The Port of Portland and the operator of the container facility at Terminal 6 have agreed to end their 25-year lease agreement.
In exchange for an $11.45 million payment to the port, ICTSI can get out of the lease March 31.
Container business at the port ground to a halt about a year ago after negotiations between the International Longshore Workers Union and ICTSI collapsed.
“Hopefully, this agreement with the Port will make it possible for business to return to the terminal more quickly," ICTSI Oregon CEO Elvis Ganda said in a statement Monday.
The head of the port, Bill Wyatt, said this is the best opportunity to restore carrier service to Oregon.
"ICTSI Oregon will continue to address the labor issues that gave rise to its decision to enter into this agreement and will pursue its legal claims against the ILWU," Ganda added.
The agreement must be approved by Port Commissioners, who meet March 8.
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