International Container Terminal Services Inc. (ICTSI) has secured all required regulatory approvals for the extension of its terminal operating agreement at the Victoria International Container Terminal Ltd. (VICT), effectively extending its concession in Melbourne until 2066.
With all conditions completed, the 26-year extension of the agreement to operate and manage the Webb Dock East terminal at the Port of Melbourne is now in force, pushing the original 2040 expiry to 2066.
The extension formalizes an earlier agreement between VICT and Port of Melbourne Operations Pty Ltd. (PoM), which added 26 more years to the contract and brought the total remaining operational life of the concession to about 40 years.
ICTSI said the deal strengthens its long-term presence in Australia, where VICT operates as the country’s first fully automated container terminal and one of the most advanced facilities globally.
An ongoing investment program at the facility, expected to be completed by late 2026, is projected to increase capacity to around 1.6 million twenty-foot equivalent units (TEUs), supporting higher vessel traffic and larger container ships.
The company said VICT remains a key gateway for trade in Melbourne and the state of Victoria due to its automation systems and capacity upgrades.
ICTSI also reported continued financial growth, posting a net income of $293.57 million in the first quarter of 2026, up 23 percent from $239.54 million in the same period last year.
Revenue from port operations rose 29 percent to $961.11 million, while consolidated volume increased 18 percent to 4.08 million TEUs compared to the previous year.