Port operator International Container Terminal Services Inc. said Thursday wholly-owned subsidiary ICTSI Americas B.V. is taking over the operation, management and development of a container terminal in Rio de Janeiro, Brazil.
ICTSI said in a disclosure to the stock exchange it was declared the winning bidder to acquire 100 percent of the shares of Libra Terminal Rio S.A. (Libra Rio) 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) in the port of Rio de Janeiro City.
The concession of T1Rio commenced in 1998 and was extended in 2011 to last until 2048.
ICTSI said it would assume the operational, development and other responsibilities under the current concession contract.
“The transfer of the facilities to ICTSI management is expected to take place after all conditions precedent and required regulatory approvals have been obtained,” it said.
T1Rio had a throughput of about 135,000 TEUs and an estimated capacity of 530,000 TEUs in 2018. It has state-of-the-art container terminal assets, including five ship-to-shore gantry cranes and an extensive range of yard handling equipment including more than 16 rubber-tired-gantry cranes.
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 in June won a 25-year contract to develop, operate and maintain the Multi-Purpose Terminal of the Port of Kribi in Cameroon.
The Port of Kribi is a newly-built port with a deep draft. The terminal consists of 265 meters of berth and 10 hectares of yard.
ICTSI reported a net income of $72.4 million in the first quarter, up 77 percent from $40.9 million in the same period last year.
Gross revenues from operations amounted to $383.8 million in the first quarter, an increase of 18 percent from $325.4 million a year ago.
ICTSI handled 2,478,672 twenty-foot equivalent units in consolidated volume in the first quarter, or 7 percent more than the 2,325,540 TEUs it handled in the same period in 2018.