ICTSI gets 26 years more in Melbourne
International Container Terminal Services, Inc. (ICTSI) has secured a 26-year extension of its contract to manage and operate a terminal at Australia’s largest general cargo and container port until 2066.
In a disclosure on Friday, the global ports operator led by Enrique Razon Jr. said its wholly owned subsidiary, Victoria International Container Terminal Ltd. (VICT), has signed an extension with the Port of Melbourne Operations Pty Ltd.
This is for the Webb Dock East terminal, the contract for which was initially set to expire in 2040.
Thus, the remaining term of the contract has been stretched to 40 years from 14 years.
With the extension, ICTSI expects to boost operations at the Port of Melbourne, which handled a record $154 billion in trade in 2025. Container volumes are forecast to double over the next 30 years.
VICT CEO Bruno Porchietto said the extension of the contract reflected the firm’s commitment to the Australian market.
“The extension allows us to continue investing in capacity, systems and people to support the [Victoria] State’s trade requirements over the long term, while providing shipping lines and cargo owners with greater operating continuity and certainty,” Porchietto said.
ICTSI said it has made sustained investments in VICT since it first signed a lease agreement in 2014.
The company is currently implementing an investment program that is expected to run through late 2027. This will raise the terminal’s estimated capacity to 1.6 million twenty-foot equivalent units (TEUs).
The upgrade includes a new ship-to-shore quay crane, four hybrid automated straddle carriers and the expansion of two container stacking blocks. These would enable the terminal to accommodate larger vessels, including neo-Panamax ships.
VICT provides the Port of Melbourne with an added 33-percent capacity, equivalent to 1.4 million TEUs.
Parent firm ICTSI is one of the most valuable companies in the Philippines. It posted a net income of $751.56 million for the first nine months of 2025.
During the period, its port revenues reached $2.34 billion.
