ICTSI to operate Poland container terminal
- Zinnia B. Dela Peña () - February 28, 2003 - 12:00am
Having submitted the highest bid, port operator International Container Terminal Services Inc. (ICTSI) won the right to operate the Baltic Container Terminal (BCT) in Gdynia, Poland.

In a press statement issued yesterday, ICTSI said it has been formally confirmed as the winning bidder by the Supervisory Board overseeing the privatization of Poland’s premier container terminal. ICTSI bested second place bidder APM Terminals, sister company of liner operator Maersk Sealand.

ICTSI will complete the transaction by paying for the shares of the company. It is expected to assume full operational control of the BCT by the middle of the year.

Last year, the BCT handled a total throughput of 250,000 twenty-foot equivalent units (TEUs).

The project is part of ICTSI’s efforts to revive its international expansion after having disposed of foreign unit ICTSI International Holdings Corp. (IIHC) to the Hutchison Group of Hong Kong.

Commenting on the Supervisory Board’s decision, ICTSI senior vice president Thomas Falknor said: "ICTSI is delighted to have been awarded the opportunity to purchase the Baltic Container Terminal in Gdynia. We have extensive plans for the near term expansion of the container handling capacity and efficiency, which will be implemented immediately after the transaction is complete."

"We are extremely impressed with the current management of BCT, and believe that the combination of their extensive capability within Poland as well as our comprehensive international experience will result in an increase in customer satisfaction and thus increased volumes," Falknor added.

Andrej Grzelakowski, chairman of the Supervisory Board, said the privatization, the first of its kind in Poland, had been a "good, clean, transparent process", and one that promises to see the best outcome for the country as a whole.

Grzelakowski noted that ICTSI is a recognized specialist at enhancing the operation of medium throughput container terminals of this kind, having experience in 10 ports around the world.

Apart from Poland, ICTSI is also eyeing projects in Canada, India, Japan, Australia, and Thailand.

With the sale of IIHC, ICTSI is left with its flagship port,the Manila International Container Terminal (MICT), the largest and most active container terminal in the country, and the Suape port in Brazil. The company has a 30-year concession to operate the port of Suape.

Although ICTSI as a company has become substantially smaller with the sale of IIHC, this development has strengthened the firm’s balance sheet by providing it the much needed funds to improve liquidity through the retirement of maturing debts.

Proceeds from the sale also enabled ICTSI to tap other investment opportunities.

ICTSI’s holdings in Subic and General Santos will continue to provide the company flexibility for tapping local business opportunites and for maintaining its strong foothold in the industry.

Currently, South Harbor is MICT’s only competitor in the marine international container service market in the Port of Manila. It is operated by Asian Terminals Inc.

ANDREJ GRZELAKOWSKI ASIAN TERMINALS INC BALTIC CONTAINER TERMINAL CONTAINER GDYNIA HUTCHISON GROUP OF HONG KONG ICTSI INTERNATIONAL CONTAINER TERMINAL SERVICES INC INTERNATIONAL HOLDINGS CORP MAERSK SEALAND SUPERVISORY BOARD
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with