ICTSI inks Indonesia deal

MANILA, Philippines - Listed port giant International Container Terminal Services Inc. (ICTSI) has tapped state-run port operator PT Pelabuhan IndonesiaII (Persero) Tanjung Priok Branch for stevedoring services for 15 years.

In a disclosure to the Philippine Stock Exchange (PSE), ICTSI corporate legal affairs manager Benjamin Gorospe III said the company through its indirect subsidiary PT PBM Olah Jasa Andal signed the cooperation agreement last Wednesday.

Gorospe said the agreement calls for international containers stevedoring services at berths 300, 301, 302, and 303 of Tanjung Priok Port.

The four berths of Tanjung Priok Port consist of a 600 meter quay length, seven hectares container yard and an estimated current capacity of 400,000 twenty-foot equivalent units (TEUs) per year.

ICTSI acquired a 100-percent interest in PT PBM Olah Jasa Andal indirectly through its Indonesian subsidiary Maharlika Indonesia Tbk (formerly known as PT Karwell Indonesia Tbk) July last year as part of its global expansion.

PT PBM Olah Jasa Andal is an Indonesian company engaged in the loading and unloading of general goods and containers at Port of Tanjung Priok, Jakarta.

ICTSI is one of the pioneers of taking its container terminal expertise overseas and now manages and operates a portfolio of 27 marine terminals in 19 countries. It has a market cap in excess of $4 billion and in 2013 is expected to handle over five million TEUs.

Aside from the Philippines, the port giant operates in Brazil, Poland, Madagascar, Japan, Indonesia, Syria, China, Ecuador, Colombia, Georgia, Brunei, Argentina, Mexico, and the US.

The company’s net income rose 15 percent to $40.7 million from January to March this year compared to $35.4 million in the same period last year while revenue from port operations jumped 20 percent to $209.3 million from $173.8 million.