International Container Terminal Services, Inc. (ICTSI) Contecon Manzanillo (Contecon) is investing $230 million to expand the terminal’s facilities to serve the growing maritime traffic at the port.
Contecon is ICTSI’s business unit operating the Second Specialized Container Terminal at the Port of Manzanillo in Colima, Mexico.
The project, which will expand the terminal’s capacity by 300,000 TEU, reaffirms ICTSI’s confidence in Mexico and the growth potential of the Manzanillo port.
“The investment is intended to expand the operating capacity of the terminal from 1.4 million TEUs to 1.7 million TEU annually,” said José Antonio Contreras, CMSA chief executive officer. Contreras took the reins of Contecon in September 2021.
Enrique K. Razon Jr., ICTSI Chairman and President, said the injection of private capital into Manzanillo is an essential part of the ICTSI Group’s strategy that will benefit the supply chain in the region.
The additional capital will be used for the construction of berths and yards, as well as for the acquisition of quay cranes, rubber-tyred gantry cranes, port tractors and other equipment.
All the investments will complement the public project for the expansion and the adaptation of land access to the terminal, which the Federal Government announced for Manzanillo in November.
Contecon and the ICTSI Group will start the facilities expansion during the second half of 2022.