ICTSI allocates P15B to equip Manila hub for rising global trade
Billionaire Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) is spending P15 billion to expand its flagship Manila International Container Terminal (MICT) as it bets on continued volume growth in the coming years.
ICTSI is developing MICT’s Berth 8, which would be capable of serving larger “new-generation” container ships capable of carrying up to 18,000 twenty-foot equivalent units (TEUs) and added port equipment.
Berths are areas where container ships are moored to load or discharge their cargo.
“The added capacity will allow us to stay ahead of demand and address the steadily increasing volume, a sure sign of economic recovery for our country,” ICTSI executive vice president Christian R. Gonzalez said in a statement.
“Berth 8 will be a game-changer for the city; it will take Manila’s port capabilities to a whole new level with the ability to handle the larger capacity ships and the additional volume that comes with them,” he added. Berth 8 is currently being designed and will add a total of 400 meters quay and up to 12 hectares of yard area in phases.
The expansion will give MICT a total berth length of 2,300 meters and expand the berthing and total capacities by 21 percent and 25 percent, respectively.
Gonzalez said the company was expanding MICT “to become more competitive in the face of rising global trade.”
“Our commitment has always been to provide the highest levels of service and infrastructure and building another berth to increase our terminal’s capability is one way of honoring that commitment,” he said.
MICT’s Berths 6 and 7 can accommodate Neo-Panamax vessels, which can carry up to 15,500 TEUs. The two berths are currently equipped with five quay cranes but are designed to operate with six.
The sixth quay crane is scheduled for delivery in July 2023, along with two other quay cranes for Berth 4.
Meanwhile, Berth 8 will be equipped with at least four quay cranes. Two of these will be delivered in 2025.
ICTSI is also upgrading Berths 1 to 5 and their backup and yard areas.
“The project includes the installation of additional reefer racks by April to accommodate approximately 300 TEUs of reefer cargo,” the company said.
In a stock exchange filing last week, ICTSI said it would double capital spending in 2022 to $330 million compared to the previous year. INQ
