PSA Venice has signed an agreement with the North Adriatic Sea Port Authority (AdSP) to extend the existing concession by 25 years.
The new contract will begin on 1 October 2024 and will last until 1 October 2049. The original 25-year concession dates from 1997.
PSA Venice said it will now begin implementing its plan to improve the terminal following the renewed concession.
The funds will be utilised to prepare the terminal for an expansion in capacity to 500,000 TEU per year.
The terminal will also invest in more sustainable infrastructure, such as the installation of solar panels and LED light towers.
PSA Venice, located in the centre of the Venice Lagoon, is the preferred terminal in the Port of Venice, with five container berths and a 852-metre quay.
It is positioned in this location to undertake commodities clearing and transit operations to and from the markets of the Venice area, Northern Italy, and the centre of Europe.
Through the Suez Canal, PSA Venice offers weekly direct links to the major Eastern Mediterranean markets and the Far East.