27 Feb Australia’s VICT Extends Port of Melbourne Contract
Australia’s Victoria International Container Terminal (VICT) has signed a 26-year extension to its existing contract with the Port of Melbourne to operate and manage the port’s Webb Dock East terminal.
The lease extension, from 2040 to 2066, comes amidst VICT’s current US$165 million expansion of its fully automated terminal that will increase capacity to 1.5 million TEUs when completed late next year.
The extension was also reached as the Port of Melbourne prepares to commence the development of the Webb Dock North terminal, which VICT is hoping to integrate into its Webb Dock East facility. Discussions are currently underway between VICT and port authorities for VICT to develop and operate the $343 million North terminal, which would double VICT’s capacity at the port.
The Port of Melbourne is aiming for construction to start on the new terminal in 2028, with phased completion by 2036.
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