International Container Terminal Services, Inc.’s (ICTSI) Contecon Manzanillo in Mexico will invest US$230 million to expand its facilities and enhance infrastructure in order to serve the growing maritime traffic at the port.
The investment is intended to expand the operating capacity of the terminal from 1.4 million TEU to 1.7 million TEU annually, according to Contecon Manzanillo’s chief executive officer, José Antonio Contreras, who took the reins of the terminal in September.
Enrique K. Razon Jr., ICTSI chairman and president, pointed out that the injection of private capital into Manzanillo is an essential part of the ICTSI Group’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, according to a statement.
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.
ICTSI Group and its business unit Contecon Manzanillo SA de CV, which operates Port of Manzanillo, will start the facilities expansion during the second half of 2022.
