Contecon Guayaquil S.A. (CGSA), a subsidiary of port operator International Container Terminal Services, Inc. (ICTSI), is investing US$18 million to further strengthen and develop the Port of Guayaquil in Ecuador.
With the investment, the port’s capacity to handle neo-panamax vessels will be boosted in three stages, ICTSI said in a statement.
The first stage will raise the height of the quay cranes 5 and 6 from 42 meters to 52 meters, and extend their boom lengths from 50 meters to 56 meters (20 rows). The second stage involves works to reinforce the docks, while the third stage will further deepen Pier 1’s draft to 13.5 meters.
CGSA general manager José Antonio Contreras signed the investment contract with Ecuador’s Minister of Transportation and Public Works Gabriel Martínez. Contreras said the investment is the two parties’ joint commitment to develop the sector.
CGSA started servicing neo-panamax vessels in 2019, becoming the first port in Ecuador capable of handling this large class of containerships following the dredging of the 95-kilometer access channel leading to the Port of Guayaquil.
Beyond the contract, CGSA plans to increase the total investment amount to $30 million as part of its commitment to promote Ecuador’s foreign trade.
In 2018, CGSA spearheaded the creation of the Logistics Community of the Port of Guayaquil, which provides supply chain stakeholders with a platform for stronger collaboration. CGSA followed this with the launch of the first transport insurance program for Ecuador’s banana trade in 2019 to protect growers and the industry. Banana is the country’s main export product after petroleum.
CGSA has been operating at the Port of Guayaquil since 2007 under a 20-year concession. Last December, the Autoridad Portuaria de Guayaquil extended the concession period for another 20 years, allowing the company to operate until 2047.