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Manila Bulletin devider Business devider ICTSI's Contecon allots $230 million for 2022 expansion

ICTSI's Contecon allots $230 million for 2022 expansion

Published Dec 15, 2021 02:30 pm

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Contecon Manzanillo (Contecon), International Container Terminal Services, Inc.’s (ICTSI) business unit operating the Second Specialized Container Terminal at the Port of Manzanillo, Colima, Mexico, is investing $230 million to expand its facilities to serve growing traffic.

The expansion, which starts in the second half of 2022, will boost the terminal’s capacity by 300,000 Twenty Foot Equivalent Units (TEUs).

“The investment expands the operating capacity of the terminal from 1.4 million TEUs to 1.7 million TEUs annually,” according to José Antonio Contreras, CMSA chief executive officer.

Injecting private capital into Manzanillo is an essential part of the ICTSI Group’s strategy that will benefit the supply chain in the region, ICTSI Chairman and President Enrique K. Razon Jr. maintained.

The additional capital will be used for constructing berths and yards, as well as acquiring quay cranes, rubber tired gantries, port tractors and other equipment.

All these complement the expansion and adaptation of land access to the terminal.

In June 2010, ICTSI signed a 34-year concession for the development and operation of the Second Specialized Container Terminal (TEC-II) at the Port of Manzanillo.

ICTSI established a subsidiary, Contecon Manzanillo SA de CV to operate the Port of Manzanillo.

Ideally located to serve the growing Asian trade, CMSA is Mexico's gateway to the Pacific coast and is close to major consumer markets, such as Mexico City and the country's largest industrial areas.

Related Tags

ICTSI CONTECON MANZANILLO ICTSI MEXICO ICTSI MEXICO EXPANSION
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