Port of Portland, ICTSI agree to lease termination at terminal
The agreement allows ICTSI Oregon to be relieved of its long-term lease obligations effective March 31, 2017, pending approval by the Port Commission.
In exchange, the Port will receive $11.45 million in compensation to rebuild business, as well as additional container handling equipment, spare parts and tools at the terminal.
The Port signed a lease with ICTSI Oregon in 2010 to ensure a long-term funding mechanism for Oregon’s only deep draft international container terminal.
The Port will engage with a broad range of stakeholders including ocean carriers, shippers, railroads, truckers, barge operators, terminal operators and labor to create a new plan to bring business back to the terminal. ■