Subic Bay International Terminals Corp. (SBITC) and ICTSI Subic Inc. (ISI), subsidiaries of International Container Terminal Services Inc. (ICTSI), have secured a 25-year extension of their respective concession agreements with the Subic Bay Metropolitan Authority (SBMA) for the continued operation and management of New Container Terminals one and two (NCT-1 and NCT-2).
The extensions, which run until 2058, were signed on Oct. 3, 3035 by ICTSI executive vice president Christian Gonzalez and SBMA chairman and administrator Eduardo Jose Aliño at ACEA Subic Beach Resort.
SBITC plans to invest more than $130 million in civil infrastructure and additional equipment as part of its investment and development plan under the extended concession.
The investments will include replacing the terminal’s four existing quay cranes and acquiring one additional quay crane, increasing the total to five, as well as integrating more hybrid rubber-tired gantry (RTG) cranes.
These enhancements are expected to boost operational efficiency and increase the combined annual capacity of NCT-1 and NCT-2 from 600,000 twenty-foot equivalent units (TEUs) to 1 million TEUs.
“We are extremely thankful and grateful to SBMA for trusting us and treating us as the right partner to continue until 2058,” said Gonzalez.
“Across all the 30-plus terminals we operate around the world, no matter how difficult the place, no matter how challenging, the one thing that represents the trust in ICTSI and the partnership with the local authorities—the government and the regulators—is seeing your contract extended,” he said.
He said extending the partnership with SBMA reaffirms ICTSI’s “long-term commitment to support trade growth and economic development in Northern and Central Luzon.”
The signing was witnessed by Subic Bay International Terminals vice chairman Juan Miguel Delgado and SBMA director and ports committee chairman Honorio Allado III.
Located within the Subic Bay Freeport Zone, Subic Bay International Terminals provides direct access to major intra-Asia shipping routes and national highways, serving industries and businesses operating within the Subic and Clark freeports, nearby economic zones, and the surrounding provinces of Pampanga, Bataan, Tarlac and La Union.
