ICTSI Signs 25-year Deal With Transnet SOC

International Container Terminal Services

11.14 USD 10.93%

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(RTTNews) - International Container Terminal Services, Inc. (ICTEF, ICTEY), on Thursday announced said it has signed a 25-year partnership agreement with Transnet SOC Ltd, a transport and logistics company, to operate and develop Durban Container Terminal Pier 2.

The structure establishes a new special-purpose vehicle, Newco, in which Transnet will hold the majority stake, while ICTSI will take responsibility for operating the terminal starting January 1, 2026.

The partnership is expected to lift terminal productivity, boost throughput, and strengthen container-supply-chain efficiency.

The upgrades include new equipment and advanced technology aimed at raising capacity at DCT Pier 2 from 2 million to 2.8 million TEUs.

Gross Crane Moves per Hour are targeted to rise from 18 to 28, and Ship Working Hours from 60 to 120.

The improvements are expected to lower logistics costs, enhance service quality, expand market access, and attract additional cargo volumes.

The company was selected as the preferred bidder in July 2023 following a competitive procurement process.

On Wednesday, ICTSI closed trading 10.93% higher at $11.14 on the OTC.