ICTSI was established by Filipino businessman Enrique K. Razon, whose family has been managing harbors in the Philippines for three generations, in connection with the bidding for the Manila International Container Terminal (MICT) contract. In May 1988, the Philippine Ports Authority awarded the MICT contract to ICTSI, which started its operations of MICT on June 12, 1988. In March 1992, ICTSI's shares were listed on the Manila and Makati Stock Exchanges (now the Philippine Stock Exchange) following the initial public offering of its shares.

Container ship leaves the port

The principal business of ICTSI is the management, operation and development of container terminals. ICTSI won the auction held Jan. 13 by the Manzanillo port authority, the Communications and Transportation Secretariat (SCT) said. The new Specialized Container Terminal II will handle some 2 million containers annually, turning Manzanillo into Mexico’s main container port, according to the secretariat.

Outline of ICTSI port terminal expansion area

Manzanillo currently handles 46 percent of the container volume nationwide and 68 percent of the container volume in the Pacific region.

The new terminal is expected to create more than 6,000 direct and indirect jobs, the secretariat said.

The terminal will cover 72.4 hectares (nearly 179 acres) on shore and 5.4 hectares (13 acres) of maritime zone within the port of Manzanillo’s boundaries.

Specialized Container Terminal II will have three 360-meter (1,180-foot) piers with a depth of 16 meters (52 feet).

Manzanillo is Mexico’s main cargo port and one of the “most efficient in Latin America, and it is among the 100 most important terminals in the world,” the secretariat said.

The country’s main cargo ports are Manzanillo and Lazaro Cardenas on the Pacific and Veracruz and Altamira on the Gulf of Mexico.