VICTORIA International Container Terminal has extended the lease of its Webb Dock East automated facility from the Port of Melbourne for a further 26 years, taking its occupancy out to 2066.
VICT, which is a wholly-owned subsidiary of Manila’s International Container Terminal Services Inc, signed the deal with PoM today [6 February], moving the original operating and management contract expiry date from 2040.
ICTSI has made long-term investments in VICT since the original lease was agreed in 2014, and is currently implementing a new investment program scheduled for completion in late 2027. This includes a new neo-Panamax ship-to-shore quay crane, four hybrid automated straddle carriers and the extension of two container stacking blocks.
The Port of Melbourne has seen substantive growth in recent years, including record trade in FY25, when it handled approximately $154 billion in trade. This is expected to continue, with container trade at the port forecast to double over the next 30 years.
The latest ACCC Container Stevedoring Monitoring Report, released in December 2025, put VICT’s share of Melbourne box trade at almost 40%, following a 25.4% jump in lifts in 2024-25, doubtless aided by its ability to handle ships too large to proceed upriver under the West Gate Bridge to Swanson Dock, and its win of all MSC’s many services.
VICT CEO Bruno Porchietto said the expansion of the contract term reinforced the company’s long-standing commitment to the Port of Melbourne and to the Victorian economy.
“The extension allows us to continue investing in capacity, systems and people to support the state’s trade requirements over the long term, while providing shipping lines and cargo owners with greater operating continuity and certainty,” he said.
Port of Melbourne CEO Saul Cannon welcome the agreement: “We see VICT’s decision to extend its lease at the Port of Melbourne as a sign of great confidence in our future,” he said.
“We welcome the investment VICT is making in the terminal and its shared commitment to keeping our port as the freight capital of Australia.”
The agreement will take effect upon the satisfaction of customary conditions precedent applicable to transactions of this nature.
According to just released figures, container trade growth through the 2025-26 FY is running at 4%, with 1.8 million TEU handle.
The PoM’s 2055 Port Development Strategy, also released in December, envisages upgrading the existing Swanson Dock and Webb Dock container berths to handle larger container vessels (up to 11,000 and 14,000 TEU respectively); developing container capacity within Webb Dock to support continued international container trade growth; and relocating the Tasmanian trade to Victoria Dock to support the development of the Webb Dock North International Container Terminal.