ICTSI expects to spend only half of its 2015 budget as global growth slows down

Philippines-based port operator International Container Terminal Services Inc. (ICTSI) has revealed that it expects to spend only half of its US$530m established budget for this year and limit expansion plans as global growth is slowing down.

The company’s chairman and president, Enrique Razon, told Bloomberg that “the growth picture of the global economy is not looking too great,” adding that the port operator’s profit is mostly due to the acquisition of new terminals rather than to organic growth.

The terminal management company reported in August that its capital expenditures for the first six months of the year amounted to US$136.7m, which is around 26% of the US$530m planned budget for the full year of 2015.