ICTSI inks 25-year Durban port deal
ICTSI’s partnership with South Africa’s state-owned Transnet SOC Ltd. in operating and further developing Durban Container Terminal Pier 2 ‘marks a shared commitment to revitalizing South Africa’s maritime infrastructure and unlocking new opportunities for growth for South Africa and the entire region.’
INTERNATIONAL Container Terminal Services Inc. has formally inked a 25-year joint-venture contract to operate and further develop the Enrique K. Razon Jr. — led International Container Terminal Services Inc.’s and South Africa’s state-owned Transnet has signed a 25-year contract to operate Durban Container Terminal Pier 2 (DCT2), the latter’s biggest container terminal handling over 70 percent of the Port of Durban’s throughput and some 46 percent of South Africa’s total port traffic. The facility spans 1,760 meters of operational quay length and 120 hectares of container storage and backup area.
Photo courtesy of ICTSI
Global ports operator International Container Terminal Services Inc. (ICTSI) has formally inked a 25-year joint-venture contract to operate and further develop the Durban Container Terminal Pier 2 (DCT2).
In a stock exchange report on Thursday, the company confirmed signing of the agreement with South Africa’s state-owned Transnet SOC Ltd. It said the formal management integration between Transnet and ICTSI will begin in January.
“This partnership marks a shared commitment to revitalizing South Africa’s maritime infrastructure and unlocking new opportunities for growth for South Africa and the entire region,” ICTSI’s senior vice president Hans-Ole Madsen said.
Strategic South Africa asset
“Pier 2 is a strategic asset for South Africa, critical to trade, jobs, and economic growth. ICTSI is proud to invest in Durban’s future, bringing global expertise and technology to ensure DCT Pier 2 becomes a world-class terminal that benefits the entire region. We look forward to getting started, working closely with Transnet to execute our shared vision.”