International Container Terminal Services Inc. (ICTSI) subsidiaries, Subic Bay International Terminals Corp. (SBICT) and ICTSI Subic Inc. (ISI), 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 1 and 2 (NCT-1 and NCT-2).
The extensions, which run until 2058, were signed by Christian R. Gonzalez, ICTSI executive vice president, and Eduardo Jose L. Aliño, SBMA chairman and administrator, on October 3 at ACEA Subic Beach Resort.
SBITC will invest more than $130m in civil infrastructure and additional equipment as part of its investment and development plan under the extended concession.
These will include the replacement of the terminal’s four existing quay cranes and acquisition of one additional quay crane, increasing the total to five, as well as the integration of more hybrid rubber-tired gantry (RTG) cranes.
The upgrades are expected to increase the combined annual capacity of NCT-1 and NCT-2 from 600,000 twenty-foot equivalent units (TEUs) to one million TEUs.
Christian R. Gonzalez, ICTSI executive vice president, said: “Extending our partnership with SBMA reaffirms ICTSI’s long-term commitment to support trade growth and economic development in Northern and Central Luzon. Our investments will further strengthen Subic Bay International Terminals’ position as a vital gateway, ensuring it remains a competitive and efficient logistics hub well into the future.”
