Razon, the Philippines’ richest man and head of a global ports and gaming empire, said there is still no disruption in diesel supply so far, even as key shipping routes remain under pressure.
“As of today, there is still diesel supply, but at a high price. And we are constantly working with the government and with other agencies throughout the world to make sure that the Philippines has a continuous supply,” Razon said during the annual stockholders’ meeting of International Container Terminal Services (ICTSI) on Thursday.
“And until the war is over or settled, prices will remain high,” he added.
ICTSI stock weathers geopolitical storm
ICTSI is the world’s largest independent cargo ports operator with 34 terminal operations, including concessions and port development projects in 20 countries worldwide.
It is also the most valuable blue chip on the Philippine Stock Exchange (PSEi), with a market value of nearly P1.5 trillion.
Confidence in the stock remains high, with ICTSI (ICT) trading up over 28 percent so far in 2026 to P729 per share against a 0.04 percent increase for the PSEi.
Oil supply in focus
Razon said they are closely monitoring the fuel situation following the Strait of Hormuz closure, but supply remains available so far.
“There’s no disruption in diesel deliveries. However, the price is very high. We’re not sure if [supply availability] will be the case going forward, but the government has been able to mitigate this by being able to acquire crude and diesel and gasoline from the Russian Republic,” he said.
He said ICTSI has already adjusted tariffs and handling rates across its terminals worldwide to offset higher fuel costs.
Global trade, ICTSI harmed if war persists
The most direct impact so far has been on its terminal in Umm Qasr, Iraq, though this has been blunted by stronger performance from other global ports.
“The longer the war takes to be settled, the larger the impact to the global economy. So if the war lasts… several more months, there will be a strong impact to the global economy and global trade. Hopefully, the warring parties can end this soon and we can get back to normal trading routes in the world,” Razon said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
