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Victoria International Container Terminal Ltd.’s contract to operate and manage the Webb Dock East terminal in Port of Melbourne has been extended for another 26 years
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VICT and the Port of Melbourne Operations Pty Ltd. signed the agreement extending the contract expiry from 2040 to 2066
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No significant capital expenditure for further capacity expansion is anticipated under the extended contract
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An ongoing investment program due for completion in late 2026 will increase Australia’s first fully automated container terminal’s estimated capacity to 1.6 million TEUs
Victoria International Container Terminal Ltd. (VICT), a wholly-owned subsidiary of International Container Terminal Services, Inc. (ICTSI), has signed a 26-year contract extension for the management of operations of Webb Dock East terminal in Port of Melbourne.
Under the agreement signed with the Port of Melbourne Operations Pty Ltd., VICT’s contract has been extended to 2066 from 2040, ICTSI said in a regulatory disclosure on February 6.
The effective date of the agreement is still subject to usual regulatory conditions, ICTSI noted.
There is no significant capital expenditure for further capacity expansion anticipated under the terms of the extended contract.
ICTSI and partner Anglo Ports Pty Ltd won in 2014 the 26-year concession for the third container terminal in Melbourne, Australia.
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On May 2, 2014, VICT signed an agreement with the Port of Melbourne Corp. to design, construct, commission, operate, maintain, and finance the Port of Melbourne’s new international container terminal and empty container park at Webb Dock.
In 2015, ICTSI wholly-owned subsidiary ICTSI Far East Pte Ltd. bought out Anglo Ports’ 10% share in VICT, effectively increasing ICTSI’s stake in the Melbourne terminal from 90% to 100%.
ICTSI said an ongoing investment program due for completion in late 2026 will increase Australia’s first fully automated container terminal’s estimated capacity to 1.6 million twenty-foot equivalent units.
ICTSI earlier said VICT’s Phase 3B expansion is scheduled for completion in 2026 and will include acquisition of another automated ship-to-shore crane, three auto container carriers, four auto stacking cranes, and construction of two additional storage blocks.
