ICTSI secures 25-year concession extension for Subic terminals
Subic Bay International Terminals Corp. (SBICT) and ICTSI Subic Inc. (ISI), a subsidiary of International Container Terminal Services, Inc. (ICTSI), have secured a a 25-year extension of their respective concession agreements with the Subic Bay Metropolitan Authority (SBMA) for the continued operation and management of New Container Terminals 1 and 2 (NCT-1 and NCT-2).
SBITC will invest more than US$130m in civil infrastructure and additional equipment as part of its investment and development plan under the extended concession, which will run until 2058.
These will include the replacement of the terminal’s four existing quay cranes and acquisition of one additional quay crane, increasing the total to five, as well as the integration of more hybrid rubber-tyred gantry (RTG) cranes.
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