Philippine company to buffer Port

A new deal with a Philippine company would protect the Port of Portland from shipping market volatility.

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A Philippine company is in the process of signing a 25-year lease to control the Port of Portland’s only container terminal.

The $120.5 million deal is expected to protect the port from the volatility of the shipping industry.

The port first considered finding a company to run the terminal three years ago when private interest in running port facilities was high. A request for bids initially attracted 10 interested companies, [Port director Bill Wyatt] said. That list dwindled, and then dried up altogether toward the end of 2008.

But in the meantime, the port had invested time and money in developing the proposal, and didn’t want to start over. When  [International Container Terminal Services] contacted the port about six months later, Wyatt said, officials began negotiating exclusively with the company.

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{biztweet}Port of Portland Philippines{/biztweet}