ICTSI raises tariffs to offset fuel costs amid Middle East war

GLOBAL port operator International Container Terminal Services, Inc. (ICTSI) said it has adjusted tariffs and handling rates across its terminals to offset rising fuel costs linked to the ongoing Middle East conflict.

“We are not sure if this will be the case going forward. But the government has been able to mitigate it… Until the war is over or settled, prices will remain high. This is why we have already implemented adjustments to our tariffs and handling rates to make up for the differential in diesel and fuel prices throughout our terminals in the world,” ICTSI Chairman and President Enrique K. Razon, Jr. said during the company’s annual stockholders’ meeting on Thursday.

The company said the direct operational impact of the conflict is currently concentrated in its Iraq terminal.

“The direct effect to our performance is in our terminal in Iraq. So far, that has been offset by performance by all other terminals globally. But the longer the war takes to be settled, the larger impact to the global economy,” Mr. Razon said.

ICTSI operates the Basra Gateway Terminal in Umm Qasr, Iraq, which serves as the country’s largest and primary port gateway.

The terminal supports oil- and gas-producing economies through container and project cargo handling facilities, according to information on its website.

Mr. Razon said fuel supply remains available across ICTSI’s operations, although prices have risen due to the conflict between the United States-Israel and Iran.

“Asia is the most affected by the closure of the Hormuz Strait. But as of today, there is still diesel supply but at a high price. We are constantly working with the government and other agencies throughout the world to make sure that the Philippines has a continuous supply,” he said.

ICTSI said its Asian operations remain a key growth driver. In 2025, the company reported a 23% increase in attributable net income to $1.05 billion, driven by higher cargo volumes across its global port network.

Gross revenues rose 17.88% to $3.23 billion from $2.74 billion in 2024, with Asia accounting for 41% or $1.34 billion of total revenues.

At the local bourse on Thursday, shares in ICTSI fell P20 or 2.72% to close at P715 each. — Ashley Erika O. Jose