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A subsidiary of International Container Terminal Services, Inc. (ICTSI) in Ecuador, Contecon Guayaquil SA (CGSA), has signed a US$30 million contract with the port authority of Guayaquil, Autoridad Portuario de Guayaquil (APG), for a 20-year concession to manage and operate the Container and Multipurpose Terminals at the Port of Guayaquil.
Under the agreement, ICTSI will pay APG a premium of $30 million over the next four years at $6 million annually. The first payment was made on May 31 when the concession was signed.
In addition, there is a fixed fee per year (payable over trimester) during the 20-year term. No sums were mentioned in the company statement, which added that ICTSI is to invest $80 million for equipment and infrastructure in the first year of the concession and will total $170 million over the first three years.
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