The Port of Melbourne Operations Pty Ltd. signed an agreement to extend contract of Victoria International Container Terminal Ltd. (VICT), a wholly-owned subsidiary of International Container Terminal Services, Inc. (ICTSI), to operate and manage the Webb Dock East terminal in the Port of Melbourne for another 26 years extending the contract expiry from 2040 to 2066.
In a disclosure to the Philippine Stock Exchange, ICTSI said the contract extension increases the remaining life of its contract to a total of 40 years. All conditions precedent and required regulatory approvals for the extension of the VICT terminal operating agreement have been satisfied as of June 25, 2026, but the effective date of this agreement is still subject to usual conditions precedent applicable to this kind of transaction.
An ongoing investment program due for completion in late 2026 will increase estimated capacity to 1.6 million TEUs. No significant capital expenditure for further capacity expansion is anticipated under the terms of the extended contract.
Accordingly, the 26-year extension of VICT’s concession to operate and manage the Webb Dock East terminal at the Port of Melbourne is now effective, extending the contract term from 2040 to 2066.
As Australia’s first fully automated container terminal and one of the most technologically advanced in the world, coupled with the ability to accommodate larger container ships, VICT remains positioned as the premier gateway to Melbourne and the state of Victoria.
