Contecon to invest US$250 million in Colima

Contecon to invest US$250 million in Colima

MANZANILLO – The subsidiary port operator of the Philippine International Container Terminal Services, Contecon, is scheduled to invest US$250 million by 2024 for the expansion of its concession in the port of Manzanillo, Colima.

Fortino Landeros, CEO of the company, stressed that part of this amount will be used to complete an expansion of cargo reception capacity of 1.2 to 1.7 million TEU (units equivalent to 20 feet).

“This is part of a three-phase strategy, we are already finishing the second stage, and between 2022 and 2024 we will be further expanding our capacity to reach 2.2 million TEUs,” said the CEO.

Contecon currently contributes 35% of the cargo that is mobilized through the port of Manzanillo, so if they expand their capacity it could represent up to 40% of what they move in the area.

“We see that most of the cargo is for the processing industry, automotive, home appliances, products that are handled  through just-in-time inventories,” he explained.

Source: El Financiero