LISTED port operator International Container Terminal Services, Inc. (ICTSI), through its subsidiary Contecon Guayaquil S.A. (CGSA), has partnered with COSCO Shipping Specialized Carriers Co., Ltd. to handle its general cargo vessels for the next three years.
“Our handling of project cargo plays a crucial role in supporting major investment projects across the country, significantly boosting economic growth and advancing regional port infrastructure,” CGSA Chief Executive Officer Javier Lancha said in a media release on Wednesday.
CGSA, a unit of ICTSI, started commercial operations at the Port of Guayaquil in 2007, data from its website showed. The company will continue operating the port’s container and multipurpose terminals until 2046 following the extension of its concession in 2019.
COSCO Shipping Specialized Carriers operates and manages a fleet of more than 100 vessels, including multipurpose and heavy lift ships, semi-submersible vessels, and carriers for automobiles, logs, and asphalt.
Its fleet is said to be the largest of its kind worldwide, making COSCO Shipping Specialized Carriers a global leader in maritime transport, ICTSI said.
For the second quarter, ICTSI reported a 32.3% increase in attributable net income to $210.67 million, driven by a rise in container volumes at its terminals and growth in ancillary services.
For the April-to-June period, the company saw its combined revenues grow to $684.03 million, a 15.4% increase from last year’s $592.73 million.
At the stock exchange on Wednesday, shares in the company closed 60 centavos or 0.15% lower at P398 each. — Ashley Erika O. Jose
