Connect with us

Hi, what are you looking for?

News

ICTSI says Mexico subsidiary undertakes expansion project

LISTED ports operator International Container Terminal Services, Inc. (ICTSI) on Thursday said its subsidiary in Mexico recently started its third phase expansion project.

The project is expected to boost ICTSI-Contecon Manzanillo’s (CMSA) capacity to two million twenty-foot equivalent units (TEUs) from 1.4 million within the next five years, the company said in an e-mailed statement.

“Manzanillo is the most important node of international logistics in the Pacific Coast of Mexico and it will continue to be so,” CMSA Chief Executive Officer José Antonio Contreras said.

CMSA is spending $230 million on the project, mainly to upgrade shipping and terminal infrastructure, storage yards, and equipment.

The company noted that the capacity increase will position Contecon as the “largest terminal in Mexico’s Pacific coast.”

“We are convinced that this expansion, as well as the construction of land access to the northern zone of the terminal and the acquisition of new inspection equipment for Customs, will consolidate and strengthen the port’s position among competitors,” Mr. Contreras said.

“This port is designed to meet present and future needs, as well as handle 400-meter ships. If the port wins, we all win – from our clients to the families of our employees,” he added.

The project is expected to create more than 600 new direct jobs, in addition to the existing 1,200, along with 11,600 indirect jobs.

ICTSI is involved in 34 terminal concessions and port development projects in 20 countries worldwide. It has nine terminal operations in the Philippines, including an inland container terminal, a barge terminal, and combined terminal operations in Subic.

For the nine months that ended September, the company saw its net income attributable to equity holders increase by 47% to $465.1 million from $316.4 million previously.

Revenues from port operations climbed 20.1% to $1.64 billion from $1.37 billion last year. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Bed Bath & Beyond Inc. said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy....

News

REUTERS After a robust start to the year, the Philippine stock market is losing steam, as investors worry rising inflationary pressures and higher interest...

Editor’s Pick

<?xml encoding=”utf-8″ ??> A senior Bank of England policymaker has warned the central bank could be forced to keep raising interest rates to prevent...

News

The New York Stock Exchange (NYSE) on Monday said it plans to reimburse investors who incurred losses due to a trading glitch last month that caused widespread confusion and resulted...

News

WASHINGTON – Boeing Co. expects to cut about 2,000 white–collar jobs this year in finance and human resources through a combination of attrition and layoffs, the US airplane maker confirmed Monday. Last month, the Arlington, Virginia-based company announced it would hire...

News

L FILIPE C SOUSA-UNSPLASH WASHINGTON – Many airlines will be unable to meet looming US deadlines to retrofit airplane altimeters to ensure they are not susceptible to 5G wireless interference, the world’s biggest airline trade...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.