ICTSI takes Port of Guayaquil reins
Philippines global terminal operator International Container Terminal Services Inc., on Wednesday formally took over the running of its new container and general cargo concession in the Port of Guayaquil, Ecuador main port.
ICTSI, through its new wholly owned subsidiary, Contecon Guayaquil S.A. (CGSA), has a 20-year concession to manage and operate the terminals at the West Coast South America port, which last year handled 600,000 TEUs.
ICTSI is paying the port authority of Guayaquil, Autoridad Portuario de Guayaquil (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.
Complementing ICTSI's investments, the APG will, within a year of the start-up of the concession, dredge the port's 91-kilometer (56.5 miles) access channel down from the existing depth of 9 meters (29.5 feet) to 9.6 meters (31.5 feet).