International Container Terminal Services Inc. (ICTSI) has secured another 25 years to operate the Manila International Container Terminal (MICT), extending its concession for the country's biggest international gateway until May 2063.

In a disclosure on Thursday, the listed port operator said it signed the renewal of its concession contract with the Philippine Ports Authority (PPA) for MICT at the Port of Manila. The renewed concession extends the contract term by an additional 25 years, moving its expiry from May 2038 to May 2063.

"The renewal underscores ICTSI's long-term commitment to further developing MICT to support the continued growth of Philippine trade and the country's economic development," the company said.

The extension gives ICTSI a longer runway to operate and develop its flagship Philippine terminal.

By 2027, MICT's annual capacity is projected to increase to 3.7 million twenty-foot equivalent units (TEUs), while the Manila NorthPort Container Terminal and Subic Container Terminal are expected to handle around 1 million TEUs and 800,000 TEUs, respectively, by 2028.

The company also recently announced plans to invest about $130 million to acquire two dry bulk port terminal concessions in Brazil through its wholly owned subsidiary, ICTSI Americas B.V. 

The transaction covers 100 percent of ATU12 Arrendatária Portuária SPE S.A. and ATU18 Arrendatária Portuária SPE S.A., which hold the rights to operate the ATU12 and ATU18 terminals at Aratu Port in Bahia. ICTSI's board approved the acquisition on 23 July.

ICTSI operates 33 terminals in 19 countries and is one of the world's largest independent port operators.