Philippines' ICTSI Bags Australian Port Deal

Joseph Keefe
Friday, May 02, 2014

Philippine-based International Container Terminal Services Inc (ICTSI) said on Friday its Australian unit would invest up to A$548 million ($508 million) to build and operate port facilities in Melbourne.

ICTSI told the Philippine Stock Exchange its Victoria International Container Terminal Ltd unit signed a 26-year contract with the Port of Melbourne Corporation to build, operate and finance a terminal and container park in the city, Australia's largest hub for containerised cargo.

The investment in the terminal development is estimated at A$439 million for the first two phases, which will be operational by 2017. Further investments of A$109 million are likely to increase capacity, ICTSI said.

The planned terminal would have capacity of about 1.4 million Twenty-foot Equivalent Units (TEU), while the container park would have a capacity of 280,000 TEUs.

Victoria International is 90 percent owned by ICTSI, with the remaining held by Australia's Anglo Ports Pty Ltd.

ICTSI shares rose as much as 5.5 percent on Friday following the announcement of the deal. The benchmark Manila index was up 0.6 percent as of 0615 GMT.

ICTSI, owned by the Philippines' fourth-richest person, Enrique Razon, operates the Southeast Asian country's biggest ports and has terminal concessions and port development projects in more than a dozen other countries including China and the United States.

 

Reporting By Siegfrid Alegado

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Directorate Changes at Fastnet

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management

MOL, Mitsui Ink Charter Deal

Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This

MHI Wins LNG Order

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd. The carriers

Ports

Fender Repairs Works for Dolphins at Hong Kong

For approximately four months, fender repairing and replacement works for five of the dolphins will be carried out in the To Kwa Wan Typhoon Shelter. The

Adani Ports Consolidated PAT Shoots Up by 37%

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the third

Puget Sound Container Volumes Flat in 2014

Container volumes through Puget Sound’s largest container ports remained flat in 2014, according to numbers released jointly for the first time by the ports of Seattle and Tacoma.

Finance

MOL, Mitsui Ink Charter Deal

Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This

A HERO on the Seas

The expansion of the Panama Canal has opened up an opportunity for WWL to develop its next generation RoRo carriers. Due to its importance to international trade,

Fender Repairs Works for Dolphins at Hong Kong

For approximately four months, fender repairing and replacement works for five of the dolphins will be carried out in the To Kwa Wan Typhoon Shelter. The

Government Update

National Domestic Surveyor Accreditation in place

Domestic marine surveyors will now be accredited under a national system run by the Australian Maritime Safety Authority (AMSA). The Domestic Surveyor Accreditation

Cutlass Express 2015 Commences

Maritime forces from East Africa, South Africa, Europe, Indian Ocean nations, the United States and several international organizations began the fourth iteration

Adani Ports Consolidated PAT Shoots Up by 37%

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the third

Intermodal

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

Port of Antwerp Throughput up 4.3%

The port of Antwerp handled 199,012,082 tonnes of freight in 2014, a rise of 4.3% compared with the previous year. The new record that was already announced

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1488 sec (7 req/sec)