ICTSI: The executive view

Market trends are central to Gonzalez’s thoughts on what lies ahead. “Clearly,” he states, “the trade picture is volatile due to diverse factors and this, in turn, according to our analyses, presents a subdued outlook with the prospect of slower growth in the major economies such as the USA, China and Europe.

“There are also internal industry factors to consider,” he elaborates, “such as the huge build-up of container capacity by the shipping lines against the backdrop of a more challenging market situation. I think the stats are two million TEU of capacity added in 2024 and the global containership order book now accounting for over eight million TEU, representing 27% of the existing fleet capacity as of early 2025. Big numbers!

“We have been here before,” he continues, “but not on this scale. It will be interesting to see how the shipping lines manage this situation or indeed if it can be effectively managed.”

PS: What do you envisage the impact will be on ICTSI?

“It is reasonable to anticipate that if the shipping lines feel pain they will want to share it,” he says. History tells us this. But I believe we are ready and have some inherent advantages. The majority of our 34 terminals worldwide are located in emerging and developing economies which on the whole offer stronger growth prospects, where we have the potential to build volume and market share.

“Also, our internal processes are the subject of continuous improvement where building resilience and reducing risk is concerned. Yes, we operate in markets that some parties view as high risk but we have done so for many years and consider ourselves to be highly proficient at managing risk which, of course, properly managed can deliver strong returns”

And he adds, pointedly: “Take a look at our share price today (mid-February 2026) it is at an all-time high, clearly we are not alone in thinking that we are on the right track.”

COMPETITIVE PICTURE
PS: Do you think the competitive picture is growing tougher? “First of all,” Gonzalez responds, “we can compete with anyone given equal opportunity. Our portfolio reflects our ability – we have proven expertise in automated terminals, high capacity, medium and low throughput terminals, Build Operate Transfer projects, private acquisitions etc.”

He continues, “Second, “I think it is fair to say that we are now the world’s No 1 independent terminal operator, without formal links to shipping line partners. In other words, when we take up the position of concession holder in a gateway port the risk is removed of us occupying a dominant position over the supply chain as a whole. Allied to this, from a pure terminal point of view we are neutral offering services to all comers on an equal basis.”

enerally, he elaborates, “The market is more competitive today. We have seen new terminal operators enter the international market, mostly government backed, and from the shipping line side there has been a much-increased focus on terminal acquisition. There are also more pure financial entities active in the sector. The combined effect is that we have to seek to gain a competitive edge when assessing concession opportunities and participating in bids, and we believe our fundamentals – independence, the calibre of our management team and employees, financial strength, operating versatility, technical expertise, commitment to decarbonisation, take up of smart technology etc – will continue to deliver for us. We continue to refine our skill set on an ongoing basis,” he emphasises.

RECENT PERFORMANCE
PS: In conclusion, can you comment on recent performance.

“Our 2025 financial results are not yet published but I think you can see from the quarterly results we were on a positive track, Gonzalez states.

“Other highlights: we are now working in partnership with Transnet at Durban Container Terminal Pier 2 (DC2); we concluded a joint venture 30-year concession agreement for Batu Ampar Container Terminal, the main container terminal for Batam Island, Indonesia and have implemented across the portfolio various strategic investments. Notably, advancing the deepwater Berth 8 construction at our flagship Manila International Container Terminal, acquiring land for the expansion of our Rio Brasil Terminal in Rio de Janeiro, Brazil as well as extending various concession terms and notably for Victoria International Container Terminal, our fully automated terminal in Melbourne, Australia.

Last but by no means least, this January saw us commence marine works on the New South Luzon Container Terminal, the largest private-sector backed port project in the Philippines – (Thinking big).

“Overall,” concludes Gonzalez, “we are in pretty good shape but we know we have to continue to work hard.”