Global port operator International Container Terminal Services Inc. (ICTSI) posted a 22 percent increase in net income for the first half of 2026, driven by higher cargo traffic, new terminal operations, and strong revenue growth across its worldwide network.
The company, led by billionaire Enrique K. Razon Jr., reported a net income of $589.98 million for the January-to-June period, up from $483.84 million during the same timeframe last year. Stripping out a one-time charge from selling its terminal in Shandong Province, China, ICTSI’s adjusted net profit grew by 25 percent to $604.69 million.
Financial performance remained solid throughout the period as revenue from port operations surged 27 percent to $1.92 billion from $1.51 billion a year earlier. Operating earnings, measured as earnings before interest, taxes, depreciation, and amortization (EBITDA), climbed 24 percent to $1.23 billion. For the second quarter alone, ICTSI posted a net income of $296.41 million, reflecting a 21 percent gain over the previous year.
Operational activity saw significant expansion as total container traffic grew 16 percent to 8.12 million twenty-foot equivalent units (TEUs), up from 6.99 million TEUs in the first half of 2025.
Much of this volume growth stemmed from two recent additions to the network: the Durban Gateway Terminal in South Africa, which began operating in January 2026, and the Batu Ampar Container Terminal in Batam, Indonesia, which joined the portfolio in September 2025. Improving trade flows across Asia and the Americas further supported container volumes. Without the contributions of the two new terminals and excluding the divested China operation, consolidated volume increased by one percent.
Top-line revenue benefited from higher cargo volumes, tariff adjustments, a more profitable container mix, and increased earnings from ancillary services. ICTSI also gained from foreign exchange movements, as the Mexican peso, Australian dollar, and Brazilian real appreciated against the U.S. dollar. These gains helped offset lower volumes at the Basra Gateway Terminal in Iraq caused by Middle East geopolitical tensions, as well as foreign exchange drag from a weaker Philippine peso.
To support its global footprint, ICTSI deployed $320.05 million in capital expenditures during the first six months of the year. The company plans to spend a total of $740 million in capital investments for full-year 2026. This spending will primarily finance the Phase 3B expansion of Contecon Manzanillo in Mexico, ongoing terminal developments in the Philippines, Brazil, and the Democratic Republic of Congo, equipment upgrades, and new expansion initiatives across Honduras, Australia, Ecuador, and Mexico.
