Subic and ICTSI have secured a 25-year extension of their respective concession agreements with the Subic Bay Metropolitan Authority for the continued operation and management of New Container Terminals 1 and 2.
The extensions, which run until 2058, were executed by Christian R. Gonzalez, ICTSI executive vice president, and Eduardo Jose L. Aliño, SBMA chairman and administrator, on October 3 at ACEA Subic Beach Resort.
SBITC will invest more than US$ 130 million in civil infrastructure and additional equipment as part of its investment and development plan under the extended concession.
These investments will include replacing the terminal’s four existing quay cranes and acquiring one additional quay crane, increasing the total to five, as well as integrating more hybrid rubber-tired gantry cranes.
These investments will further enhance terminal capabilities, boost operational efficiency, and increase the combined annual capacity of NCT-1 and NCT-2 from 600,000 TEUs to one million TEUs.
Mr. Gonzalez expressed his satisfaction towards to SBMA for its trust and treating them as the right partner to continue until 2058. he added that the investments will further strengthen Subic Bay International Terminals’ position as a vital gateway, ensuring it remains a competitive and efficient logistics hub well into the future.
Strategically located within the Subic Bay Freeport Zone, Subic Bay International Terminals provides direct access to major intra-Asia shipping routes and national highways, offering seamless connectivity to both domestic and global markets.
The terminals serve a broad range of industries and businesses operating within the Subic and Clark freeports, nearby economic zones, and the surrounding provinces of Pampanga, Bataan, Tarlac, and La Union.
The post ICTSI secures concession extension for Subic Terminals appeared first on Container News.
