Victoria International Container Terminal extends its lease at Webb Dock East to 2066, enhancing capacity and future development plans.
Australia's Victoria International Container Terminal has signed a 26-year extension with the Port of Melbourne to operate Webb Dock East until 2066, reports London's S&P Global.
VICT, a subsidiary of Manila-based International Container Terminal Services Inc., stated that the deal extends its lease from 2040. The company is currently in the midst of a US$165 million expansion of its fully automated terminal, which will increase capacity to 1.5 million TEU when completed late next year.
The quay has already been extended to 2,523 feet, with work underway on two container stacking areas. VICT is also in discussions with port authorities to develop and operate the planned Webb Dock North terminal, a $343 million project that would double its capacity.
Construction of Webb Dock North is scheduled to start in 2028, with phased completion expected by 2036.
VICT is Melbourne's largest container and general cargo terminal. The port handled 3.1 million TEU last year, down from 3.4 million TEU in 2024.
