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INTERNATIONAL Container Terminal Services Inc. (ICTSI) said its
subsidiary has acquired a new concession to develop and operate a
container terminal and a ferry and dry bulk handling facility in the
Port of Batumi in Georgia.
ICTSI Georgia Corp., a wholly
owned ICTSI unit, said it has obtained the concession from Batumi
Port Holdings Ltd. (BPHL) for the exclusive management right over
the state-owned shares in Batumi Sea Port Ltd.
ICTSI said its unit organized
Batumi International Container Termnal LLC (BICTL) to operate the
concession. A single purpose holding company, BICTL will also be the
exclusive container terminal operator in the Port of Batumi.
Pursuant to the concession,
Batumi Sea Port Ltd. granted a 48-year lease with operating
agreement to BICTL to cover a total area of 13.6 hectares consisting
of Berths 4 and 5 for a container terminal, and Berth 6 as a ferry
terminal and for dry bulk general cargo.
BICTL will pay an annual rent of
$0.60 per square meter for the first 18 months, increasing to $5.50
thereafter.
Investment requirements will
include the refurbishment of Berths 4 and 5 to allow the
installation of quay cranes. Currently, there are no containers
being handled in both berths. The ferry terminal handles 52
ferry calls a year. The dry bulk handling facility handles 100
tons of general cargo a year.
The Port of Batumi is considered
one of the main transportation trade points in the Black Sea basin.
--Darwin G. Amojelar
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