ICTSI seals stake in Croatian terminal

ICTSI seals stake in Croatian terminal    The Philippines-based terminal operator International Container Terminal Services, Inc. said it has acquired a 51 percent stake in a Croatian container terminal in the country's largest port as part of a 30-year concession deal.
   ICTSI has partnered with Luka Rijeka a Croatian marine services and logistics provider, to manage the Adriatic Gate Container Terminal (AGCT). The ICTSI stake is worth roughly $21 million.
   The operator won a bidding process in late 2010, with the deal finalized last week.
   'The AGCT is ICTSI’s first venture into Croatia, and the largest Philippine investment in Southeast and Central Europe,' the terminal operator said in a statement. 'AGCT plans to invest (roughly $100) million during the initial phase of the concession. Key investments include new super post-Panamax quay cranes, high-density rubber tired gantries and other mobile handling equipment, comprehensive vessel operations and container terminal management systems, state of the art automated gates, and leading edge security systems among others.'
   The terminal’s container yard is being expanded to accommodate 600,000 TEUs in annual capacity. Aside from serving Croatian trade, the terminal is being primed to be a trading gateway for Hungary, the Czech Republic, Slovakia, south Poland, Serbia, and Bosnia and Herzegovina, all of which are natural hinterlands of the Port of Rijeka, ICTSI said.