TIM eMagazine Vol.2 Issue 3
ICTSI terminates Nigeria
port concession
I
nternational Container Terminal Services Inc. (ICTSI) has
decided to pull out its operations to develop and manage a
container terminal in Nigeria.
ICTSI, through a disclosure to the Philippine Stock Ex-
change, stressed that subsidiary Lekki International Contain-
er Terminal Services LFTZ Enterprise (LICTSE) and Lekki Port
LFTZ Enterprise (LPLE) decided to have their sub-concession
agreement dated Aug. 10, 2012 terminated upon a mutual agreement.
Under the agreement, LICTSE has the exclusive right to develop
and operate, and to provide handling equipment and container ter-
minal services, at the container terminal within Lekki Port located at
Ibeju Lekki, Lagos State in Nigeria for 21 years.
ICTSI, through a disclosure to the
Philippine Stock Exchange, stressed
that subsidiary Lekki International
Container Terminal Services LFTZ
Enterprise (LICTSE) and Lekki Port LFTZ
Enterprise (LPLE) decided to have their
sub-concession agreement dated Aug.
10, 2012 terminated upon a mutual
agreement.
Croatia
The termination of the agreement took effect on May 24.
ICTSI pointed out that the parties arrived at such decisions to
terminate the agreement following delays in the execution of the
Lekki Port Project, adding that LICTSE would be paid an amount
agreed by the parties for the termination of the deal.
Last March, ICTSI also announced its subsidiary ICTSI Oregon Inc.
terminated the agreement with the Port of Portland for the oper-
ation of a container facility at the Port’s Terminal 6 in the US. The
25-year lease with the Port of Portland was signed in May 2010.
A legal dispute between ICTSI Oregon and International Long-
shore and Warehouse Union (ILWU International) and ILWU Local 8
has affected operations at the terminal.
Established in 1988 in Manila, ICTSI is involved in port opera-
tions, management and development. As of the first quarter, ICT-
SI’s net earnings reached $57.6 million, up 28 percent from $45.1
million in the same period last year.
15