International Container Terminal Services, Inc. (ICTSI) bought into a property in Rio de Janeiro that will be used to expand ICTSI Rio Brasil Terminal and develop a private use terminal (TUP), PortCalls reported.
ICTSI, through its wholly-owned subsidiary, ICTSI Americas B.V., acquired a 47% interest in Inhaúma Fundo De Investimento Imobiliário – FII (FII Inhaúma), which has perpetual rights over a property that has approximately 32 hectares of inactive shipyard called Estaleiro Inhaúma.
“The acquisition of this property represents an investment opportunity for ICTSI for the development of the area and, thus, potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro,” ICTSI said in a regulatory disclosure on April 21.
The property, which is adjacent to ICTSI Rio, will be used in the immediate future as additional capacity for the terminal’s existing operations. ICTSI also intends to develop a future TUP in the property.
ICTSI earlier said part of its estimated capital expenditures of approximately $580 million for 2025 will be utilized for new expansion projects at ICTSI Rio.
ICTSI Rio operates the Container Terminal 1 at the Port of Rio de Janeiro and serves the import, export, and industrial oil and gas hubs in the largest economic region of Brazil.