Philippine Billionaire's ICTSI To Expand Brazil Port, Unfazed By Trump's Trade War
ICTSI's Rio Brasil Terminal.
International Container Terminal Services Inc. (ICTSI)—controlled by Filipino billionaire Enrique Razon Jr.—is expanding its port operations in Brazil, betting shipment of goods will continue to increase despite the intensifying trade war between China and the U.S.
ICTSI Americas, a wholly owned unit of the Manila-based company, has acquired 47% of Inhaúma Fundo de Investimento Imobiliário (FII), ICTSI said in a stock exchange filing without disclosing the amount of the purchase.
FII holds perpetual rights to a 32-hectare property, known as 'Estaleiro Inhaúma,' a former shipyard, that sits right next to ICTSI's Rio Brasil Terminal. The Philippine-listed company said it will develop the property in the 'immediate future' to expand the capacity of ICTSI's cargo handling capacity in Brazil.
ICTSI has been expanding capacity and modernizing ports in the Philippines and other countries. It has earmarked a record $580 million capital expenditures this year to expand its ports around the world after spending $517 million in 2024 on such projects including those in in Mexico and Brazil.
The latest Brazil acquisition comes as economies worldwide brace for an anticipated slowdown in global trade following U.S President Donald Trump's move to raise tariffs on goods made in China and other countries.
"The acquisition of this property represents an investment opportunity for ICTSI for the development of the area and, thus potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro,' ICTSI said.
ICTSI handled over 13 million twenty-foot equivalent units of cargo boxes in 2024 in its 32 terminals across 19 countries. Aside from ICTSI, Razon is also the controlling shareholder of casino operator Bloomberry Resorts and Prime Infrastructure Capital, which has a portfolio of water utility and energy assets. Razon has a net worth of about $10.4 billion, according to Forbes' real-time data, making him the second-richest Philippine tycoon.
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