ICTSI profit trebles as volumes rise 10%

International Container Terminal Services, Inc. (ICTSI) enjoyed a threefold rise in net income last year to US$429m, boosted by a 10% rise in container volumes across its terminal portfolio.

The operator handled 11.2m teu, as trade grew with economies emerging from the pandemic and lockdown restrictions, while new contracts with shipping lines and services at certain terminals also contributed.

Enrique K. Razon, Jr., ICTSI chairman and president, said: “Higher volume growth and improvement in trade activities as economies have started to recover have enabled throughput to increase by 10%, with EBITDA pushed higher from new terminal contributions.”