Global port operator International Container Terminal Services Inc. (ICTSI) has acquired a 47 percent interest in a marine property in Rio de Janeiro, Brazil, to boost its terminal operations in the South American country.
In a disclosure on Monday, April 21, the Razon-led ICSTI announced that the acquisition was made through its wholly owned subsidiary, ICTSI Americas B.V., which purchased a stake in Brazilian real estate investment fund FlI Inhaúma (Inhaúma Fundo de Investimento Imobiliário – FII).
The fund holds the perpetual rights to a 32-hectare inactive shipyard known as “Estaleiro Inhaúma,” located in the Caju district in Rio de Janeiro.
The shipyard is in close proximity to ICTSI's Rio Brazil terminal.
“In the immediate future, the said property will be used by ICTSI Rio Brazil as additional capacity for its existing operations,” said ICTSI.
The company said the acquisition of the property represents an investment opportunity for a potential private-use terminal, which would expand its operations and logistics capacity in the port region of Rio de Janeiro.
Based on its financial report last month, ICTSI’s capital expenditures (capex) this year are estimated to be around $580 million for the continued development of new port projects, various other equipment acquisitions and upgrades, and maintenance capex.
This is a 12.5-percent hike from its capex last year, which amounted to $517.14 million, excluding capitalized borrowing costs.
In 2024, ICTSI’s net income grew by 66 percent to $830.94 million from $511.53 million in the previous year.