This move marks ICTSI’s formal exit from the Chinese port market after two decades of operation
International Container Terminal Services, Inc. (ICTSI) is withdrawing from its port operations in China after a 20-year presence, through the sale of its controlling interest in Yantai International Container Terminal Ltd (YICTL).ICTSI, via its wholly owned subsidiary ICTSI (Hong Kong) Limited, signed a share transfer agreement with Yantai Port Holdings Company Limited to dispose of its 51% majority stake in YICTL.
Prior to the deal, shareholdings in Yantai International Container Terminal were held by ICTSI (51%), Yantai Port Holdings (36.5%), and DP World China (Yantai) Limited (12.5%ICTSI stated that the divestment aligns with the group’s long-term strategy of concentrating on concession agreements where it maintains control over critical business areas, notably long-term development and commercial activities. The transaction will enable ICTSI to streamline its strategic focus and reallocate capital and resources to its existing portfolio and upcoming projects.Yantai Port is situated on the northeastern coast of Shandong Province, facing the Yellow Sea and Bohai Bay. In 2014, Yantai Port Holdings and ICTSI acquired 51% of DP World Yantai, which was restructured and renamed Yantai International Container Terminal. The terminal handles a diversified cargo mix, including containers, ro-ro cargo, bulk, and breakbulk commodities