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ICTSI terminates Port of Portland lease at cost of $11.45mICTSI terminates Port of Portland lease at cost of $11.45m

International Container Terminal Services Inc (ICTSI) is terminating its 25-year lease at the Port of Portland at a cost of $11.45m.

Marcus Hand, Editor

March 10, 2017

1 Min Read
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The Manila-headquartered terminal operator’s subsidiary ICTSI Oregon signed a lease termination agreement with the Port of Portland on 8 March for Terminal 6. ICTSI had a 25-year lease to operate the terminal which will be terminated on 31 March this year under the agreement.

Under the termination agreement ICTSI will pay the Port of Portland $11.45m on, or before 31 March.

The agreement sees ICTSI pulling out of the port just six years after it took over operations of Terminal 6 under a 25-year lease deal which was signed in May 2010.

The terminal operator was engaged in a lengthy dispute with the powerful International Longshore and Warehouse Union (ILWU) which saw over three years of industrial action at the terminal.

As a result the terminal’s main customer Hanjin Shipping quit the Port of Portland in March 2015. The other major container line using the terminal, Hapag-Lloyd, stopped calling a month later in April 2015.

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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