Container terminals are on a growth spurt. ICTSI saw sales increase by 27% year-on-year, reaching USD 1.92 billion in the first half of 2026.
By Marek Grzybowski Strona główna Porty Morskie, Terminale, Logistyka Morska,
International Container Terminal Services, Inc. (ICTSI) released its unaudited consolidated financial results for the first half of 2026 in early August. During the first six months of this year, port revenues increased by 27% to $1.92 billion. During the same period in 2025, revenues from sales of services reached $1.51 billion.
For the quarter ended June 30, 2026, port revenues increased by 25% from $764.63 million to $958.73 million, and EBITDA was 23% higher, reaching $613.70 million compared to $500.94 million. Net income attributable to shareholders was $296.41 million, up 21% from $244.31 million in the same period in 2025. Diluted earnings per share for the second quarter of 2025 and 2026 were $0.119 and $0.146, respectively.
“ICTSI reported a strong first half of the year, with double-digit growth in volumes, revenue, and profit, supported by the contribution of recently added terminals and stable performance across our existing portfolio,” said Enrique K. Razon Jr., Chairman and President of ICTSI. “Despite the more challenging operating environment in some markets during this period, our diversified business continued to provide resilience and support strong financial and operational results.”
Gdynia’s Link to the Philippines
This result was also driven by the activity of the Gdynia terminal, as BCT Gdynia has been part of International Container Terminal Services since 2003. A further agreement was signed in 2022. The Philippine operator and the Port of Gdynia Authority have agreed to continue their cooperation for the next 30 years. Thanks to investments by the Gdynia Maritime Office and the Port of Gdynia Authority, the terminal can accommodate the largest container ships entering the Baltic Sea.
Modernization of the Hel Quay, where the terminal operates, the widening of the port’s internal entrance, and an increase in the diameter of the port’s internal turning basin resulted in the largest container ship in the history of the Port of Gdynia docking at the BCT terminal on July 24th. This vessel was made possible thanks to the purchase of two new STS cranes.
Currently, the Gdynia terminal has five quay cranes: one 17-row crane and four 19-row cranes. The 800-meter-long, 12.7-meter-deep transshipment quay has five berths for handling container ships in the Lo-Lo system. One berth allows for the handling of Ro-Ro vessels. The Baltic Container Terminal in the Port of Gdynia can handle 1 million TEU per year.
The neo-panamax MSC Venice (16,652 TEU), nearly 399 meters long and 54 meters wide, docked for several days with containers from the Far East and North Sea ports. The ship was welcomed by, among others, the former CEO of BCT Gdynia, Wojciech Szymulewicz, and the new CEO of BCT, Patrick Chan, in the presence of Arkadiusz Marchewka, Deputy Minister of Infrastructure for Maritime Economy and Inland Navigation, and Piotr Gorzeński, President of the Port of Gdynia Authority. GospodarkaMorska.pl reported on this here.
EBITDA in Containers
Such high sales revenues resulted in EBITDA (before interest, taxes, depreciation, and amortization) reaching USD 1.23 billion, compared to a 24% decrease in the first half of 2025, at USD 990.54 million.
Share price between August 9, 2023, and August 9, 2026. Source: ICTSI
Net profit attributable to shareholders was calculated at $589.98 million, representing a 22% increase compared to the $483.84 million profit achieved during the same period last year. Net profit attributable to shareholders increased by 23% to $0.289 from $0.235 during the same period in 2025.
The strong financial results were achieved thanks to higher operating income. Despite the sale of Yantai International Container Terminal (YICT) in Shandong Province, China, terminal throughput increased by 16% in the first half of the year, reaching 8.12 million TEU.
Over 8 million TEU in H1 2026
In the first half of the year, ICTSI handled a consolidated volume of nearly 8,116,000 tons. TEU in 2026. This was 16% more than during the same period in 2025 (nearly 7 million TEU). This increase was primarily driven by the integration of two new ICTSI terminals into its operations: Durban Gateway Terminal (DGT) and Batu Ampar Container Terminal (BACT).
Durban Gateway Terminal (DGT) took over transshipment operations from DCT Pier 2 at the Port of Durban, South Africa, in January 2026. Batu Ampar Container Terminal (BACT) began transshipment operations in Batam, Indonesia, in September 2025.
ICTSI emphasizes that the company’s results were influenced by “improved trading activity in Asia and the Americas, partially offset by a decline in volume in the EMEA region caused by the geopolitical conflict in the Middle East and the deconsolidation of YICT.”
ICTSI Terminal Map. Source: ICTSI “The Logistics of Transformation 2023”
The activity of new terminals proved crucial, as without the operational activities of DGT and BACT and the “discontinued operations at YICT,” consolidated container throughput in TEUs would have increased by only one percent. In the quarter ended June 30, 2026, total consolidated throughput was 15% higher than a year earlier, exceeding 4 million TEU, compared to over 3.5 million TEU in 2025.
Gross revenue 27% Up
Gross revenue from port operations in the first half of 2026 increased by 27% to USD 1.92 billion, primarily due to increased container supply and a favorable container mix. Higher revenue from ancillary services at some terminals improved the sales balance.
Foreign exchange rate fluctuations also worked to the operator’s advantage. The main mechanisms that worked were the “appreciation of the Mexican peso (MXN), the Australian dollar (AUD) and the Brazilian real (BRL)”.
Sales by Region. Source: ICTSI Inverstor Relations
Unfavorable developments include “a decline in volume at the Basra Gateway Terminal (BGT) in Iraq, the deconsolidation of YICT, and the unfavorable impact of exchange rates, primarily the depreciation of the Philippine peso (PHP).” Overall, the balance sheet turned favorable, as “the Group’s consolidated gross revenue for the quarter ended June 30, 2026, was 25% higher at $958.73 million, compared to $764.63 million in 2025.”
ICTSI Revenues and Profits. Source: Yahoo Finance
Consolidated operating expenses in the first half of 2026 were 39% higher, reaching $529.34 million, compared to $381.73 million in the same period of 2025. ICTSI explained in a press release that “the increase in cash operating expenses was primarily due to the contribution of DGT costs and the increase in operating expenses resulting from volume and revenue growth.”
Spending, in particular, increased due to the increase in revenue from ancillary services. Rising fuel prices were unavoidable, affecting everyone affected by the crisis triggered by the war in the Middle East.
A Time for Expansion and Sustainability
“We remain focused on executing our expansion program, integrating new operations, and maintaining financial discipline across the company,” said Enrique K. Razon Jr., Chairman and President of ICTSI. He emphasized: “We continue to invest in increasing production capacity and service levels across our portfolio, while supporting sustainable, long-term growth. I would like to thank our employees worldwide for their ongoing commitment and contributions.”
Wage adjustments were also necessary at many terminals. Unfavorable currency fluctuations were an additional burden in some markets, particularly in expenses incurred in Brazil, Mexico, and Australia. Excluding the impact of new and discontinued operations, EBITDA would have increased by 18%, and the EBITDA margin would have increased slightly to 66%, underscoring the continued strength and profitability of the company’s existing operations, ICTSI calculated.
“Capital expenditures, excluding capitalized borrowing costs, totaled $320.05 million in the first half of 2026. The Group’s estimated capital expenditures for 2026 are $740 million,” the Group reports.
ICTSI is dedicating significant resources to completing Phase 3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico. Expansion of the Manila International Container Terminal (MICT), Manila North Harbor Port Inc. (MNHPI), Mindanao Container Terminal (MCT), and South Luzon Container Terminal (SLCT) in the Philippines is underway. Investments are underway at ICTSI Rio in Brazil and Matadi Gateway Terminal (MGT) in the Democratic Republic of the Congo.
Expenditures have also been made for “miscellaneous equipment acquisitions and upgrades, as well as capital expenditures to maintain operations.” Four new projects are also underway, including expansions at Operadora Portuaria Centroamericana, S.A. de CV (OPC) in Honduras, Victoria International Container Terminal Ltd. (VICT) in Australia, Contecon Guayaquil S.A. (CGSA) in Ecuador, and Phase 4 of CMSA in Mexico.
It is also worth emphasizing that ICTSI focuses not only on increasing profits but also on implementing environmentally friendly solutions. For several years, it has been developing a “Climate Change Action Policy,” which aims to reduce harmful emissions. The Group is effectively investing in cleaner technologies. It emphasizes resource efficiency through “more environmentally friendly water and energy sourcing, responsible waste management, and the continuous reduction of our carbon footprint.”
The environmental protection policy is based on engaging employees in the search for and implementation of environmentally friendly technical and organizational solutions. The goals of these initiatives include reducing greenhouse gas emissions through innovations at the terminals it manages. In the Americas, four of the terminals in Brazil, Ecuador and Mexico are now carbon neutral.