ICTSI inks 25-year P647M deal for South Africa container terminal

International Container Terminal Services Inc. (ICTSI), led by tycoon Enrique Razon Jr., has finalized a 25-year joint venture agreement with Transnet SOC Ltd. to operate and develop the Durban Container Terminal Pier 2 (DCT2) at the Port of Durban in South Africa.

The deal, worth approximately 11 billion rand or $647 million, follows a two-year process that included a court battle after ICTSI was selected as Transnet's strategic partner through a bidding process in 2023.

ICTSI will begin its formal management integration of DCT2, the largest container terminal in the Port of Durban processing over 70 percent of its throughput, on January 1, 2026.

DCT2 features 1,760 meters of operational quay length and spans 120 hectares for container storage and backup operations.