ICTSI unit to develop Black Sea box terminal

ICTSI unit to develop Black Sea box terminal A unit of Philippines-based International Container Terminal Services Inc. has acquired a 48-year concession to develop and operate a new container terminal in the Port of Batumi in Georgia.
   ICTSI Georgia Corp. obtained the concession from Batumi Port Holdings Ltd. (BPHL), which has the exclusive management right over the state-owned shares in Batumi Sea Port Ltd.
   The agreement also covers a ferry terminal that caters for 52 ferry calls a year and a dry bulk facility that handles 100 million tons of general cargo per annum.
   ICTSI Georgia has since established Batumi International Container Terminal LLC (BICTL) to operate the concession and become the exclusive container terminal operator at the Black Sea port.
   BICTL will pay an annual rent of 60 cents per square meter for the first 18 months, increasing to $5.50 per square meters thereafter.