VICT extends Melbourne lease

The agreement extends the original lease, signed in 2014, from its previous 2040 expiry date, giving VICT a remaining contract life of 40 years at Australia’s largest general cargo and container port.

“The extension allows us to continue investing in capacity, systems and people to support the state’s trade requirements over the long term, while providing shipping lines and cargo owners with greater operating continuity and certainty,” said VICT chief executive Bruno Porchietto.

Since taking over the terminal, ICTSI has made significant long-term investments in automation and infrastructure. A new investment programme is currently underway and scheduled for completion in late 2027.

The expansion includes the addition of a neo-Panamax ship-to-shore quay crane, four hybrid automated straddle carriers and the extension of two container stacking blocks to increase capacity and operational efficiency.

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The lease extension comes as the Port of Melbourne reports sustained growth. In FY25, the port handled approximately A$154 billion (€92.15 billion) in trade, achieving record volumes. Container throughput is forecast to double over the next three decades, underscoring the importance of long-term infrastructure planning.

“We see VICT’s decision to extend its lease at the Port of Melbourne as a sign of great confidence in our future,” said Port of Melbourne chief executive Saul Cannon.

“We welcome the investment VICT is making in the terminal and its shared commitment to keeping our port as the freight capital of Australia.”