The Port of Portland closed on a 25-year lease of its container and breakbulk facilities at Terminal 6 to ICTSI Oregon, a subsidiary of International Container Terminal Services Inc.
ICTSI Oregon will pay the port $8 million, in addition to an annual rent payment of $4.5 million, subject to any increases in the consumer price index. As cargo volumes increase, ICTSI Oregon will pay additional incremental revenue per container moved.
By The Numbers: Containerized Ocean Trade - U.S. Pacific Northwest Ports.
The port stated that it will retain responsibility for providing security services at Terminal 6.
Portland has an internal transition team that is meeting weekly to ensure contractual obligations are met. Also, the staff will coordinate the transition with ICTSI Oregon, which is establishing a local office. The transition is expected to be completed by February 2011.
-- Contact Bill Mongelluzzo at email@example.com.