International Container Terminal Services Inc. (ICTSI) has secured a 25-year extension for its subsidiary, Mindanao International Container Terminal Services Inc. (MICTSI) in the Philippines, to operate and maintain the Mindanao Container Terminal (MCT). This extension, granted by the PHIVIDEC Industrial Authority, prolongs MICTSI's operational rights until 2058. Situated within the PHIVIDEC Industrial Estate in Tagoloan, Misamis Oriental, MCT is a key trade hub for Mindanao, facilitating the export of agricultural products including bananas and pineapples.
As part of the agreement, MICTSI will invest a minimum of $100 million in upgrading MCT's infrastructure. This investment will fund the construction of a 300-meter berth and the procurement of new equipment, aiming to prepare the terminal for anticipated increases in cargo volumes. Post-upgrade, MCT's capacity is expected to rise from the current 350,000 twenty-foot equivalent units (TEUs), enhancing its ability to handle more import and export activities and accommodate larger vessels on new trade routes.
Aurelio Garcia, MICTSI president and general manager, emphasized the investment's role in gearing MCT for future growth, reflecting ICTSI's commitment to bolstering the terminal's capabilities. This development is part of ICTSI's broader strategy, as the company reports a profit of $632.58 million up to September this year, highlighting its financial growth within the sector.
Source: philstar Global