US EditionTransnet, ICTSI Sign 25-Year Deal to Transform Durban Container Terminal
The 25-year joint venture aims to increase Durban Container Terminal Pier 2 capacity from 2 million to 2.8 million TEUs and improve productivity with $650 million investment.
- On December 10, Transnet SOC Ltd and International Container Terminal Services Inc. signed a 25-year partnership to operate and develop Durban Container Terminal Pier 2, South Africa's busiest container facility.
- After a prolonged tender and legal contest, the South African government pursued International Container Terminal Services Inc. as preferred bidder in July 2023 despite protests and court challenges from APM Terminals / Maersk.
- The plan calls for approximately $650 million of investment including new equipment and technology to raise DCT Pier 2 capacity from 2 million to 2.8 million TEU, with crane moves per hour improving from 18 to 28 and ship working hours doubling to 120.
- Under the agreement, Transnet will hold a majority stake in Newco, which launches on January 1, and ICTSI shares rose P10 on the Philippine Stock Exchange.
- With DCT Pier 2 handling more than 70% of Port of Durban's throughput, improvements could lower logistics costs, enhance service quality, and help ICTSI expand across Africa.
13 Articles
13 Articles
ICTSI signs 25-yr deal to operate South Africa’s Durban terminal - BusinessWorld Online
By Ashley Erika O. Jose, Reporter Listed port operator International Container Terminal Services, Inc. (ICTSI) has signed a 25-year partnership with Transnet SOC Ltd., South Africa’s state-owned logistics company, to manage and upgrade Durban Container Terminal (DCT) Pier 2. Under the deal, Transnet retains ownership through a majority stake in the special purpose vehicle Newco, while ICTSI will handle the terminal’s day-to-day operations, a mov…
ICTSI seals long-delayed deal to take over South Africa's biggest port terminal
MANILA, Philippines — Tycoon Enrique Razon Jr. has further expanded the global footprint of flagship International Container Terminal Services Inc. (ICTSI) by finalizing a long-delayed deal to take over a big terminal at the Port of Durban in South Africa. ICTSI disclosed to the Philippine Stock Exchange on Thursday that it had signed an agreement with Transnet SOC Ltd (Transnet), a South African government state-owned company (SOC) that owns r…
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