ICTSI to invest more than $30M in Madagascar port

PORT operator International Container Terminal Services Inc. (ICTSI) said it would invest more than 30 million dollars in the next two years to upgrade facilities at its new container handling concession in Toamasina, Madagascar.

ICTSI subsidiary Madagascar International Container Terminal Services Ltd. (MICTSL) is handling the Madagascar venture.



In a statement, ICTSI said a comprehensive plan to develop the Toamasina facility into a world-class container terminal has been laid out, which requires significant investments in container handling equipment, IT systems, infrastructure, and human resources.

"While we are rolling this out, we are already developing detailed plans for the further development of the terminal over the longer term. This will necessitate further sizeable investment in all key areas," said Jan Mors, ICTSI senior vice-president.

Citing the forecast of independent shipping analysts, MICTSL chief operating officer Christian Gonzalez said that container traffic that pass through Toamasina of 104,000 TEUs (twenty-foot equivalent units), should double by 2009.

ICTSI shares surged to a 52-week high of 10 pesos on Wednesday before ending at 9.90. It was unchanged in Thursday trade.

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