Manila: Port operator International Container Terminal Services Inc (ICTSI) has been given the green light to take over the operation of Portland Port's Terminal 6 in Oregon. Manila-headquartered ICTSI, now the world's fourth-largest independent container terminal operator according to the Business Mirror, will initially pay $8 million and another $4.5 million for the next 25 years of the contract.
The initial $8 million will be for acquisition of the operating equipment, but the port will retain the ownership of the four cranes in the area, according to Oregon's Daily Commerce of Journal. It said the deal is a public-private partnership as ICTSI will be the one to operate and market Terminal 6, the port's lone container and break bulk facility. Portland Port, which operated the facility for the last 36 years, will continue to provide maintenance and security. [13/05/10]
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