ICTSI Ecuador to invest $18 million in Guayaquil port

MANILA, Philippines — International Container Terminal Services Inc. (ICTSI)’s subsidiary in Ecuador is investing $18 million to further strengthen and develop the Port of Guayaquil.

The listed ports operator of billionaire Enrique Razon said Contecon Guayaquil SA (CGSA) has signed an investment contract with the Ecuadorian state to boost the port’s capacity, which it intends to carry out in three stages.

ICTSI said the first stage would raise the height of quay cranes five and six from 42 meters to 52 meters, and extend their boom lengths from 50 meters to 56 meters.

The second stage involves works to reinforce the docks, while stage three will further deepen Pier 1’s draft to 13.5 meters.

“This is a decisive complement to the joint commitment we have made to achieve great objectives in pursuit of the development of this sector,” CGSA general manager José Antonio Contreras said.

Beyond the contract, ICTSI said CGSA plans to increase the total investment amount to $30 million as part of its commitment to enable and promote Ecuador’s foreign trade.

ICTSI was awarded in 2007 by the port authority of Guayaquil, Autoridad Portuario de Guayaquil a 20-year operating concession for the container and multipurpose terminals in Guayaquil, Ecuador.

Last December, the Autoridad Portuaria de Guayaquil extended the concession period for another 20 years, allowing the company to operate until 2047.

ICTSI earlier said it has so far invested more than $325 million to operate the Guayaquil container and multipurpose terminals.

ICTSI is a publicly listed company in the Philippines, which has port operations all over the world.

It has at least 16 ports in the Asia and the Pacific including ports in the Philippines, two in Africa, seven in the Americas, and four in Europe and the Middle East.