IN SHOCK news Wallenius Wilhelmsen has entered into a definitive agreement to sell the Melbourne International Ro-Ro & Auto Terminal to Australian Amalgamated Terminals.

Qube’s wholly-owned AAT will pay $332.5 million for MIRRAT, which is said to be Australia’s largest automotive port terminal and was established in 2016 after WW won a 2014 Port of Melbourne tender to redevelop and operate the three Webb Dock West berths.

WW says it will continue to utilize MIRRAT following the transaction, ensuring services to its customers will not be impacted by the sale.

“MIRRAT has been incredibly successful both commercially and financially, and the sale demonstrates the values created in our logistics business,” Lasse Kristoffersen, WW president and CEO said.

“As we continue to develop our integrated offering to customers, we believe the terminal’s independence and open access can be even better developed under a new and independent ownership. We will continue to be a happy customer of MIRRAT and work with the strong team there,” Mr Kristoffersen said.

“The MIRRAT-team has done a great job, developing the only dedicated roll-on, roll-off terminal, building a robust and customer-centric operation serving multiple shipping lines. Wallenius Wilhelmsen remains firm in its commitment to Australia as a critical market for shipping and logistics customers and is continuously looking for opportunities to expand its global integrated logistics offering.”

Closing of the transaction is expected in Q3 2024 subject to the satisfaction of certain conditions including regulatory and contractual approvals. Additional information will be provided on closing of the transaction, WW said.

The sale is likely to attract ACCC attention, especially given the original tender win by WW was seen introducing needed competition into the sector in Australia.