ICTSI raises port tariffs to fend off crisis impact

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April 17, 2026 | 12:00am

MANILA, Philippines — The flagship business of richest Filipino Enrique Razon Jr. has started raising port tariffs to offset elevated fuel costs, as it works on further shielding itself from the impact of the energy crisis.

Port operator International Container Terminal Services Inc. (ICTSI) has decided to increase service rates in its ports as it starts to feel the impact of the oil price shock.

“Until the war is over or is settled, prices will remain high, and this is why we have implemented adjustments to tariffs and handling rates,” Razon said during ICTSI’s annual stockholders’ meeting yesterday.

He said the geopolitical uncertainties in the Middle East have no direct impact on ICTSI projects for now, with only the Basra Gateway Terminal in the Port of Umm Qasr in Iraq the most affected.

Razon said the Philippines, as part of Asia, is one of the most exposed to supply disruptions. He noted that Asia’s oil imports mainly sail through the Strait of Hormuz, which is now the center of security tensions between Iran and the US.

US President Donald Trump is threatening to blockade ships going through the strait, and if he does so, it is expected that petroleum prices would go up further.

As such, Razon is hoping Tehran and Washington would come to terms immediately to bring the logistics industry back to normalcy.

“Hopefully, the warring parties can end this soon and we can get back to normal trading routes,” Razon said.

Still, ICTSI is armed with more than enough resources, lifted by a 23-percent growth in profit to $1.05 billion last year. Revenue surged by 18 percent to $3.23 billion, neutralizing the 11-percent increase in expenses.

This gives ICTSI the boldness to increase capital expenditures by 14 percent to $740 million this year. ICTSI’s expansion projects will take the largest share at 72 percent, or $532 million, while 18 percent ($136 million) will fund new initiatives and 10 percent ($72 million) will be spent on maintenance programs.

ICTSI is expanding the capacity of domestic projects, such as the Manila International Container Terminal and Manila North Harbor Port Inc., and international terminals, particularly in Brazil, Democratic Republic of Congo and Mexico.

ICTSI is one of the world’s biggest port operators in the 50,000 to 3.5 million twenty-foot equivalent units yearly range, as its portfolio covers terminals across six continents.