INTERNATIONAL Container Terminal Services Inc (ICTSI) signed a 20-year concession agreement with Sea Ports Corp. of Sudan (SPC) to operate, manage and develop the South Port Container Terminal (SPCT) at Port Sudan.
In a disclosure on Friday, ICTSI said that it will assume the operations and development of SPC’s container terminal infrastructure and terminal handling equipment. SPC, on the other and, will become the supervising authority and landlord of the terminal.
According to ICTSI, the transfer of control will begin this quarter.
SPC an independent state corporation in charge of the country’s ports, harbors and lighthouses.
ICTSI signed the agreement through its wholly-owned subsidiary ICSTI Middle East DMCC.
SPCT, on the Red Sea, is a 180-hectare facility with a 1,200-meter quay wall, with water depths of up to 16 meters, allowing it to receive the largest container vessels.
SPCT has eight8 Ship-to-Shore Gantry Cranes and more than 20 rubber-tired-gantry cranes, with a capacity of more than one million 20-foot equivalent units (TEUs).
In 2017, SPCT reported a throughput of 470,000 TEU.
ICTSI reported a 18.67% rise in net profit in the third quarter to $62.92 million.
On Friday, ICSTI closed at P99, down 1%. — Reicelene Joy N. Ignacio