Subic Bay International Terminals Corp. (SBICT) and ICTSI Subic Inc. (ISI), both subsidiaries of International Container Terminal Services, Inc. (ICTSI), have secured a 25-year extension of their concession agreements with the Subic Bay Metropolitan Authority (SBMA) for the continued operation of New Container Terminals 1 and 2 through 2058.
As part of the agreement, SBITC will invest more than USD130 million in civil infrastructure and equipment upgrades, including replacing the terminal’s four existing quay cranes and adding a fifth crane, while also integrating more hybrid rubber-tired gantry cranes. The works are set to increase the combined annual capacity of the terminals to one million TEUs.