Posted on September 28, 2026
Port giant International Container Terminal Services Inc. (ICTSI) has bought out the minority shareholder in its Brazilian logistics subsidiary, giving it full control of a business spanning warehousing, distribution and transportation.
In a disclosure on Friday, the Enrique Razon Jr.-led company said it had signed an agreement to acquire the remaining 30-percent stake in iTracker Logistica Inteligente or IRB Logistica SA, raising its ownership from 70 percent to 100 percent.
ICTSI established iTracker in 2020 with Brazil-based Tracker Logistica Inteligente.
iTracker serves users of the Port of Rio de Janeiro as a full intermodal logistics provider, offering services such as empty container depots, export container freight stations, general warehousing, distribution centers and road and railway transportation.
ICTSI did not disclose the value of the deal, but said the purchase price was paid in cash. It amounted to less than 10 percent of the company’s total consolidated shareholders’ equity as of end of 2025 and June 2026.
“iTracker contributes less than one percent to the company’s consolidated financial performance, with no material impact on the company’s future financial results,” ICTSI told the local bourse.
According to its website, iTracker has a 40,000-square-meter (sqm) facility for shipping companies operating at the Port of Rio de Janeiro. It also has an 80,000-sqm yard designed to receive import cargo, domestic market goods, e-commerce and distribution.
Multimodal terminals
Further, iTracker has two multimodal terminals along the Rio-São Paulo corridor, cross-docking and breakbulk cargo yards and a fleet of more than 100 vehicles. Its rail and road terminals are located in Barra Mansa.
Taking full control of iTracker further strengthens ICTSI’s foothold in Brazil, where it has been expanding its logistics business. The company recently acquired São Paulo-based warehousing and logistics firm Cragea.
ICTSI’s Brazil footprint includes CLIA Pouso Alegre, Rio Brasil Terminal and Tecon Suape.
The company grew its first-half profit by 22 percent to $641.39 million, driven by higher cargo volumes and contributions from newly acquired terminals in South Africa and Indonesia.
In the first half of 2026 alone, ICTSI spent $320.05 million in capital expenditures, primarily to finance expansion projects in the Philippines, Brazil, Mexico, the Democratic Republic of the Congo, Honduras, Australia and Ecuador.
For the full year, ICTSI plans to invest $740 million, 14 percent more than the $650.44 million it spent in 2025. INQ
