Victoria International Container Terminal (VICT), a wholly owned subsidiary of International Container Terminal Services Inc. (ICTSI), has signed a 26-year extension to its contract to operate and manage the Webb Dock East terminal at the Port of Melbourne.
Port of Melbourne and VICT announced the agreement on 6 February 2026, confirming the terminal operating contract has been extended from its previous expiry date of 2040 through to 2066. The extension results in a remaining contract life of 40 years at Australia’s largest general cargo and container port.
ICTSI has made long-term investments in VICT since the original lease agreement was signed in 2014. The company is currently implementing a new investment program scheduled for completion in late 2027.
The program includes the addition of 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 recorded growth in recent years, including a record trade result in FY25, handling approximately $154 billion in trade. Container trade at the port is forecast to double over the next 30 years.
VICT Chief Executive Officer Bruno Porchietto says the contract extension reinforces the company’s long-standing commitment to the Port of Melbourne and 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 says.
Port of Melbourne CEO Saul Cannon welcomed the agreement, describing the extension as a sign of confidence in the port’s future.
“We see VICT’s decision to extend its lease at the Port of Melbourne as a sign of great confidence in our future,” he says.
The agreement will take effect once customary conditions precedent applicable to transactions of this nature have been satisfied.
