PATRICK has extended its lease tenure at Fremantle’s Inner Harbour for 10 years, with a potential tenure of up to 21 years.

The company said it also committed $50 million to deliver new equipment and systems, terminal capacity and direct rail interface.

Patrick said these upgrades will be delivered rapidly to benefit Western Australians with more efficient movement of cargo and promoting modal shift to rail.

“Patrick has agreed a set profile for the Landside Charge to 2024. This balances Patrick’s investment commitment and Fremantle Ports’ agreement to provide Patrick with certainty of property costs across the period,” the company’s statement said.

“Patrick is committed to working with Fremantle Ports, port users and community stakeholders to optimise the life of the Inner Harbour so that future port capacity is developed in line with market demand.”