ICTSI’s pandemic expansion pushes economic recovery
The report likewise ranked the company as the largest wholly-independent port operator across six continents
The Razon-led International Container Terminal Services, Inc.’s (ICTSI) continued expansion as the Covid-19 pandemic ravages the global economy had contributed to the growth of some nations, albeit asymmetrical.
In its Global Container Terminal Operators Annual Review and Forecast for 2021-2022, independent maritime research and consulting firm Drewry said ICTSI ramped up investments in its community operation that drove economic growth.
It cited ICTSI as the 8th best wholly independent global terminal operator (GTO) in the world.
“Despite the slowdown of global trade during the past two years due to the Covid-19 pandemic, ICTSI continued to expand its operations by adding two new multipurpose terminals in Nigeria and Cameroon. The company also expanded its existing operation in Rio de Janeiro, Brazil, by adding rail logistics to its services through the long-term lease of an intermodal terminal in Barra Mansa,” Drewry said in a statement.
The recognition took notice of the operator’s equity TEU based on the consolidated 10.1 million twenty-foot equivalent units (TEU) it handled in 2020. GTO mainly handled 66 percent of the global port volumes in 2020.
The report likewise ranked the company as the largest wholly-independent port operator across six continents.
ICTSI currently operates 33 terminals in 20 countries, mainly in emerging markets, standing with Hutchison Ports and DP World as the most geographically diverse among GTO.
Its expansion also banked on its acquisitions and greenfield developments of small- to medium-sized terminals through government partnerships while maintaining majority ownership across its global operations.
In 2021, the company’s consolidated throughput increased 10 percent to 11.1 million TEU, owing to the reopening of markets and improvements in trade.
Last year, it allotted $250 million in capital expenditure to bankroll new developments in its flagship Manila International Container Terminal, Matadi Gateway Terminal in D.R. Congo, and Victoria International Container Terminal in Australia.