ICTSI Profit Climbs 20% to $898.89 Million as New Terminals Lift Cargo Volumes

International Container Terminal Services Inc. reported a 20% rise in net income attributable to shareholders to $898.89 million for the first nine months of 2026, from $751.56 million a year earlier. The Inquirer reported the results on November 12. ICTSI is a Manila-based container terminal operator led by Enrique Razon Jr., with 33 terminals in 20 countries, according to company records.

How Durban and Batu Ampar Lifted Volumes

Revenues for the January-to-September period surged 24% to $2.9 billion, and cargo volumes rose 13% to 12.11 million twenty-foot equivalent units (TEUs) from 10.69 million TEUs. ICTSI said much of the increase came from Durban Gateway Terminal in South Africa, which began operations under the company in January, and Batu Ampar Container Terminal in Indonesia, which joined its network in September 2025. Without those additions and the discontinued operations of Yantai International Container Terminal in China, volumes would have grown by just 0.1 percent, the company said.

ICTSI said stronger trade activity in Asia and the Americas supported throughput, offsetting weaker volumes at certain terminals in Europe, the Middle East and Africa amid the continuing Middle East conflict. "Our diversified portfolio continues to provide resilience in a more challenging operating environment," Razon said in a statement. "We remain focused on integrating our new terminals and investing to strengthen capacity and service levels across our network, and we are confident in the long-term contribution these operations will make," he added.

BusinessWorld Online reported that third-quarter attributable net income rose 15.4% year-over-year to $308.90 million, while port revenues for the quarter increased 18.9% to $984.05 million. The Inquirer put third-quarter attributable net income at $308.9 million, up 15%. Revenue growth was supported by higher ancillary service income, tariff adjustments and favorable foreign exchange movements, according to the Inquirer.

ICTSI's Terminal Network and Financing

ICTSI operates 33 container terminals across 20 countries on six continents, according to akta.pro company records. In May 2026, the company secured a US$300 million senior unsecured corporate loan from the Asian Infrastructure Investment Bank to expand and electrify the Manila International Container Terminal, South Luzon Container Terminal and Mindanao Container Terminal. The Manila terminal is slated to reach capacity of 3.7 million TEUs by 2027, while the South Luzon and Mindanao terminals are each targeted to reach 800,000 TEUs by 2028.

Deals Preceding the Results

In August 2026, ICTSI signed an agreement to acquire 100 percent of TLG Acquisition Holdings Proprietary Ltd., an integrated port and cargo handling provider operating in Mozambique, Namibia and South Africa, the Inquirer reported. Agence Ecofin reported that the deal, undisclosed in value, is subject to regulatory approvals. In August 2026, ICTSI also filed complaints with Brazilian regulators TCU, Cade and Antaq after MSC announced it would stop using the Tecon Suape terminal managed by ICTSI, Folha reported.

What Comes Next for ICTSI

ICTSI said it plans to continue integrating its new terminals and investing in capacity. The TLG acquisition remains subject to regulatory approvals, according to Agence Ecofin.