The International Container Terminal Service Incorporated has reiterated its plan to spend $580 million this year, a 12.15 percent increase from $517.14 million last year.
ICTSI chairman Enrique Razon told shareholders on Thursday capital spending must go into expansion and new projects.
Razon said ICTSI is “poised and ready for 2025 and beyond” as the company invests in “greater success in the years to come.”
“From new products and services to cutting-edge initiatives, we’ve embraced technology and forward-thinking strategies to stay ahead,” he said.
Razon identified the expansion projects as Contecon Manzanillo SA in Manzanillo, Mexico; Manila International Container Terminal (MICT); Rio Brazil Terminal (RBT); and Mindanao Container Terminal (MCT).
An unspecified amount will also be used for the continued development of the Luzon International Container Terminal (LICT) in Batangas, equipment acquisitions and upgrades, and maintenance requirements, he said.
Amid the US-initiated trade war, Razon said only ICTSI’s Mexico operation might be affected.
“It is too early to tell the effect of the Trump tariffs since US President Donald Trump seems to be flip-flopping daily on this and creating chaos throughout the global economy. So still too early to tell… It’s also too early to tell how these tariffs will finally settle [even ] when the dust has settled,” he said.
“Since our operations are very diverse, the only major impact that could be possible or potential would be our Manzanillo terminal in Mexico, but so far it’s still a wait-and-see,” he said.
Razon said the US trade contribution to its portfolio is only about 3 percent.
“And I suspect that with China’s massive industrial installed capacity, they will be looking for other markets, and if they’re unable to access the US market. So maybe one offsets the other, but it’s still too early to tell,” he added.
ICTSI closed 2024 with an attributable profit of $849.80 million, 66 percent from $511.53 million the prior year.
Revenues hit $2.74 billion, up 15 percent from $2.39 billion in 2023.
ICTSI handled 13.07 million twenty-foot equivalent units (TEUs) of containers last year, two percent higher than the 12.75 million TEUs in 2023.
