The deadlock at the Port of Portland’s underused Terminal 6 just got a little closer to ending.
The Port and the company that runs the Terminal, ICTSI Oregon, have parted ways.
The two have mutually agreed to terminate a 25-year lease agreement to operate the container facility at the Port’s Terminal 6.
According to a release from the Port, “The agreement allows ICTSI Oregon to be relieved of its long-term lease obligations effective March 31, 2017, pending approval by the Port Commission. In exchange, the Port will receive $11.45 million in compensation to rebuild business, as well as additional container handling equipment, spare parts and tools at the terminal.
