The High Court of South Africa has dismissed a legal challenge by APM Terminals BV (APM), reaffirming the award of a 25-year contract to International Container Terminal Services Inc. (ICTSI) for the development of Durban Container Terminal 2 (DCT2).
The court ruled that Transnet SOC Limited acted within its discretion and complied with the principles of fairness and transparency in awarding the contract.
It also held that the solvency ratio was not the sole measure of financial qualification and that ICTSI’s financial strength was appropriately validated. The court said it also found that APM’s legal challenge was brought with undue delay.
ICTSI welcomed the court’s ruling and reaffirmed its commitment to delivering long-term value and operational excellence at the DCT2 in close partnership with Transnet.
The company earlier reported a net income of $483.84 million in the first half of 2025, up 15 percent from $420.55 million in the same period last year.
Excluding the income from the settlement of legal claims at ICTSI Oregon and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA), Jakarta, Indonesia in the first half of 2024, net income attributable to equity holders would have grown 20 percent.
ICTSI’s net income amounted to $244.31 million in the second quarter, up 16 percent from $210.67 million in the same period last year.
Revenue from port operations amounted to $1.51 billion in the first half of 2025, an increase of 14 percent from the $1.32 billion reported for the same period in 2024.
It said that for the quarter ended June 30, revenue from port operations increased 12 percent from $684.02 million to $764.63 million.
ICTSI handled consolidated volume of 6,989,075 twenty-foot equivalent units (TEUs) in the first half of 2025, or 11 percent higher than the 6,312,163 TEUs handled in the same period in 2024.
