en.Wedoany.com Reported - The management and operations contract for Webb Dock East at the Port of Melbourne, held by Victoria International Container Terminal Ltd. (VICT), a subsidiary of International Container Terminal Services, Inc. (ICTSI), has officially taken effect for the period from 2040 to 2066.

In a regulatory disclosure filing with the Philippine Stock Exchange on June 26, ICTSI confirmed that the 26-year extension agreement became effective on June 25, following the fulfillment of all conditions precedent and required regulatory approvals. In February, VICT signed the extension agreement with Port of Melbourne Operations Pty Ltd., subject to customary regulatory conditions at the time.

ICTSI previously stated that the Port of Melbourne has achieved substantial growth in recent years, including a record trade volume of approximately USD 154 billion in 2025. This trend is expected to continue, with the port's container trade volume projected to double over the next 30 years.

Bruno Porchietto, CEO of VICT, stated that the extension of the contract term reinforces the company's long-term commitment to the Port of Melbourne and the Victorian economy. He added that the extension enables VICT "to continue investing in capacity, systems, and people to support the state's trade needs over the long term, while providing greater operational continuity and certainty for shipping lines and cargo owners."

ICTSI and its partner Anglo Ports Pty Ltd. won a 26-year concession for Australia's third container terminal in Melbourne in 2014. On May 2, 2014, VICT signed an agreement with Port of Melbourne Corp. to design, build, commission, operate, maintain, and finance the new international container terminal and empty container yard at Webb Dock. In 2015, ICTSI's wholly-owned subsidiary, ICTSI Far East Pte Ltd., acquired Anglo Ports' 10% stake in VICT, increasing ICTSI's shareholding in the Melbourne terminal from 90% to 100%.

ICTSI stated that an ongoing investment program, expected to be completed by the end of 2027, will increase the estimated capacity of Australia's first fully automated container terminal to 1.6 million TEUs. VICT's Phase 3B expansion, scheduled for completion in 2026, includes the addition of one automated quay crane, three automated container transport vehicles, four automated stacking cranes, and the construction of two additional storage areas. Recently, the terminal deployed four new Kalmar hybrid automated container transport vehicles following the completion of commissioning and operational integration.

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