ICTSI Acquires Control of Philippines' Port

Press Release
Monday, November 19, 2012

International Container Terminal Services, Inc. (ICTSI) subsribe to shares giving it a 65% share in Hijo International Port Services Corp.

International Container Terminal Services, Inc. (ICTSI), through its wholly- owned subsidiary Abbotsford Holdings, Inc., (AHI), has acquired subscription rights to forty million common shares in Hijo International Port Services, Inc. (HIPS), which is a joint venture company with Hijo Resources Corp. (HRC). This brings AHI’s ownership in HIPS to 162,500,000 shares, which now constitute a controlling 65 precent of the outstanding capital stock of HIPS.

HIPS owns the Hijo International Port, a private commercial port in Barangay Madaum, Tagum, Davao del Norte in the Gulf of Davao. The existing port sits within a reclaimed land of about 10.3 hectares. It has two berths: 127m long and 150m long. It has two cargo sheds located in the wharf area and various terminal support facilities. It currently handles approximately 300,000 metric tons (mt) of mostly banana volumes annually.

HIPS, under the management of ICTSI, will now develop and upgrade the facilities and capacity of the port to handle containerized cargo, especially banana in refrigerated containers.

ICTSI is a leading port management company involved in the operations and development of 28 marine terminals and port projects in 19 countries worldwide. The company was among the first international terminal operators to take its expertise overseas.

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Orders Trawler with Common-Rail Technology

Tier II-compliant 32/44CR technology to deliver fuel efficiency, low emissions and improved productivity   MAN Diesel & Turbo has received an order for an MAN

Environmental Awards Recognize 84 Foss Vessels

With a combined 840 years without an environmental incident, 84 Foss Maritime and subsidiary companies' tugs and tank barges have been recognized by a major maritime

Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.

Ports

Hamburg Cargo Volumes at Record High

Seaborne cargo throughput of 110 million tons in the first nine months sets new record for Port of Hamburg    With total throughput of around 110 million tons,

New McAllister Tug Features JonRie Winch Set

JonRie Marine Winches supplied its fifth ship set of full bollard pull winches to New York’s McAllister Towing for installation on its new tug, Tate McAllister.

Belgian Port Workers Strike

Port workers in Belgium began a 24-hour strike today, November 24, which will end at midnight, Inchcape Shipping Services (ISS) reported. It is anticipated that

Mergers & Acquisitions

Fincantieri Sign MoUs with Carnival & CSSC

Fincantieri, the world leader in the construction of cruise ships, has signed two memorandums of understanding, respectively with Carnival Corporation, the world’s largest cruise line,

Dan-Bunkering Opens Office in Aalborg

The global bunker company, A/S Dan-Bunkering Ltd., expands its activities with an additional office in Denmark. "We have employed our first trading team in

Fulcrum Buys BMT Snyek Technologies

BMT Group announced the sale of BMT Syntek Technologies Inc to Fulcrum Corporation. Fulcrum Corporation, based in Arlington, VA., providies customized services

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1279 sec (8 req/sec)