International Container Terminal Services Inc. said Monday it won a 25-year contract to develop, operate and maintain a port terminal in Africa.
The port terminal owned by tycoon Enrique Razon Jr. said it was declared the preferred bidder for the concession to develop, operate and maintain the Multi-Purpose Terminal of the Port of Kribi by the Port Autonome de Kribi on June 14.
“Parties will now engage in exclusive concession contract negotiations ahead of final contract signature,” ICTSI said.
The Port of Kribi is located in Cameroon, Central Africa. It is a newly-built port with deep draft. The Multipurpose Terminal consists of 265 meters of berth and 10 hectares of yard.
Kribi port is surrounded by the Kribi Industrial Area, a 262- sq.km reserved land destined to accommodate new industrial and logistical developments supporting the Cameroon-Chad-CAR (Central African Republic) Corridor economic growth.
The concession contract has a duration of 25 years, or until 2045.
ICTSI earlier reported a net income of $72.4 million in the first quarter of the year, up 77 percent from $40.9 million in the same period last year.
The company’s gross revenues from operations amounted to $383.8 million in the first quarter of the year, an increase of 18 percent from $325.4 million last year.
ICTSI handled the consolidated volume of 2,478,672 twenty-foot equivalent units, seven percent more than the 2,325,540 TEUs handled in the same period in 2018.
The increase in volume was primarily due to improvement in trade activities, new shipping lines and services, and continuous volume ramp-up at certain terminals.
ICTSI’s capital expenditures for the year amounted to $380 million, mainly for the ongoing expansion projects in Manila, Mexico and Iraq, equipment acquisitions and upgrades, and maintenance requirements.