ICTSI pulls out of Syria
International Container Terminal Services Inc (ICTSI) has pulled out of Syria due to the ongoing civil war in the country, Seatrade Asia online reports.
ICTSI said that under the agreement between its subsidiary Tartous International Container Terminal (TICT) and Tartous Port General Company (TPGC), wars and civil disorders constituted force majeure. “The Syrian civil war is escalating, exposing everyone, both combatants and civilians, to increasing threats of death and destruction every day,” the terminal operator said.
The investment agreement was signed in 2007, however, the onset of civil conflict saw box volumes fall 4% in 2010 and plunge 14% by the end of 2011.
A $1.2m charge was taken in 2012 for writing off the contract and remaining assets.
