ICTSI acquires Georgia port facilities

ICTSI Georgia Corp., a wholly-owned subsidiary of ICTSI Ltd., obtained the concession from Batumi Port Holdings Ltd. (BPHL), which has exclusive management rights over state-owned shares in Batumi Sea Port Limited. ICTSI Georgia Corp. has formed a holding company, Bantumi International Container Terminal LLC (BICTL), to operate the concession.

BICTL will be the exclusive container terminal operator in the Port of Bantumi, and has been granted a 48-year lease by Batumi Sea Port Limited. The operating agreement covers an area of 13.6 ha within the port, consisting of Berths 4 and 5 for a container terminal, and Berth 6 for use as a ferry terminal and for dry bulk general cargo. The combined length of Berths 4 and 5 is 284 m, with a depth alongside of 11 m. Berth 6 is 180 m long with a depth of 8 m.

BICTL will pay an annual rent of US$0.60 per square metre for the first 18 months, increasing to US$5.50 per sq m thereafter. Investment requirements will include the refurbishment of Berths 4 and 5 to allow the installation of quay cranes to allow container to be handled at these berths.