Victoria International Container Terminal Ltd. (VICT), a wholly owned subsidiary of International Container Terminal Services, Inc. (ICTSI), has secured a contract extension to operate and manage the Webb Dock East terminal at the Port of Melbourne.
VICT and Port of Melbourne Operations Pty Ltd (PoM) signed a 26-year extension, pushing the contract’s expiry from 2040 to 2066.
This contract extension increases the remaining life of its contract to a total of 40 years. The effective date of the agreement is subject to usual conditions precedent applicable to this kind of transaction.
ICTSI said an ongoing investment program, scheduled for completion in late 2026, is set to increase the terminal’s estimated capacity to 1.6 million TEUs.
Under the terms of the newly extended contract, no further significant capital expenditure for capacity expansion is anticipated.
As Australia’s first fully automated container terminal and one of the most technologically advanced facilities in the world, VICT is uniquely capable of accommodating larger container ships. This strengthens its position as the premier maritime gateway to Melbourne and the state of Victoria.
ICTSI earlier posted a net income of $751.56 million in the first nine months of 2025, up by 19 percent from $632.58 million generated in the same period last year.
Excluding the impact of nonrecurring income and charges; and new operations in Iloilo, Philippines and Batam, Indonesia; and discontinued operations in Jakarta, Indonesia, net income attributable to equity holders would have grown 22 percent.
The company’s gross revenues amounted to $2.3 billion in the first nine months, higher by 16 percent from $2.01 billion in the same period in 2024.
