Port of Portland's Terminal 6
The Port of Portland has owned and operated the container facility since the gates first opened in 1974, but as of Feb. 12, the new landlord-tenant relationship officially began. The landlord business model became more common in the past 10 years with the Port being the last major West Coast port authority to make the switch.
ICTSI Oregon, Inc. hired approximately 20 staff to support terminal operations, but the Port retains responsibility for facility security and for some maintenance functions on-site. Under the agreement, ICTSI paid the Port $8 million upon closing the deal coupled with annual lease payments of $4.5 million. As container volumes increase, so too will payments to the Port.
Parent company International Container Terminal Services has international operations in Asia, Europe, the Middle East and Latin America where they are constructing new container terminals at the port of Manzanillo, Mexico and La Plata, Argentina. Portland marks the company’s first entry into the U.S. market.