APM Terminals dumps Mexico’s ICA from $300 million port project, sources say

Port operator APM Terminals, part of Denmark’s A.P. Moller-Maersk, has dropped Mexico’s ICA construction firm from a $300 million port project after it ran out of cash and could not continue work, two people familiar with the matter said.

ICA, which has defaulted on debt payments, was dismissed at the end of December from the project to build a new container terminal in the major Mexican Pacific port of Lazaro Cardenas, the sources said.

As early as 2013, ICA’s liquidity problems caused delays, forcing APM Terminals to negotiate an extension to the project deadline with the government, one of the people said. The project is nearly two-thirds complete, the person added.

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