International Container Terminal Services Inc. is keeping its $250-million capital expenditures this year amid the global pandemic.
“The group’s capital expenditure budget for 2021 is approximately $250 million. This will be used for the completion of the expansion project at the MICT in the Philippines, the ongoing terminal expansion in Matadi, Democratic Republic of Congo, the new expansion project in Australia and equipment acquisition and upgrades for various maintenance requirements,” ICTSI chairman and president Enrique Razon Jr. said during the company’s virtual annual stockholders’ meeting.
This year’s capex is 30 percent higher than $198.7 million in 2020.
Razon also said its port terminals in Brazil were “actually performing quite resiliently and stable” despite the higher cases of COVID-19 cases.
“The situation in Brazil is very tough... in spite the critical situation in Brazil, the business is performing quite steadily and well. This is a sign of our business resilient there,” he said.