International Container Terminal Services Inc. (ICTSI), through its subsidiaries ICTSI Ltd. and ICTS (India) Pte. Ltd., and L&T Shipbuilding Ltd. (LTSB), have signed a termination agreement canceling ICTSI’s container port agreement for the management and operation of the Kattupalli Container Terminal (KCT) in Tamil Nadu, India.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, the company said, “The mutual decision for the contract cancellation came after lengthy discussions and thorough consideration by both ICTSI and LTSB. Both concluded that the existing contract is not beneficial to either party in its current form.”

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