ICTSI says it is preferred bidder for new terminal in Cameroon

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INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Monday said it was chosen as the preferred bidder to develop, operate and maintain a newly built port in Cameroon.

“On 14th of June 2019, ICTSI has been declared preferred bidder for the concession of the development, operation and maintenance of the Multi-Purpose Terminal of the Port of Kribi by the Port Autonome de Kribi,” the Razon-led port operator told the stock exchange.

ICTSI and the port authority will now start “exclusive concession contract negotiations” before they may proceed with the final contract signing.

If ICTSI succeeds in securing the contract, it will be the operator of the multi-purpose terminal for 25 years, or until 2045.

The Port of Kribi is noted for having a deep draft, and the multipurpose terminal that ICTSI is poised to operate has a 265-meter berth and a 10-hectare yard.

“Kribi port is surrounded by the Kribi Industrial Area, a 262-square kilometer reserved land destined to accommodate new industrial and logistical developments supporting the Cameroon-Chad-CAR (Central African Republic) Corridor economic growth,” ICTSI said.

The listed firm currently operates 30 terminals based on data from its website, spread across the Philippines, Asia Pacific, Latin America, Europe, Middle East and Africa.

In Africa, ICTSI already operates Matadi Gateway Terminal in Congo; and the Madagascar International Container Terminal Services Ltd. in Toamasina, Madagascar.

It was also supposed to operate the South Port Container Terminal at Port Sudan, until its contract was suspended earlier this year after protests from workers.

ICTSI saw its attributable net income grow 77% to $72.4 million in the first quarter, driven by a strong operating income and lower financing charges. — Denise A. Valdez