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MANILA, Philippines – International Container Terminal Services Inc. (ICTSI) has finalized a 26-year extension of its contract to operate a terminal at Australia’s largest general cargo and container port, allowing it to manage the facility until 2066.
In a disclosure on Friday, the Enrique Razon Jr.-led ports operator said all regulatory approvals and conditions for the deal had been satisfied as of June 25, thus putting into effect the extension of its concession at Webb Dock East in the Port of Melbourne.
READ: ICTSI Q1 profit buoyed by new overseas ports
This extension formalizes the agreement signed last February between ICTSI’s wholly owned subsidiary, Victoria International Container Terminal Ltd. (VICT), and Port of Melbourne Operations Pty. Ltd.
