In a stock exchange filing on Friday, the company said its wholly owned subsidiary, Victoria International Container Terminal Ltd, signed an agreement with Port of Melbourne Operations Pty Ltd to extend the contract to operate and manage the Webb Dock East terminal by 26 years from 2040.
Investment details
The extension increases the remaining life of the contract to a total of 40 years, subject to the satisfaction of standard conditions precedent.
ICTSI said an ongoing investment program scheduled for completion in late 2026 will raise the terminal’s estimated capacity to about 1.6 million twenty-foot equivalent units.
No significant capital expenditure for further capacity expansion is expected under the terms of the extended agreement.
Victoria International Container Terminal operates the Webb Dock East facility at the Port of Melbourne, which uses automated container-handling systems and can accommodate larger vessels.
The terminal serves as a key gateway for containerized cargo into Melbourne and the state of Victoria.
—Edited by Miguel R. Camus
