International Container Terminal Services Inc. said Friday it assumed the operations and development of a container terminal in Rio de Janeiro City in Brazil after securing regulatory approvals.
The port terminal owned by tycoon Enrique Razon Jr. said “all conditions precedent and required regulatory approvals have been obtained” for the transfer of Terminal de Contêineres 1 in Rio de Janeiro to ICTSI.
The company said the facilities were transferred to ICTSI management on December 12, 2019.
ICTSI in July signed a share purchase agreement with Boreal Empreendimentos e Participações S.A. to acquire 100 percent of the shares of Libra Terminal Rio S.A., which holds the concession rights to operate, manage and develop the container terminal Terminal de Contêineres 1 in Rio de Janeiro.
Boreal is a Brazilian wholly-owned subsidiary of privately-owned Libra Group (Brazil), which is under judicial reorganization.
ICTSI acquired 85,115,479 secondary shares and about 1,011,181 of new shares at BRL for P9.1 billion.
The concession of Terminal de Contêineres 1 (T1Rio) started in 1998 and was extended in 2011 until 2048.
T1Rio had a throughput of 135,000 TEUs (twenty-foot equivalent units) in 2018. It has a capacity of more than 530,000 TEUs which could be expanded further.
T1Rio has state-of-the-art container terminal assets, including five ship-to-shore gantry cranes and an extensive range of yard handling equipment of 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. It has capability to receive global shipping lines’ largest container vessels.
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.