International Container Terminal Services (ICTSI) has paid US$5.8 million for the remaining 10% of Victoria International Container Terminal (VICT) in Victoria, South Eastern Australia.
According to the Journal of Commerce, ICTSI now fully controls VICT, who in 2014 signed an agreement to design, build, commission, operate, maintain and finance the Port of Melbourne’s new international container terminal.
CMA CGM and Hutchison Port Holdings made up the remaining two bidders for the 26-year contract to build Melbourne’s new terminal.
The new container terminal is part of Melbourne’s us$1.5 billion port capacity project, which the port believes is vital for economic growth in the Australian state of Victoria.
Container throughput in Australia is expected to almost triple in 20 years. Total containerised trade is expected to grow by 5.1% a year, from 7.2 million TEU back in 2012–13 to 19.4 million TEU in 2032–33.
The port of Melbourne is forecast to grow by 4.8% a year and will be handling 6.4 million TEU annually in 20 years.
(Source: Dredging Today)
