INTERNATIONAL Container Terminal Services, Inc (ICTSI) has formed another unit to run the second container terminal in Subic Bay.
ICTSI Subic, Inc will handle operations of the New Container Terminal 2 (NCT-2), expected to be formally awarded to ICTSI soon. The contract’s formal awarding has been delayed a few times this year due to the change in national government as well re-composition of the Subic Bay Metropolitan Authority Board (SBMA).
Another ICTSI unit, Subic Bay International Terminal Corp (SBITC), operates NCT-1. SBITC won this concession two years ago.
ICTSI Subic, Inc has an authorized capital of P400 million, P100 million of which is subscribed and paid-up.
NCT-2 cost SBMA $80 million to build. Its operations are expected to further boost break-bulk business in Subic Bay which has been swelling by about 40% annually since three years ago.
NCT-2 has a capacity of 300,000 twenty-foot equivalent units (TEUs) expandable to 600,000 TEUs. The facility has potential annual revenues of $6 million, including wharfage fees.
The annual lease for the port, which has a lifespan of 50 years, will be enough to shoulder the $60-million loan from the Japan Bank for International Cooperation that was used to partly fund the project.
