Transnet signs a 25-year concession agreement with ICTSI

South African state logistics group Transnet signed a 25-year deal with Philippines-headquartered terminal operator ICTSI on Wednesday to upgrade the African country’s busiest container terminal in Durban.

The concession agreement is part of the government’s plans to address Transnet’s chronic under performance, which has stifled exports from Africa’s biggest economy.

Transnet said in a statement that the upgrade and development of Durban Container Terminal Pier 2, which handles more than 40% of South Africa’s container volumes, would start from January next year, when ICTSI will take over operations.

Source: Reuters