ICTSI buys into another Manila terminal

ICTSI buys into another Manila terminal

International Container Terminal Services Incorporated (ICTSI) of the Philippines has bought compatriot’s Petron Corporation’s 34.83% stake in the nation’s domestic port, Manila North Harbor, for P1.75bn ($34.53m).

Petron said the sale would allow it to focus on its core business of oil and gas.

ICTSI already has a terminal in the Philippine capital, Manila International Container Terminal, which it has been operating since 1988.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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