ICTSI tapped to take over Brazil port
Richmond Mercurio (The Philippine Star) - July 19, 2019 - 12:00am

MANILA, Philippines — International Container Terminal Services Inc. (ICTSI) of billionaire Enrique Razon Jr. is bolstering anew its global operations as it is poised to take over the concession rights to operate and develop a container terminal in the port of Rio de Janeiro City, Brazil.

In a disclosure, ICTSI said that its wholly owned subsidiary, ICTSI Americas B.V., was declared the winning bidder to acquire 100 percent of the shares of Libra Terminal Rio S.A. from Boreal Empreendimentos e Participações SA.

“The parties will work to sign a share purchase agreement in due course,” ICTSI said.

Libra Rio holds the concession rights to operate, manage and develop the container terminal Terminal de Contêineres 1 (T1Rio) at the port of Rio de Janeiro City.

ICTSI said it would assume the operational, development and other responsibilities under the current concession contract.

The concession of T1Rio, which commenced in 1998, was extended in 2011 and will last until 2048.

“The transfer of the facilities to ICTSI management is expected to take place after all conditions precedent and required regulatory approvals have been obtained,” the company said.

T1Rio had a throughput of approximately 135,000 TEUs and an estimated capacity of 530,000 TEUs last year.

The container terminal has state-of-the-art assets, including five ship-to-shore gantry cranes and an extensive range of yard handling equipment.

It has a total land area of 18.8 hectares and 715 meters of quay wall, with a design water depth of up to 16 meters and thus the capability to receive large container vessels of global shipping lines.

ICTSI is a publicly listed company in the Philippines which has port operations all over the world.

It has at least 16 ports in the Asia and the Pacific including ports in the Philippines, two in Africa, seven in the Americas, and four in Europe and the Middle East.

Last month, ICTSI has been declared by the Port Autonome de Kribi as the preferred bidder for the concession of the development, operation, and maintenance of the multi-purpose terminal of the Port of Kribi.

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