The Port of Subic Bay in the Philippines has extended the dual-terminal concession held by International Container Terminal Services Inc (ICTSI), the same private-sector ports operator that may acquire a 49% stake in Durban Container Terminal (DCT) Pier 2.
The 25-year extension agreement, signed by the Subic Bay Metropolitan Authority (SBMA), allows ICTSI’s subsidiaries – Subic Bay International Terminals Corp (SBICT) and ICTSI Subic Inc (ISI) – to continue operating the terminals until 2058.
Under the renewed contract, SBICT will invest over $130 million in infrastructure and equipment upgrades. Plans include replacing four existing quay cranes, adding a fifth unit, and deploying additional hybrid rubber-tyred gantry cranes.
These improvements are projected to increase the terminals’ combined handling capacity from 600 000 TEUs to around one million 20-foot containers annually.
Christian Gonzalez, executive vice president of Manila-based ICTSI, stated that the extension highlighted the company’s long-term commitment to Subic.
“Extending our partnership with SBMA reaffirms ICTSI’s dedication to supporting trade expansion and economic growth in Northern and Central Luzon,” he said. “Our planned investments will further reinforce Subic Bay International Terminals’ role as a key gateway.”
Situated within the Subic Bay Freeport Zone, approximately 100 kilometres northwest of Manila, the terminals cater to industries across Luzon and provide seamless access to intra-Asia trade lanes and the domestic road network.
ICTSI, which manages more than 30 terminals globally, noted that the extension would enhance Subic’s position as a competitive logistics hub for the Philippines.
The company remains involved in a Durban High Court case brought by APM Terminals, relating to the tender award for DCT Pier 2.
