International Container Terminal Services, Inc.
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| Public company (: ) | |
| Founded | December 24, 1987 |
| Founder | Enrique Razon |
| Headquarters | Manila, Philippines |
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Number of locations
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29 |
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Key people
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Enrique K. Razon Jr. (Chairman and President) Christian R. Gonzalez (Vice President) |
| Services | Container Port Establishment Port Management Cargo Handling Rail Freight |
| Revenue |
₱11.388 billion ( 30.1%) (YoY) (2007) |
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₱11.39 billion ( 17.7%) (2007) |
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₱2.79 billion ( 52.1%) (2007) |
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| Total assets | ₱31.776 billion |
| Total equity | ₱18.4 billion |
| Owner | Capital Group Companies (8.7%) |
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Number of employees
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1,305 (As of 2007) |
| Website | www.ictsi.com |
International Container Terminal Services, Inc. (ICTSI) (: ICT) is a port management company in the Philippines. It was incorporated on December 24, 1987, and has been cited by the Asian Development Bank as one of the top five major maritime terminal operators in the world.
ICTSI was established by Filipino businessman Enrique K. Razon, whose family has been managing harbors in the Philippines for three generations, in connection with the bidding for the Manila International Container Terminal (MICT) contract. In February 2015, Forbes magazine named Razon the Third Richest Man in the Philippines, with a personal wealth of $5.2 billion.
In May 1988, the Philippine Ports Authority awarded the MICT contract to ICTSI, which started its operations of MICT on June 12, 1988. In March 1992, ICTSI's shares were listed on the Manila and Makati Stock Exchanges (now the ) following the initial public offering of its shares.
The principal business of ICTSI is the management, operation, and development of container terminals. The company directly operates the MICT at the Port of Manila. In addition to its core container terminal activities, ICTSI has developed an inland container depot in Calamba, Laguna linked via rail to the MICT. The company has entered into a joint venture with a local company to develop a container terminal in Batangas.
After consolidating its base and flagship operations at the MICT, ICTSI launched an aggressive international and domestic expansion program in 1994 and now has operations in Argentina, Australia, Brazil, China, Colombia, Congo, Croatia, Ecuador, Georgia, Honduras, Indonesia, Iraq, Madagascar, Mexico, Nigeria, Pakistan and Poland.
In 2010, ICTSI attempted to enter the United States market when it signed a 25-year lease to operate Terminal 6, the sole shipping container terminal at the Port of Portland, Oregon. Workers at the terminal claimed that ICTSI "decimated labor relations with its Portland workforce by creating a work atmosphere of hostility, based on a model of employee intimidation that is ICTSI's method of operation around the world." In February 2014, a safety inspection by the Occupational Health and Safety Administration "found ICTSI Oregon to be in violation of more than a dozen worker safety codes, such as not informing employees about potential exposure to airborne lead and having workers operate machinery that lacked proper guards against flying objects." OSHA imposed fines of $18,360 against ICTSI Oregon for the violations. In October 2013 and in February 2015, the terminal's primary customer, Hanjin, announced that it would cease calling on the ICTSI terminal, taking between 65-80% of the terminal's business to other ports. Hapag-Lloyd ceased service to the terminal in April 2015, and Westwood Shipping Lines ceased service in May 2016, with no ships calling since. In February 2017, the Port of Portland and ICTSI announced they had reached a deal to end their lease agreement early.
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Wikipedia