ICTSI wins Georgian concession

Manila: A subsidiary of Philippine-based port operator International Container Terminal Services Inc. (ICTSI) has acquired the concession to develop and operate a container terminal and a ferry and dry bulk handling facility at the Port of Batumi in Georgia. ICTSI Georgia Corp obtained the concession from Batumi Port Holdings which has the exclusive management right over the state-owned shares in Batumi Sea Port Limited. ICTSI Georgia Corp. then organized Bantumi International Container Termnal LLC (BICTL) to operate the concession. A single purpose holding company, BICTL will also be the exclusive container terminal operator in the Port of Bantumi.  Batumi Sea Port Limited granted a 48 year lease with operating agreement to BICTL to cover a total area of 13.6 hectares in the Port of Batumi consisting of Berths 4 and 5 for a container terminal, and Berth 6 as a ferry terminal and for dry bulk general cargo. The length of berths 4-5 is 284 meters, with a depth of 11 meters. Berth 6 is 180 meters long with a depth of 8 meters.  BICTL will pay an annual rent of US$0.60 per square metre for the first 18 months, increasing to US$5.50 per square meters thereafter. Investment requirements will include the refurbishment of Berths 4 and 5 to allow the installation of quay cranes. Currently, there are no containers being handled in Berths 4 and 5. [25/09/07]