The expansion and modernization of Puerto Caldera in Puntarenas is likely to proceed with only one bidder, the Sunset consortium, after the disqualification of International Container Terminal Services Inc. (ICTSI) from the Philippines. The Sunset consortium consists of HGT Inversiones, a subsidiary of Hapag-Lloyd and part of the current SPC management group, along with APM Terminals, which operates the Moín Container Terminal in Limón.
The tender for modernizing Costa Rica’s main Pacific port originally attracted two participants: the Sunset consortium and ICTSI. However, according to a report from the Evaluation Commission dated February 13 and included in the contracting file by the Instituto Costarricense de Puertos del Pacífico (Incop), ICTSI did not meet financial eligibility requirements.
The document was signed by Efraím Zeledón, Minister of Public Works; Pablo Camacho, Deputy Minister of Infrastructure; Paula Reyes, Technical Secretary of the National Concessions Council; Wagner Quesada, President of Incop; and Luis Fernando Quesada, representing the business sector. It stated that ICTSI failed to comply with a maximum debt-to-equity ratio requirement set at 1.75 times on average over three years.
The report explained: “Given that taking into account that debt includes financial obligations with third parties, both short- and long-term, which generate financial costs and equity includes share capital or own funds or equity at 2.16 times over the last three years above the maximum established in the bidding terms.”
Following this conclusion, only the Sunset consortium was invited to submit its economic offer on February 18. During this session, proposed tariffs for container handling and bulk cargo were read out as well as annual amounts. However, details about total investment costs were not disclosed.
Afterward, the Evaluation Commission will assess this economic proposal based on criteria outlined in bidding documents. The commission has ten working days to issue a recommendation report to administration authorities who then have another ten days to make their selection decision.
If Sunset’s financial proposal meets administrative expectations, it will be awarded concession rights for modernization works at Puerto Caldera. The disqualified company still has recourse to appeal before Costa Rica’s Comptroller General.
According to tender documents, an estimated budget of $587 million has been allocated for these works with a concession period set at 30 years—extendable if necessary—for recovery through port operations.
The company selected will operate Puerto Caldera under this new concession model for public infrastructure works with public service provision once technical, economic, financial and legal feasibility is confirmed.
Incop began this process in October 2024 due to chronic congestion issues at Puerto Caldera persisting for more than eight years. Offer submissions closed last November after several changes mandated by oversight authorities following appeals from bidders.
Current service contracts are nearing expiration: management concessions for both general cargo terminals end August 11th 2026 while tugboat services conclude December 12th that year.
Last year Costa Rica’s Comptroller General warned that Incop’s exit protocol presented in January 2025 could create bottlenecks since many activities would cluster near contract end dates. Plans call for starting new concession operations by August 2026.
