Manila: Philippine port operator International Container Terminal Services Inc’s (ICTSI) grand plans to make a hub in Okinawa have come to an end. ICTSI has sold its stake in Naha International Container Terminal Inc, which operates a container terminal on the southern Japanese island. ICTSI sold its 60% stake for Y105.3m, net of tax. The other 40% is held by six local harbour transport firms.
ICTSI said it was keen to divest itself of facilities that it does not fully control.
ICTSI first invested in Naha ten years ago, one of few international terminal operators to invest in Japan. The terminal never really took off throughput wise. ICTSI never managed to get a local stevedoring license, as Japan only issues them to domestic companies.