INTERNATIONAL Container Terminal Services Inc. (ICTSI) on Friday said that its subsidiary Victoria International Container Terminal Ltd. had signed an extension of its contract with Port of Melbourne Operations Pty Ltd.
The contract involves the operation and management of the Webb Dock East terminal for another 26 years from the original expiry period of 2040.
“Overall, this extension will allow us to continue investing in capacity, systems and people to support the State of Victoria’s trade requirements over the long term, and will also help in providing shipping lines and cargo owners with greater operating continuity and certainty,” Victoria International CEO Bruno Porchietto said.
ICTSI noted that the effective date of the agreement remained subject to conditions applicable to this kind of transaction.
The Philippine-based global port operator noted the long-term investments it has poured into the Victoria terminal since the original lease was agreed in 2014, adding that a new investment program is under way and scheduled for completion by late 2027.
The investment program includes the deployment of a new neo-Panamax ship-to-shore quay crane, four hybrid automated straddle carriers and the extension of two container stacking blocks.
ICTSI shares on Friday edged up P0.50, or 0.08 percent, to close at P661.00 apiece.
