Global port operator International Container Terminal Services Inc. has been selected to operate a new container terminal near Lagos, Nigeria.
The 20-year concession deal with Lekki Port LFTZ Enterprise covers the operation and equipping of Tolaram Port@Lekki, which is due to start operations in 2016.
Set within the Lagos Free Trade Zone, the terminal will have capacity for 2.5 million TEUs and quay length of 1,200 meters. ICTSI said its planned draft of 16.5 meters would make it the preferred terminal for West Africa as larger ships are introduced in the trade.
Philippines-based ICTSI announced a 14 percent increase in EBITDA (earnings before interest, taxes, depreciation and amortization) last year as revenue surged 26 percent.
Consolidated volumes handed in 2011 at the company’s 22 global terminals increased 25 percent year-over-year to 5.23 million TEUs.
ICTSI said revenue from port operations in 2011 was $664.8 million, up from $527.1 million in 2010. EBITDA reached $281.4 million, up from $247.7 million a year earlier.
“The increase in volume was mainly due to the continued upturn in international trade, particularly in markets where ICTSI’s ports are located, new shipping line customers and the consolidation of the company’s new ports in Portland, Ore., and Rijeka, Croatia,” the company said.
Contact Mike King at firstname.lastname@example.org.