ICTSI investing in terminal expansion in Mexico
Contencon Manzanillo (CMSA), a subsidiary of Manila-based International Container Terminal Services, Inc. (ICTSI), is investing $230 million to expand the Second Specialized Container Terminal at the Port of Manzanillo in Colima, Mexico.
The investment seeks to expand the terminal’s infrastructure to be able to serve the growing maritime traffic at the port.
As disclosed, the project will expand the terminal’s capacity by 300,000 TEUs, bolstering ICTSI’s confidence in Mexico and the growth potential of the Manzanillo port.
CMSA’s CEO, José Antonio Contreras, pointed out that the investment tends to increase the terminal’s operating capacity from 1.4 million TEUs to 1.7 million TEUs annually.
The terminal’s operator CMSA and ICTSI plan to kick off the facilities expansion during the second half of 2022.
According to Enrique K. Razon Jr., ICTSI’s chairman and president, the injection of private capital into Manzanillo is an essential part of the company’s strategy that will benefit the supply chain in the region.
“The additional capital will be used for the construction of berths and yards, as well as for the acquisition of quay cranes, rubber-tired gantries, port tractors and other equipment”, ICTS said.
“All these will complement the public project for the expansion and the adaptation of land access to the terminal, which the Federal Government announced for Manzanillo in November”.
In addition to Mexico, ICTSI is undertaking a $639 million port expansion project in Toamasina, Madagascar, complementing the recently secured 15-year extension of the concession for the Madagascar International Container Terminal.