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

Contracts

Transas to Supply TechSim Solutions to SUNY Maritime

The Navsim Services and Transas Americas Team, have been awarded contracts for supply of a combination of full mission, classroom and cloud based Transas Technical

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Ports

Great Lakes Coal up More Than 12% in September

Lake Carriers’ Association reported that coal shipments on the Great Lakes totaled 3 million tons in September, an increase of more than 12 percent compared to a year ago.

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Port of Long Beach Announces Executive Appointments

The Long Beach Board of Harbor Commissioners recently filled key Harbor Department executive posts with staff veterans as the Department continues to undergo a

Finance

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Yara Reports Strong 3Q Results

Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara

Government Update

US Warns of Sanctions on Buyers of Islamic State Oil

The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

Bright Outlook for BWM Convention

The Danish Maritime Authority informed that the Ballast Water Management Convention is now one step closer to ratification following last week’s meeting of United

Chief of Naval Personnel Visits Naval Special Warfare

Chief of Naval Personnel (CNP) Vice Adm. Bill Moran visited Naval Special Warfare (NSW) Sailors during an all hands call on Joint Expeditionary Base Little Creek-Fort Story, Oct.

Intermodal

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

New Intermodal Rail Service from PortMiami

Florida East Coast Railway (FECR) and PortMiami, through a strategic alliance, are offering the Sunshine Gateway service, which includes on-dock intermodal rail capabilities.

Philippines Approves $3.7 bln worth of new PPP projects

Philippine President Benigno Aquino on Friday gave authorities the go-ahead to offer for tender 165.6 billion pesos ($3.7 billion) worth of new infrastructure projects

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1337 sec (7 req/sec)