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ICTSI negotiates concession in Port of Tuxpan

ICTSI, a port management company based in Manila, Philippines, negotiates the concession to build and operate a maritime container terminal in the Port of Tuxpan, Mexico.

Initially, on May 27, 2015, ICTSI, through its subsidiary ICTSI Tuxpan, acquired from Grupo TMM and Immobiliaria TMM 100% of the capital stock of Terminal Marítima de Tuxpan (TMT) for 54.5 million dollars.

TMT is a company duly incorporated under the laws of Mexico with a concession to build and operate a maritime container terminal in the Port of Tuxpan and is the owner of the property where the maritime container terminal will be built.

The concession contract was valid until May 25, 2021, subject to extension for another 20 years.

Likewise, the concession covers an area of ​​29,109.68 square meters, which is contiguous with the 43 hectares of land owned by TMT.

As of March 1, 2022, company management continues to negotiate its options on the concession, including evaluating long-term plans for the land.

ICTSI

According to the concession contract, TMT is responsible and undertakes to pay a fixed rate of 23.24 pesos plus VAT, per square meter of assigned area; and pay the guaranteed minimum rate as of January 2018, which ranges between 145.33 pesos (US$9.51) per TEU and 340.60 pesos (US$22.29) per TEU for containerized cargo and 3.37 pesos (US$0.22) per ton up to 5.62 pesos US$ 0.37) per ton for general cargo, based on the minimum agreed volume.

As of March 1, 2022, management was continuing to evaluate the long-term plans for the concession and the land.

The Group moved a total of 11 million 163,473 TEUs in 2021, which represented 9.5% more than in 2020.

The almost double-digit increase in consolidated volume reflects the improvement in commercial activities as a result of the recovery of economies from the impact of the Covid-19 pandemic and new shipping lines and services in certain terminals of the Group.

Excluding the contribution of Onne Multipurpose Terminal (OMT), its new terminal in Nigeria, the consolidated volume would have increased 8.9% during the year under review.

 

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