Bilyonaryo - Business

Ricky Razon plans $230M expansion of port in Mexico

December 15, 2022

Bilyonaryo.com

Contecon Manzanillo (CMSA), the subsidiary of ultra bilyonaryo Enrique “Ricky” K. Razon’s International Container Terminal Services Inc. in Mexico, expects to spend at least $230 million to boost its capacity by more than 40 percent in the next five years.

The programmed capital budget will largely be used to beef up shipping and terminal infrastructure, storage yards and equipment.

From its current level of 1.14 million TEUs, CMSA’s port will have the capacity to handle over two million twenty foot equivalent units (TEUs), making it the largest terminal in Mexico’s Pacific coast.

The third expansion phase will enable the Port of Manzanillo – a key port in the Pacific Coast of Mexico – to cater to the country’s current and future foreign trade requirements.

It will create more than 600 new direct jobs in addition to the existing 1,200 along with 11,600 indirect jobs, making the company one of the biggest employers in the state of Colima.

“Manzanillo is the most important node of international logistics in the Pacific Coast of Mexico and it will continue to be so. We are convinced that this expansion, as well as the construction of land access to the northern zone of the terminal and the acquisition of new inspection equipment for Customs, will consolidate and strengthen the port’s position among competitors,” CMSA chief executive officer José Antonio Contreras said.

CMSA has already invested $122 million since it started operations.

Related News Tags: Contecon Manzanillo (CMSA), International Container Terminal Services Inc., Mexico, Ricky Razon

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