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ICTSI to pour US$25 million into port expansion projects in 2018

MANILA's International Container Terminal Services Inc (ICTSI) is investing US$25 million in port expansion projects this year, with most of the funds earmarked for berth construction in Manila.

Other capital will be used to expand some of the company's overseas port developments, including Manzanillo in Mexico where it holds the concession for the development and operation of the second specialised container terminal, reported Colchester's Seatrade Maritime News.

Funds have also been allocated for the expansion of Puerto Cortes in Honduras. ICTSI won the rights to build and operate this Central America hub in 2013 and the first phase of construction is expected to be completed in mid-2018.

The company also plans to invest $100 million this year in the port of Umm Qasr in Iraq to develop two new berths and double capacity to 1.2 million TEU. ICTSI has a contract for the operation, development and expansion of container facilities at the port.

Source: Schednet

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