INTERNATIONAL Container Terminal Services Inc. (ICTSI) said Friday that subsidiary Victoria International Container Terminal Ltd. (VICT) had secured an extension of a contract with the Port of Melbourne in Australia.
The 26-year extension from 2040 means VICT’s contract to manage operate the Webb Dock East Terminal will now run to 2066. All conditions and required regulatory approvals had been satisfied as of June 25 and the extension was now in effect, ICTSI told the stock exchange.
The terminal’s capacity is being expanded to 1.6 million twenty-foot equivalent units under an investment program scheduled for completion in late 2026, the company also said.
ICTSI said it was not anticipating significant capital expenditures for further capacity expansion under the terms of the extended contract.
“As Australia’s first fully automated container terminal and one of the most technologically advanced in the world, coupled with the ability to accommodate larger container ships, VICT remains positioned as the premier gateway to Melbourne and the state of Victoria,” it said.
ICTSI’s shares on Friday dipped P10, or 1.12 percent, to close at P885 each amid a marginal 0.02-percent uptick for the benchmark Philippine Stock Exchange index. THE MANILA TIMES
