ICTSI poised for another double-digit profit growth

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March 14, 2026 | 12:00am

Shipping disruptions unlikely to affect global operations

MANILA, Philippines — The flagship business of richest Filipino Enrique Razon Jr. is headed for another year of double-digit growth, shielded from shipping disruptions in the Middle East due to the diversity of its global portfolio.

In a report, Fitch Group unit CreditSights said International Container Terminal Services Inc. (ICTSI) would likely grow its earnings in the range of low to mid-teens this year.

CreditSights said ICTSI would benefit from sustained demand for logistics services in emerging markets and additional revenue from newly acquired projects.

Although ICTSI is in the business of port operations, it is expected to shrug off any impact from geopolitical tensions in the Middle East. Its worst exposure is the Basra Gateway Terminal in the Port of Umm Qasr, Iraq’s largest port.

CreditSights said ICTSI could even benefit from the shipping shakeup in the Middle East. The company manages several ports in nearby regions like Africa, Europe and South Asia that could end up as alternative hubs for redirecting ships.

“A prolonged (Middle East) conflict could weigh on throughput in that region, particularly at the Iraq Port, though this is a minor contributor to overall earnings,” CreditSights said.

“In fact, ICTSI’s other EMEA (Europe, Middle East, Africa) and Asia concessions might benefit from increased ship rerouting,” it added.

For 2026, CreditSights projects ICTSI to spend as high as $1.4 billion, backed by a $740-million capital expenditure, for expansion projects and possible acquisitions.

Currently, ICTSI is improving the capacity of local projects, particularly the Manila International Container Terminal and Manila North Harbor Port Inc. Likewise, it is expanding its terminals in Brazil, Democratic Republic of Congo and Mexico.

ICTSI yesterday started the construction of the $800-million South Luzon Container Terminal in Bauan, Batangas, keeping it on schedule to open by 2028. The project will become the country’s second largest container terminal, designed to offer a capacity of two million twenty-foot equivalent units annually.