Global port operator ICTSI wants to become even bigger
Primed for sustained growth, International Container Terminal Services Inc. is expanding and optimizing its existing facilities in Mexico, Iraq to make sure it remains a key gateway for the next generation of cargo ships.
On the sidelines of the company’s annual stockholders meeting Thursday, ICTSI chairman Enrique K. Razon said the company remained focused on growth opportunities with plans underway to expand into new markets, diversify revenue geographically, and further beef up existing ports to reinforce its presence.
The capacity of the Iraqi port will be increased to one million twenty-foot equivalent units while that of Mexico will be raised to 1.5 million TEUs.
Razon, however, said the looming trade war between the US and China could affect its port in Mexico, which handles most of its shipments from China.
“As the dust starts to settle, the race to build larger and larger ships begins anew. For us, the only way to keep up and stay relevant is to increase our efficiency and productivity — to stay ahead of the game,” he said.
“Given our ongoing expansion and modernization projects and other mechanisms in place, we will be ready to meet the demands of the new shipping era. ICTSI will continue to leverage on the gains we made over the past year as we tread with caution in search of new opportunities to become the best at what we do. We are ready,” Razon said.