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Manila Bulletin devider Business devider Trade & Industry devider ICTSI locks in Subic Bay terminals until 2058, commits $130 million

ICTSI locks in Subic Bay terminals until 2058, commits $130 million

Published Oct 6, 2025 03:26 pm
Subic Bay International Terminals Corp. (SBITC) and ICTSI Subic Inc. (ISI), subsidiaries of International Container Terminal Services, Inc. (ICTSI), have been granted a 25-year extension on their concession agreements with the Subic Bay Metropolitan Authority (SBMA). The extensions, signed on Oct. 3 and running until 2058, cover the operation and management of New Container Terminals 1 and 2 (NCT-1 and NCT-2). In photo (from left): Juan Miguel Delgado, Subic Bay International Terminals vice chairman, and Christian R. Gonzalez, ICTSI executive vice president, signed the concession extensions together with Eduardo Jose L. Aliño, SBMA chairman and administrator, and Honorio Allado III, SBMA director and ports committee chairman.
Subic Bay International Terminals Corp. (SBITC) and ICTSI Subic Inc. (ISI), subsidiaries of International Container Terminal Services, Inc. (ICTSI), have been granted a 25-year extension on their concession agreements with the Subic Bay Metropolitan Authority (SBMA). The extensions, signed on Oct. 3 and running until 2058, cover the operation and management of New Container Terminals 1 and 2 (NCT-1 and NCT-2). In photo (from left): Juan Miguel Delgado, Subic Bay International Terminals vice chairman, and Christian R. Gonzalez, ICTSI executive vice president, signed the concession extensions together with Eduardo Jose L. Aliño, SBMA chairman and administrator, and Honorio Allado III, SBMA director and ports committee chairman.
Razon-led International Container Terminal Services Inc. (ICTSI), through its subsidiaries, will invest over $130 million in Subic Bay International Terminals after securing fresh extensions to its concession agreements, allowing the global port operator to manage the facilities until 2058.
ICTSI announced on Monday, Oct. 6, that its subsidiaries Subic Bay International Terminals Corp. (SBICT) and ICTSI Subic Inc. (ISI) secured 25-year extensions to their respective concession agreements.
The new concession terms with the Subic Bay Metropolitan Authority (SBMA) enable SBICT and ISI to continue operations in New Container Terminal 1 (NCT-1) and NCT-2.
As part of the deal, SBITC will spend more than $130 million for new civil infrastructure and additional equipment.
ThIs will also cover the replacement of four existing quay cranes and acquisition of one additional quay crane, as well as the integration of more hybrid rubber-tired gantry (RTG) cranes.
The investment is expected to improve terminal capabilities and boost operational capacity across the NCT-1 and NCT-2.
In particular, this will increase the annual capacity of the two terminals to one twenty-foot equivalent units (TEUs) from the current 600,000 TEUs.
ICTSI executive vice president Christian Gonzalez said the planned investment forms part of the company’s commitment to support trade growth and economic development in Northern and Central Luzon.
“Our investments will further strengthen Subic Bay International Terminals’ position as a vital gateway, ensuring it remains a competitive and efficient logistics hub well into the future,” said Gonzalez.
“We are extremely thankful and grateful to SBMA for trusting us and treating us as the right partner to continue until 2058,” he added.
Gonzalez noted that a contract extension reflects the trust in ICTSI and its strong partnership with the government and regulators.
Located within the Subic Bay Freeport Zone, Subic Bay International Terminals provides direct access to shipping routes, offering seamless connectivity to the global market.
Seamlessly linked to national highways, the terminals also provide efficient access to the three free port zones and 15 economic zones in its proximity.
The contract extensions follow a strong first-half performance by ICTSI, with net income rising 15 percent to $483.84 million from $420.55 million a year earlier.
The company’s revenue from port operations from January to June stood at $1.51 billion, up 14 percent from $1.32 billion in the same period last year.
ITCSI’s capital expenditures (capex), amounted to US$231.98 million in the period as it works to strengthen its footprint across Asia, Africa, and the Americas.
Full-year capex is estimated to be around $580 million for the continued development of new port projects, various other equipment acquisitions and upgrades, and maintenance capex.

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