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ICTSI signs new 30-year lease for Poland terminal

MARIAH DALUSONG-UNSPLASH

PORTS operator International Container Terminal Services, Inc. (ICTSI) announced on Tuesday that it recently signed a new 30-year lease for the Baltic Container Terminal (BCT) at the Port of Gdynia in Poland.

ICTSI signed the contract with the Port Authority of Gdynia S.A. (PAGSA) on Dec. 19, the listed company said in an e-mailed statement.

“This new lease extends the operations of BCT until 2053,” it added.

The company has been active in the Port of Gdynia since 2003. ICTSI said it has invested in excess of $100 million in the terminal’s facilities, personnel, and general service capability.

“Future investments are expected to easily match and exceed this figure and will initially complement work underway by the Port Authority of Gdynia S.A. to upgrade the port infrastructure to facilitate the access and handling of larger vessel sizes,” ICTSI said.

The terminal serves the Baltic region and is a crucial link in the Polish logistics gateway for steel import and export, according to the company. It has a handling capacity of one million twenty-foot equivalent units.

“Recent years have seen BCT make its mark in the handling of wind turbine components destined for use in onshore wind farms,” ICTSI said.

“It further expects to deploy this expertise in conjunction with offshore wind farms, which are planned for development over the short to medium term,” it added.

ICTSI is involved in 34 terminal concessions and port development projects in 20 countries worldwide. It has nine terminal operations in the Philippines, including an inland container terminal, a barge terminal, and combined terminal operations in Subic.

For the nine months that ended September, the company saw its net income attributable to equity holders increase by 47% to $465.1 million from $316.4 million previously.

Revenues from port operations climbed 20.1% to $1.64 billion from $1.37 billion last year.

On Tuesday, ICTSI shares rose or by eight centavos of 4.08% to end at P204 apiece. — Arjay L. Balinbin

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