By Darwin G. Amojelar
International Container Terminal Services Inc. said Tuesday its container terminal concession in Karachi, Pakistan will end on June 17.
The port operator led by businessman Enrique Razon Jr. said in a disclosure to the stock exchange its container terminal concession in Karachi would revert to the port authority.
ICTSI said its subsidiary, Pakistan International Container Terminal offered operations and management services when and if required by the Karachi Port Trust beyond June 16, 2023.
It said PICT would evaluate its right of first refusal when the terminal is tendered for a new term.
“All non-concession assets including equipment and IT systems will remain property of PICT,” ICTSI said.
ICTSI earlier booked a net income of $154.61 million from January to March, or 9 percent higher than $142.28 million in the same period last year.
Revenue from port operations reached $572.25 million, an increase of 8 percent from $528.27 million reported last year.
ICTSI handled consolidated volume of 3,102,105 twenty-foot equivalent units in the first quarter of 2023, or 9 percent more than the 2,833,001 TEUs it handled a year ago.
The group’s estimated capital expenditure for 2023 of about $400 million is mainly for the ongoing expansion at the company’s terminals in Australia, Mexico, the Philippines and Democratic Republic of Congo.
ICTSI operates 33 terminals in 20 countries across six continents and continues to pursue container terminal opportunities around the world.