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Global terminal operators collectively posted an average 8.9% year-on-year hike in their equity-adjusted volumes in 2025, higher than the global port throughput increase of 6.5%, according to Drewry’s Global Container Terminal Operators Annual Review & Forecast 2026/27
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GTOs accounted for practically half or 49.9% of the 994 mteu global market last year, up from 48.8% in 2024
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PSA International retained its top ranking
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Eight of the 19 operators that qualify as GTOs in 2025 achieved double digit growth
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Drewry noted that DP World and MSC Group have the widest presence with investments in all 10 world regions
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Philippine-headquartered ICTSI was part of the list of only four GTOs that operate in nine regions
Global terminal operators (GTOs) collectively posted an average 8.9% year-on-year (YoY) hike in their equity-adjusted volumes in 2025, higher than the global port throughput increase of 6.5%, according to Drewry’s Global Container Terminal Operators Annual Review & Forecast 2026/27.
GTOs accounted for practically half or 49.9% of the 994 million twenty-foot equivalent units (mteu) global market last year, up from 48.8% in 2024.
PSA International, which currently has operations in 45 countries, including its two flagship port operations in Singapore and Belgium – retained its top ranking with an equity-adjusted throughput of 69.9 million mteu, up 5.3% YoY.
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Eight of the 19 operators that qualify as GTOs in 2025 achieved double digit growth in equity-adjusted throughput, with recent entrants AD Ports and Adani and major hybrid operators CMA CGM, MSC Group, APM Terminals and Hanseatic Global Terminals continuing their aggressive growth trajectory from last year.
The independent maritime research and consulting firm noted that “only a few GTOs are assessed to be truly global” and “that size, shipping line affiliation and ‘first-mover’ advantage are the key determinants of a GTO’s geographic reach.”
DP World and MSC Group have the widest presence with terminal investments in all 10 world regions.
Philippine-headquartered International Container Terminal Services, Inc. (ICTSI) was part of the list of four GTOs that operate in nine regions. The others are APM Terminals, Hutchison Ports, and CMA CGM.
READ: ICTSI income grows 23% to over $1B as ports handle more cargo
PSA covers eight world regions, with no terminal assets in Africa or Oceania. China Cosco Shipping and Evergreen operate in seven regions.
There was no change in the geographic scope of operations for any of the GTOs between 2024 and 2025, but recent M&A activity and greenfield investments have strengthened the positions of some of the operators in key markets.
“With relatively few privatization opportunities remaining, we identify that container terminal concessions are entering a new maturity cycle as long-term agreements awarded during the port privatization waves of the late 1990s and early 2000s are now approaching the end of their initial concession tenure. Given this, many GTOs are proactively managing their portfolio maturity and working closely with concessioning authorities well ahead of renewals to align objectives,” Drewry said.
Mergers and acquisitions deals have progressed, but geopolitical fragmentation has seen the rise of regulatory protectionism to delay and even block major deals, Drewry said, citing as an example the stalemate situation in the TiL-BlackRock bid for Hutchison Ports’ international portfolio.
Financial investors continue to put in money to the sector, with Macquarie taking a 50% stake in Australia’s Patrick Stevedores via its acquisition of Qube, and Stonepeak setting up a new platform –United ports LLC – with CMA CGM, which will acquire a portfolio of CMA Terminal assets.
READ: CMA CGM sets up terminal company with US investment firm
“While monetisation of terminal assets is not a new strategy, CMA CGM’s deal with Stonepeak demonstrates further that partnership can generate win-win outcomes for investors and operators,” Eleanor Hadland, author of the report and Drewry’s senior analyst for ports and terminals said.
GTO investments
Investments by GTOs, meanwhile, surged 23% in 2025, with focus on growing portfolios, upgrading existing infrastructure and expanding automation and digital capabilities.
GTOs are projected to add a combined 186 mteu capacity to their portfolios between 2025 and 2030, although Drewry qualified that there is an element of double- counting in these figures due to the joint ownership structures across the sector.
Greenfield projects are also firmly back on the agenda, accounting for 23% of the projected net increase in GTO portfolio capacity.
Four operators — MSC Group, CMA CGM, Adani and HGT — are seen to add greenfield capacity of at least 4 mteu by 2030, with the first two each adding over 8 mteu. Drewry said it “no coincidence” that the two, the MSC Group and CMA CGM, are ‘hybrid’ operators wholly- or majority-owned by carriers, which puts them in a better position to guarantee volumes for greenfield developments due to matched ownership.
All 19 GTOs recognize that decarbonization is a crucial environmental issue and have made public commitments to achieve net zero between 2040 and 2060.
Drewry said there is a broad consensus on the course towards decarbonizing terminal operations, with initial focus on improving efficiency in terms of reducing overall energy consumption, and later eventually switching to renewable electricity or other lower carbon fuel options.
