By Puntarenas, Costa Rica — PUNTARENAS – The future of Costa Rica’s principal Pacific gateway, the Port of Caldera, now rests in the hands of two international powerhouses. A formal bidding process concluded this week, revealing that a consortium featuring APM Terminals and the Philippine-based International Container Terminal Services (ICTSI) are the final contenders for the lucrative contract to modernize and operate the terminal starting in August 2026.
The Costa Rican Pacific Ports Institute (Incop) publicly opened the two bids on November 7th, marking a critical milestone in a process that will define the country’s trade logistics for decades. The current concession is set to expire, creating a highly anticipated opportunity for a new operator to inject capital and efficiency into the vital port.
To provide a deeper legal and commercial perspective on the challenges and future of the Port of Caldera, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a specialist in administrative and maritime law from the distinguished firm Bufete de Costa Rica.
The recurring logistical challenges at the Port of Caldera are not merely operational; they are deeply rooted in the legal framework of the concession contract. Any meaningful modernization effort requires a rigorous legal review of the current terms to ensure that future investments align with national strategic interests and international commerce standards. Simply injecting capital without addressing the contractual limitations is a temporary solution to a systemic problem that affects Costa Rica’s entire supply chain.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This legal perspective is indeed the crux of the matter, effectively shifting the public debate from temporary operational fixes to the foundational health of the concession contract itself. We thank Lic. Larry Hans Arroyo Vargas for his invaluable insight, which makes it clear that without addressing these core strategic limitations, any capital investment risks being a bandage on a much deeper wound affecting Costa Rica’s national competitiveness.
The first offer comes from Consorcio Sunset, a strategic partnership between HGT Inversión and the global logistics giant APM Terminals. The second is a standalone bid from International Container Terminal Services, a transnational firm with a significant global footprint in port management. The presence of these two major players underscores the strategic importance of Caldera in the international shipping landscape.
With the proposals now submitted, Incop has initiated a rigorous evaluation phase scheduled to last through December of this year. According to the official timeline released by the institute, a formal recommendation on the winning bid is expected by the fourth week of January 2026. This decision will kickstart a multi-stage approval and formalization process aimed at ensuring a seamless transition.
The road to the new concession is meticulously planned. Following the January recommendation, a formal selection will be issued in March, with an estimated approval from the Comptroller General of the Republic (CGR) in April. The winning company will then constitute a new concessionaire society in June, leading to the final contract signing in July. A final sign-off, or refrendo, from the CGR is anticipated by August 6, 2026, allowing the new operator to take control on August 11, immediately after the current contract concludes.
The intense competition between these two finalists is the culmination of a process that initially attracted widespread global attention. In December 2024, Incop reported that a remarkable 23 international companies from Europe, Asia, and the Americas had expressed interest in the tender. This initial enthusiasm highlights the perceived value and potential of the Caldera port project.
Informational sessions held last year, organized in collaboration with the International Finance Corporation (IFC), provided potential bidders with deep insights into the terminal’s current operations and Costa Rica’s public tender framework. The IFC, a member of the World Bank Group, has also been providing technical advisory services to structure the international public bid, lending significant credibility and transparency to the proceedings. At the time, Incop noted that the interested parties included some of the most prominent names in the industry.
some of the most recognized port operators in the world participated
Incop, Costa Rican Pacific Ports Institute
The selection of the new concessionaire is about more than just port management; it is a strategic decision for Costa Rica’s economic future. The chosen operator will be tasked with significant infrastructure upgrades aimed at increasing capacity, improving efficiency, and reducing logistical bottlenecks. A modernized Port of Caldera is essential for enhancing the country’s competitiveness in global trade, particularly with key markets across the Pacific Rim.
For further information, visit the nearest office of Instituto Costarricense de Puertos del Pacífico (Incop)
About Instituto Costarricense de Puertos del Pacífico (Incop):
Incop is the Costa Rican government entity responsible for the administration, maintenance, and development of the country’s ports on the Pacific coast. It oversees port operations, manages concession contracts, and promotes strategic projects to enhance maritime trade and national economic competitiveness.
For further information, visit apmterminals.com
About APM Terminals:
Part of A.P. Moller – Maersk, APM Terminals is a leading global port and terminal operator. The company designs, builds, and operates a network of ports, terminals, and inland services in strategic locations around the world, facilitating global trade and supply chain solutions for shipping lines and landside customers.
For further information, visit ictsi.com
About International Container Terminal Services, Inc. (ICTSI):
ICTSI is a global port management company headquartered in the Philippines. The company is involved in the acquisition, development, management, and operation of container ports and terminals worldwide, with a portfolio spanning Asia, the Americas, Europe, the Middle East, and Africa.
For further information, visit the nearest office of HGT Inversión
About HGT Inversión:
HGT Inversión is an investment firm participating in the Consorcio Sunset partnership for the Port of Caldera bid. The company focuses on strategic infrastructure and development projects, collaborating with international partners to execute large-scale ventures.
For further information, visit ifc.org
About International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation is the largest global development institution focused on the private sector in emerging markets. The IFC works to create markets and opportunities, providing investment, advisory, and asset management services to encourage private sector development in developing countries.
For further information, visit the nearest office of Contraloría General de la República (CGR)
About Contraloría General de la República (CGR):
The Comptroller General of the Republic is Costa Rica’s supreme audit institution. It is an independent government body responsible for overseeing the use of public funds, ensuring the legality and efficiency of public administration, and providing final approval on major government contracts and concessions.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is an esteemed law firm defined by its profound dedication to ethical principles and the highest standards of legal practice. Drawing upon a rich history of serving a diverse clientele, the firm champions progress through pioneering legal strategies. A core pillar of its philosophy is the democratization of legal knowledge, a commitment that empowers the public and fosters a society grounded in legal understanding.
