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ICTSI to spend US$250m on expansion projects

MANILA, Philippines' International Container Terminal Services Inc (ICTSI) is to spend US$250 million this year to finance its various expansion projects, according to company?s chairman, Enrique Razon

26 April 2021 - 19:00
MANILA, Philippines' International Container Terminal Services Inc (ICTSI) is to spend US$250 million this year to finance its various expansion projects, according to company?s chairman, Enrique Razon.

Speaking at the recent company's stockholders meeting, Mr Razon said: 'This will be used for the completion of the expansion project at the MICT (Manila International Container Terminal) in the Philippines, the ongoing expansion at Matadi Gateway Terminal in the Democratic Republic of Congo, the new expansion project at Victoria International Container Terminal (VICT) in Australia, equipment acquisitions and upgrades, and for various maintenance requirements.'



Mr Razon expressed confidence on the company's prospects as it nears the inoculation of its workforce against the coronavirus disease 2019.



'The collaboration of ICTSI and Bloomberry is the private sector lead in the procurement of the Moderna Covid-19 vaccines. To date, this is the largest combined National Government, local government and private sector order. When deliveries arrive at the end of the second quarter, we shall immediately roll out our vaccination programme for (our) employees, their direct dependents and extended household members,' Mr Razon said.



'In the meantime, we continue to be alert and prepared to adapt quickly as new information and challenges arise. We are certainly not letting our guard down,' he added.



In 2020, ICTSI handled a consolidated 10.19 million TEU, up 0.2 per cent from 10.18 million TEU in 2019.



'Our new terminal in Rio, Brazil contributed to the increase. Without Rio, volume would have decreased two per cent - still a surprisingly positive performance given where we were in the early stages of the pandemic,' said Mr Razon.



He explained that the most of part of 2020 was challenging due to the lockdowns and disruptions in every country where ICTSI was operating.



However, several of ICTSI's terminals managed to achieve operational landmarks in the challenging environments, according to Mr Razon.



'Victoria International Container Terminal set a record in the Port of Melbourne, Australia for the highest container exchange in one single call and was one of the star performers of the year. Adriatic Gate Container Terminal handled its 300,000th TEU while Contecon Manzanillo handled its 1 millionth TEU,' he said.



'In July, we signed the concession to develop, operate and manage the Multi-Purpose Terminal of the Port of Kribi in Cameroon. And in October, we started commercial operations. Also, in October, Contecon Guayaquil signed an investment contract with the Ecuadorian state to further strengthen and develop the Port of Guayaquil with an investment of $18 million to boost the port's capacity to handle neopanamax vessels,' he added.



In December, ICTSI completed the Manila International Container Terminal's (MICT) Berth 7 expansion, raising MICT's annual capacity to over 3.3 million TEU.



ICTSI closed 2020 with a profit of $101.8 million, up 1 per cent from $100.4 million in 2019. Revenues reached $1.5 billion, up 2 per cent from $1.481 billion in 2019, reports Malaya Business Insight.


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