ICTSI unit takes over Port of Portland's Terminal 6

MANILA, Philippines - ICTSI Oregon Inc., a subsidiary of global port operator International Container Terminal Services Inc., has officially taken over the operation of the Port of Portland’s Terminal 6, ushering in a new era of management at Columbia River’s only deep-draft container terminal.

ICTSI signed a 25-year lease with the Port of Portland for the container/breakbulk facility at Terminal 6. Under the agreement, ICTSI will pay $8 million upon closing the deal coupled with annual lease payments of $4.5 million.

Established in 1891, the Port of Portland owns four marine terminals, three airports (Portland International, Hillsboro and Troutdale) and four industrial parks. Its goal is to enhance the region’s economy and quality of life by providing efficient cargo and air passenger access to national and global markets.

The Port of Portland has long aimed to connect the region to the national and global marketplace. Many of its key existing customers such as shipping lines, railroads and airlines are located outside of the region or outside of the US and are private sector companies. Every ton of container cargo that comes through the marine terminals generates a local economic impact of $70.

The agreement, approved by the Port Commission in May 2010, will continue to position Portland as an international cargo gateway.

ICTSI Oregon is embarking on a massive expansion program aimed a boosting service for both imports and exports while leveraging intermodal rail facilities for movement of boxes to and from inland markets by train. 

Port of Portland executive director Bill Wyatt said he is excited about the potential of the partnership. “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.”

ICTSI is a leading port management company involved in the operations and development of 21 marine terminals and port projects in 15 countries worldwide. Portland marks the company’s first entry into the US market.

The company has recently concluded agreements to operate and develop container terminals at the Port of Muara in Brunei, the Port of La Plata in Argentina and the Port of Manzanillo in Mexico.