ICTSI slashes expansion plans

ICTSI slashes expansion plans

Manila-based International Container Terminal Services Inc (ICTSI) has slashed this year’s capex by half amid slowing economic growth. ICTSI chairman and president Enrique Razon told Bloomberg the company had initially earmarked $530m for expansion this year, but it has since scaled back its ambitions.

“The growth picture of the global economy is not looking too great,” Razon said

“We have to be in a position with enough cash to take advantage of some opportunities, be they distressed or not,” Razon added. “This is the time to make good moves that will make you a lot of money down the road.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts