March 1, 2017
The Port of Portland wants to bring container shipping back. The path to doing that involves terminating a lease with ICTSI Oregon Inc. for the idled Terminal 6. Under the deal, the port will receive $11.5 million in compensation from ICTSI, in exchange for buying out the 25-year lease signed in 2010.
ICTSI had been retained to help stabilize Portland’s container shipping business at Terminal 6, but disputes with the Local 8 of the International Longshore Workers Union brought activity to a standstill. As a result, vessels stopped calling at T6.
Once the deal closes, the port will develop a strategy to return the container business to Portland. “While the global carrier industry continues to undergo rapid change, we now have a new path to redefine our future in this business and launch new strategies to bring the terminal back to life,” said Bill Wyatt, the port’s executive director, in a statement.
Image courtesy Port of Portland
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