Philippine-based International Container Terminal Services, Inc (ICTSI) has extended up to end of the year the contract of joint venture partners Hanjin Heavy Industries Construction and EEI Corp to develop Berth 6 of Manila International Container Terminal (MICT).
The extension is worth $59.8 million.
The extension will allow for construction of an additional 75-meter-long quay and retaining wall costing $3.2 million, excluding material cost.
The Berth 6 container yard is now complete; the quay structure will be partially completed and handed over for crane commissioning and vessel operations next month.
Full commercial operation of Berth 6 is expected by July.
Once operational, the new berth will increase capacity of MICT to 2.5 million twenty-equivalent units (TEUs) per year.
ICTSI earlier announced it will take delivery of eight brand new rubber-tired gantries (RTG) to support Berth 6 operations. ICTSI invested $10.7 million for the new equipment that will arrive in two batches, the first in June.
On top of this, an order has been placed for two new ZPMC super post-Panamax quay cranes also for Berth 6. The cranes, capable of lifting containers on 18-container wide vessels, will enter service this year.
ICTSI reported a 33% hike in 2011 net income to $130.6 million due to higher revenues, lower financing charges, lower effective tax rate, and a one-time gain on sale of non-core assets.
Revenue from port operations grew 26% to $664.8 million from $527.1 million in 2010.
ICTSI said it was keen on acquiring 35-55% of the issued and paid-up ordinary shares of listed company Pakistan International Container Terminal Limited (PICT). PICT operates a container cargo terminal at the Karachi Port in Pakistan. It has a maximum handling capacity of 750,000 TEUs. Last year, it handled 669,806 TEUs, up 11% from the 2010 figure.
