International Container Terminal Services won a 30-year concession to manage, operate and develop a container terminal in Rijeka, Croatia's biggest port.
As part of the deal the Philippines-based global ports operator is also acquiring a 51 percent stake in the Adriatic Gate Container Terminal for $21 million from Luka Rijeka, Croatia's largest marine services company.
ICTS said it won a management contract with Luka Rijeka to operate the terminal in a highly competitive and transparent public tender.
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ICTS plans to invest $98 million in the initial phase of the concession, including the purchase of new super post-Panamax quay cranes, high density rubber-tired gantries and other mobile handling equipment.
The company also will extend the terminal's southern quay to 1083 feet, dredge
to a draft of 48 feet and expand the container yard to an annual capacity of 600,000 20-foot equivalent units.
Apart from serving Croatia's foreign trade, the terminal is being primed to be a trading gateway for Hungary, the Czech Republic, Slovakia, southern Poland, Serbia and Bosnia-Herzegovina, ICTS said.
-- Contact Bruce Barnard at firstname.lastname@example.org.