May 2, 2014 was a significant day for the Philippine-based container terminal operator, ICTSI. On this day, a 26-year contract was signed by successful tenderer ICTSI, awarding the company a deal to design, construct and operate a new iInternational container terminal at Webb Dock East in the Port of Melbourne with a minimum annual capacity of one 1million Twenty-Foot Equivalent Units (TEUs).
This new container terminal, known as Victoria International Container Terminal (VICT), presents ICTSI with its first commercial venture onto Australian shores and ensures that the global stevedore is officially part of the US$1.156 billion Port Capacity Project, a Victorian state government initiative to meet increasing trade volumes at Australia’s largest container and automotive port. maritime hub for containerised cargo.
Investing in the future
ICTSI’s total capital investment to achieve the one 1million TEU capacity will be around US$397. Construction began in the third quarter of 2014 with operations due to commence in fourth quarter of 2016. The approved initial development will include a 660-metre berth with five neo-Panamax ship-to-shore (STS) gantry cranes. VICT’s prime position at the mouth of the Yarra River gives ithas the ability to handle the new +8,000TEU vessels which shipping lines plan to use for Australian trade…