Razon group-led International Container Terminal Services Inc. (ICTSI) has secured a 15-year term extension for its Toamasina International Container Terminal in Madagascar, its first port terminal concession in the African continent, through 2040.
ICTSI disclosed to the Philippine Stock Exchange on Monday that its wholly-owned subsidiary Madagascar International Container Terminal Services Ltd. (MICTSL), which operates the port of Toamasina, had signed the extension of the concession agreement with the Société de Gestion du Port Autonome de Toamasina.
ICTSI has held the 20-year concession since 2005. It was originally set to expire in October 2025.
Strategically located on the eastern coast of Madagascar, MICTSL is a key port facility in the Indian Ocean connecting African and Asian trade.
Toamasina, Madagascar’s main port, is connected by rail to Antananarivo.
This is Madagascar’s main international trading gateway, with 90 percent of the country’s containerized cargo handled by MICTSL.
According to ICTSI, this port terminal is No. 1 among the Indian Ocean islands and among the top performers in sub-Saharan Africa. The group takes pride in making business there effortless, thanks to a close partnership with customs and the development of paperless transactions.
The terminal has “well-organized with fixed berthing windows” and is “free from external social movements,” according to ICTSI.
Among Madagascar’s exports are minerals and agricultural products. It is the leading producer of vanilla beans.