The 25-year concession agreement will transfer operations and marketing, but not security, to ICTSI which will be required to invest in improvements at the Columbia River terminal which has struggled for years to attract and retain shipping lines because of its location about 100 miles from the Pacific Ocean. Last year T6 handled more than 87,000 40-foot containers.
According to the port, placing the terminal in the hands of a global player has a lot of merit. The Portland deal, they said, would be a lease rather than a sale and would bring the Port in line with other West Coast ports that outsource terminal operations. The Port already leases terminals to private companies, including Japanese and Canadian firms.
Port managers began confidential negotiations with ICTSI a little over a year ago and under the proposed agreement ICTSI would lease T6 container and break-bulk operations, but not the auto facilities. The company would pay an annual lease fee plus some reimbursables to the Port for services including security.