ICTSI has made long-term investments in VICT since the original lease was agreed in 2014.
The company is currently implementing a new investment program scheduled for completion in late 2027. Upgrades under this program include a new neo-Panamax ship-to-shore quay crane, four hybrid automated straddle carriers, and the extension of two container stacking blocks.
The agreement will take effect upon the satisfaction of customary conditions precedent applicable to transactions of this nature.
ICTSI said the Port of Melbourne has seen substantive growth in recent years, including record trade in FY2025, when it handled approximately US$154 billion in trade. This is expected to continue, with container trade at the port forecast to double over the next 30 years.
