port authority effective that date.
The concession agreement between ICTSI’s subsidiary, Pakistan International Container Terminal Ltd. (PICT), and Karachi Port Trust (KPT) is for a period of 21 years from June 18, 2002 until June 17 this year. KPT is a federal government agency that oversees operations at the Port of Karachi.
ICTSI said PICT has offered operations and management services when and if required by the Karachi Port Trust beyond June 16.
PICT will evaluate its right of first refusal when the terminal is tendered for a new term, said ICTSI. All non-concession assets including equipment and IT systems will remain property of PICT, the port operator added.
Located on the east wharf of Karachi Port between the towns of Keamari and Saddar, and close to the main business district and several industrial areas, PICT is strategically positioned along the 600-mile- long (965.6-kilometer) coastline that stretches from the Straits of Hormuz to the border with India. It is an ideal location close to major shipping routes such as the Straits of Hormuz.
In October 2021, ICTSI, through its wholly owned subsidiary ICTSI Mauritius Limited, completed the further acquisition of 15.88% of the total shares of stock of PICT, increasing ICTSI’s ownership to 80.41%.
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