International Container Terminal Services Inc. said Tuesday wholly-owned subsidiary ICTSI Oregon Inc. terminated the contract to operate a container facility in Oregon, USA.
The port operator led by businessman Enrique Razon said ICTSI Oregon and the Port of Portland mutually agreed to terminate a 25-year lease agreement to operate the container facility at the port’s Terminal 6.
“The agreement allows ICTSI Oregon to be relieved of its long-term lease obligations effective March 31, 2017, pending approval by the Port Commission,” ICTSI said.
The port will receive $11.45 million in compensation to rebuild business and additional container handling equipment, spare parts and tools at the terminal.
ICTSI earlier said it did not renew a contract to operate and maintain a container terminal in Brunei.
ICTSI earlier posted a net income of $150.8 million in January to September, up from $143.7 million in the same period last year.
ICTSI’s net profit in the third quarter jumped 53 percent to $58.2 million from $38 million a year ago. Revenues from port operations amounted to $390.3 million, or 5 percent higher than $339.5 million last year.