ICTSI buys Rio property stake, expands Brazil port
‘In the immediate future, the said property will be used by ICTSI Rio Brazil as additional capacity for its existing operations’
Text size
Share
Daily Tribune‘In the immediate future, the said property will be used by ICTSI Rio Brazil as additional capacity for its existing operations’
Share
In a milestone for sustainable operations, Rio Brasil Terminal welcomed early this year the CMA CGM Bahia, a liquified natural gas-powered boxship equipped with a windshield. The 13,200-Twenty-Foot Equivalent Unit capacity vessel has a 336-meter length overall and 51-meter beam.
Photograph courtesy of ICTSI
Global port operator International Container Terminal Services Inc. (ICTSI) has acquired a 47 percent interest in a marine property in Rio de Janeiro, Brazil, to support the expansion of its terminal operations in the country.
In a Monday disclosure, the Razon-led ICTSI said the acquisition was made through its wholly-owned subsidiary, ICTSI Americas B.V., which purchased the stake in FII Inhaúma (INHAUMA Fundo de Investimento Imobiliario).
The fund holds perpetual rights to a 32-hectare former shipyard known as Estaleiro Inhaúma, located in Caju, Rio de Janeiro, adjacent to ICTSI’s existing Rio Brazil terminal.
“In the immediate future, the said property will be used by ICTSI Rio Brazil as additional capacity for its existing operations,” the company said.
ICTSI said the investment, which it did not disclose, also presents an opportunity to develop a future private-use terminal, which could further expand the operational and logistics capacity in the port region of Rio de Janeiro.
In 2024, ICTSI reported a 66 percent jump in net income to a record $849.8 million, boosted by strong revenue growth and solid cash flow.
Revenues rose 15 percent to $2.74 billion, driven by higher volumes, better container mix, adjusted tariffs and growth in ancillary services. EBITDA climbed 18 percent to $1.78 billion, while free cash flow increased 12 percent to $1.08 billion.
Operating expenses were up 10 percent due to volume growth and salary adjustments, but EBITDA margin improved to 65 percent from 63 percent in 2023.
