ICTSI clinches Subic container terminal deal

The Subic Bay International Terminal Corp, the Subic unit of listed port operator International Container Terminal Services, Inc (ICTSI), has clinched the concession for the new container terminal at the Subic Bay Freeport Zone.

The ICTSI unit won the contract as no one challenged its proposal before the Subic Bay Metropolitan Authority (SBMA).SBMA will award the contract to operate [the new container terminal] to Subic Bay International Terminal subject to the approval of the SBMA board of directors and the concurrence of the Japan Bank for International Cooperation.

The project, designed to make the Subic seaport a major container port in the country, is being funded by the Japan Bank for International Cooperation for US$215 million. Upon completion, the port would be able to accommodate Panamax vessels, boosting the cargo volume and handling capacity of the free port and economic zone.

Subic Bay International Terminal operates the existing terminal in Subic, which has a deep, natural harbour. Its piers once accommodated the largest carriers of the United States Navy's Seventh Fleet when Subic was still a US naval base.Its main seaport in the former naval supply depot includes a movable pier, a fixed pier and two berths, a cold storage facility, 22 warehouses, two open storage areas, and a container-stacking yard.

by:cargonews asia