ICTSI chairman and president Enrique K. Razon Jr. said the capital budget would be used for the completion of the expansion of the Manila International Container Terminal; the ongoing terminal expansion in Matadi, Democratic Republic of Congo; the new expansion project in Australia and acquisition of equipment.

This year’s capex is 30 percent higher than the $198.7 million spent in 2020.

Razon said its port operations in Brazil are quite resilient and stable despite the higher cases of COVID-19.

“The situation in Brazil is very tough… in spite the critical situation in Brazil, the business is performing quite steadily and well,” he said.

ICTSI is a leading global developer, manager and operator of container terminals in six continents.