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Manila Bulletin devider Business devider The Stock Market devider ICTSI secures 26-year extension for Melbourne port terminal

ICTSI secures 26-year extension for Melbourne port terminal

Published Feb 6, 2026 10:07 am
Enrique K. Razon
Enrique K. Razon
Razon-led International Container Terminal Services Inc. (ICTSI) secured a 26-year contract extension to operate its automated terminal in Australia, pushing its lease at the Port of Melbourne out to 2066.
In a filing on Friday, Feb. 6, with the Philippine Stock Exchange, the port operator said that its subsidiary, Victoria International Container Terminal Ltd., reached an agreement with Port of Melbourne Operations Pty Ltd. to extend the previous expiry from 2040.
The deal effectively grants ICTSI a 40-year runway to manage the Webb Dock East facility, one of the most technologically advanced maritime hubs in the region.
The extension cements also ICTSI’s foothold in Australia’s second-largest city at a time when global shipping lines are deploying larger vessels that require the high-tech, deep-water capabilities provided by the Webb Dock.
Since its inception, the terminal has functioned as a fully automated gateway, designed to minimize human intervention and maximize throughput efficiency for the state of Victoria.
Under the terms of the deal, ICTSI is currently executing an investment program scheduled for completion in late 2026. This initiative is expected to boost the terminal’s capacity to 1.6 million twenty-foot equivalent units.
Notably, the company stated that the contract extension does not require significant additional capital expenditure to expand beyond the current project, allowing the firm to focus on operational yields over the coming decades.
The transaction remains subject to standard conditions precedent typical for maritime infrastructure agreements. By locking in the additional 26 years, ICTSI mitigates long-term renewal risk and stabilizes its international portfolio, which spans across the Americas, Europe, the Middle East, and Africa.
The Webb Dock East facility has been a centerpiece of ICTSI’s global strategy to export its automation expertise developed in its Manila flagship.
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