International de Contenedores Asociados de Veracruz, SA de CV (ICAVE) is a subsidiary of IIHC, which operates container terminals in Argentina, Mexico, Pakistan, Saudi Arabia and Tanzania, and is currently redeveloping a container terminal in Thailand.
IIHC is itself a subsidiary of International Container Terminal Services, Inc, a Manila-based port operator.
The bid was based on the highest initial payment, with ICAVE submitting the highest bid of US$7.5 million.
The Progreso container terminal has an area of 15.5 hectares, which includes a 250-metre wharf with one docking position.
Container throughput in the last eight years has been growing at an annual average of 42.7 per cent, and ICAVE expects to handle 53,000 TEUs this year.
The Port of Progreso is 33 kilometres from the City of Merida in southeastern Mexico on the Yucatan Peninsula.