MANILA's International Container Terminal Services Inc (ICTSI) has set aside US$580 million this year to expand its seaport facilities here and abroad after ending 2024 with record-high net income, reports the Philippines Inquirer.
ictsi chairman and president Enrique Razon said the company's capital expenditures (capex) for 2025 would fund projects in Batangas, Manila and Cagayan de Oro as well as Mexico, Democratic Republic of the Congo and Brazil.
ICTSI's latest capex guidance is 12 per cent more than the $517.14 million it allocated last year.
Mr Razon said the improved bottom line has given the company 'financial strength and flexibility to pursue new opportunities and invest in existing projects.'
The listed company is set to start within this year the construction of an $800-million seaport in Bauan, Batangas.
The facility, which is designed to handle over 2 million TEU a year, will include 900 metres of quay and at least eight ship-to-shore gantry cranes. The completion of the first berth is targeted by the end of 2027.
ICTSI is also spending $100 million to upgrade the capacity of Mindanao International Container Terminal Services Inc.
This subsidiary was granted last year secured a 25-year extension of its concession period, or until 2058, to operate the Misamis Oriental port.
In Misamis Oriental, ICTSI plans to extend the berth by 300 metre, build more support infrastructure and acquire additional port equipment in order to boost capacity from the current 350,000 TEU.
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ictsi chairman and president Enrique Razon said the company's capital expenditures (capex) for 2025 would fund projects in Batangas, Manila and Cagayan de Oro as well as Mexico, Democratic Republic of the Congo and Brazil.
ICTSI's latest capex guidance is 12 per cent more than the $517.14 million it allocated last year.
Mr Razon said the improved bottom line has given the company 'financial strength and flexibility to pursue new opportunities and invest in existing projects.'
The listed company is set to start within this year the construction of an $800-million seaport in Bauan, Batangas.
The facility, which is designed to handle over 2 million TEU a year, will include 900 metres of quay and at least eight ship-to-shore gantry cranes. The completion of the first berth is targeted by the end of 2027.
ICTSI is also spending $100 million to upgrade the capacity of Mindanao International Container Terminal Services Inc.
This subsidiary was granted last year secured a 25-year extension of its concession period, or until 2058, to operate the Misamis Oriental port.
In Misamis Oriental, ICTSI plans to extend the berth by 300 metre, build more support infrastructure and acquire additional port equipment in order to boost capacity from the current 350,000 TEU.
SeaNews Turkey
