INTERNATIONAL Container Terminal Services, Inc (ICTSI) has formed another unit to run the second container terminal in Subic Bay. ICTSI Subic, Inc will handle operations of the New Container Terminal 2 (NCT-2), expected to be formally awarded to ICTSI soon. The contract's formal awarding has been delayed a few times this year due to the change in national government as well re-composition of the Subic Bay Metropolitan Authority Board (SBMA). Another ICTSI unit, Subic Bay International Terminal Corp (SBITC), operates NCT-1. SBITC won this concession two years ago. ICTSI Subic, Inc has an authorized capital of P400 million, P100 million of which is subscribed and paid-up. NCT-2 cost SBMA $80 million to build. Its operations are expected to further boost break-bulk business in Subic Bay which has been swelling by about 40% annually since three years ago.