VICTORIA International Container Terminal (VICT) has extended its Webb Dock East contract by 26 years to 2066, securing a 40-year lease at the Port of Melbourne.
This extension moves the original 2040 expiry date to 2066 for the International Container Terminal Services Inc. subsidiary, VICT. The agreement supports an investment program scheduled for completion in late 2027 to increase terminal capacity to 1.6 million twenty-foot equivalent units (TEUs). Infrastructure additions include one neo-Panamax ship-to-shore quay crane, four hybrid automated straddle carriers, and the extension of two container stacking blocks.
The Port of Melbourne handled a record $154 billion in trade during the 2025 fiscal year. With container volumes forecast to double over the next 30 years, the lease extension provides shipping lines and cargo owners with operational certainty to meet long-term demand.
VICT CEO Bruno Porchietto stated the extension reinforces a commitment to 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 said.
Port of Melbourne CEO Saul Cannon welcomed the agreement as a sign of confidence. “We see VICT’s decision to extend its lease at the Port of Melbourne as a sign of great confidence in our future,” he said. “We welcome the investment VICT is making in the terminal and its shared commitment to keeping our port as the freight capital of Australia.”
The agreement takes effect upon the satisfaction of customary conditions precedent. By securing the site until 2066, VICT maintains its position as the operator of the Southern Hemisphere’s only fully automated container terminal.