By Jite Eriabie
Philippines-based International Container Terminal Services Inc (ICTSI) is committing an additional $25m to fund expansion projects in 2018, most of which will be used for the construction of Berth 7 at its main Manila International Container Terminal.
Other allocations for the capital commitment will go to the expansion of ICTSI’s various overseas port developments. This includes Manzanillo in Mexico, where it holds the concession for the development and operation of the second specialized container terminal.
Funds are also allocated to the expansion of Puerto Cortés in Honduras. ICTSI won the rights to build and operate the key Central America hub in 2013 and the first phase of construction is set to be completed in mid-2018.
Capital commitments for this year are also being set aside for the expansion of the port of Umm Qasr in Iraq, where it recently announced it would invest an additional $100m to develop two new berths and double capacity to 1.2m teu.
ICTSI has a contract for the operation, development and expansion of container facilities at the port of Umm Qasr.