ICTSI Oregon, Inc., a subsidiary of International Container Terminal Services, Inc., officially took over operation of the Port of Portland’s Terminal 6 on Saturday, Feb. 12, ushering in a new era of management at the Columbia River’s only deep draft container terminal.
Under a 25-year lease to operate Terminal 6 container and breakbulk facilities, the growing global terminal operator has plans to boost service for containerized imports and exports while leveraging intermodal rail facilities for movement of boxes to and from inland markets by train. The new relationship continues to position Portland as an international cargo gateway.
“With expanded global reach, access to private capital, and incentive to grow the business here in Portland, we see a bright outlook for local jobs, cargo volumes, and expanded access for regional exporters to ports worldwide,” said Bill Wyatt, executive director for the Port.
The Port has owned and operated the container facility since the gates first opened in 1974. The landlord business model has become more common in the past 10 years, with the Port being the last major West Coast port authority to make the switch.
ICTSI Oregon, Inc. hired approximately 20 staff to support terminal operations, but the Port retains responsibility for facility security and for some maintenance functions on-site. Under the agreement, ICTSI paid the Port $8 million upon closing the deal, coupled with annual lease payments of $4.5 million. As container volumes increase, so too will payments to the Port.
Parent company International Container Terminal Services, Inc. is among the top five global independent stevedoring and terminal operating companies in the world. Besides Portland, the company has international operations in Asia, Europe, the Middle East and Latin America, where they are constructing new container terminals at the port of Manzanillo, Mexico, and La Plata, Argentina. With a track record of success at 21 marine terminals and port projects in 15 countries, Portland marks the company’s first entry into the U.S. market.
Related Links:
ICTSI
ICTSI Oregon