International Container Terminal Services Inc (ICTSI) plans to more than double its capital expenditure this year to US$356 million, as the Philippines' largest port operator continues to expand and acquire port operations overseas, reported Dow Jones Newswires.
The company spent around $123 million last year to develop, upgrade and expand port operations in Brazil, Madagascar, Colombia, Ecuador, and the Philippines. Capital expenditure in 2009 totalled $119 million.
ICTSI chairman and president Enrique Razon told reporters the company has earmarked around $240 million of this year's capital expenditure for the development of container ports in Argentina, Mexico and Colombia.
ICTSI operates 23 container terminals in 17 countries, with six of the terminals in the Philippines. In recent weeks, the company has announced a takeover of a container terminal in Portland, a deal to operate a port in India, and a 30-year port concession in Croatia.
The company said it continues to look for possible acquisitions in the Philippines and abroad, noting that there are 405 state-run ports around the world that could be privatised. ICTSI is looking for container terminals with an annual throughput of between 50,000 and 1.5 million TEUs.
Razon said that for 2011 "the biggest imponderable" is the impact on the global economy and trade from the devastating earthquake and tsunami in Japan. He said around 10 percent of the container volume handled by ICTSI in the Philippines comes from Japan.
The company spent around $123 million last year to develop, upgrade and expand port operations in Brazil, Madagascar, Colombia, Ecuador, and the Philippines. Capital expenditure in 2009 totalled $119 million.
ICTSI chairman and president Enrique Razon told reporters the company has earmarked around $240 million of this year's capital expenditure for the development of container ports in Argentina, Mexico and Colombia.
ICTSI operates 23 container terminals in 17 countries, with six of the terminals in the Philippines. In recent weeks, the company has announced a takeover of a container terminal in Portland, a deal to operate a port in India, and a 30-year port concession in Croatia.
The company said it continues to look for possible acquisitions in the Philippines and abroad, noting that there are 405 state-run ports around the world that could be privatised. ICTSI is looking for container terminals with an annual throughput of between 50,000 and 1.5 million TEUs.
Razon said that for 2011 "the biggest imponderable" is the impact on the global economy and trade from the devastating earthquake and tsunami in Japan. He said around 10 percent of the container volume handled by ICTSI in the Philippines comes from Japan.