ICTSI inks 20-year concession for Ecuador terminals

ICTSI inks 20-year concession for Ecuador terminals Contecon Guayaquil S. A. (CGSA), a subsidiary of Philippines-based global terminal operator International Container Terminal Services Inc., has signed a contract with the port authority of Guayaquil, Autoridad Portuario de Guayaquil (APG), for the 20-year concession to manage and operate the container and multipurpose terminals at the Ecuador port.
   ICTSI will pay the APG a premium of $30 million payable over the next four years, and said it will invest $80 million for equipment and infrastructure in the first year of the concession, which will total $170 million over the first three years.
   In 2006, the Port of Guayaquil, located on the West Coast of South America and Ecuador’s main port, handled 600,000 TEUs.
   The APG has until Sept. 13 to turn over the terminals to ICTSI, but CGSA is expected to take them over and start operations as early as July 1.