ICTSI pulls out of Okinawa

ICTSI pulls out of Okinawa

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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