RAZON-LED International Container Terminal Services, Inc. (ICTSI) said the expansion of its unit in Australia is expected to be completed by yearend.
“The project is a substantial leap forward for VICT (Victoria International Container Terminal). It will redefine the container terminal landscape at the Port of Melbourne and set new industry standards for operational efficiency and capacity,” Bruno Porchietto, chief executive officer of VICT, said in a statement on Wednesday.
Phase 3A of VICT in Melbourne is projected to be finished by December, ICTSI said, adding that this would allow VICT to service larger vessels.
The project, which is valued at 235 million Australian dollars, is divided into two phases, the listed port operator said, noting that phase 3A will increase the terminal’s capacity by 30% to 1.25 million TEUs or twenty-foot equivalent units.
The listed company said VICT’s expansion includes three additional storage blocks, six auto container carriers, and six auto stacking cranes, which it said is part of the phase 3A expansion.
“With the expanded capacity and new equipment, VICT will be able to service larger vessels — particularly the neo-Panamax ships with capacities of up to 14,000 TEUs — and introduce economies of scale across the supply chain. All these improvements represent our commitment to delivering the best service to our customers at the Port of Melbourne,” Mr. Porchietto said.
Meanwhile, the phase 3B of the project is expected to be completed by 2025, which includes the acquisition of automated ship-to-shore cranes and construction of two additional storage blocks.
ICTSI said that VICT will also invest in the development of its workforce through upskilling efforts aside from investing in infrastructure and equipment.
“This proactive approach aims to ensure that VICT remains well-prepared to effectively manage the anticipated growth across its infrastructure, equipment, operations and workforce,” the port operator said.
VICT is ICTSI’s unit in Melbourne, Australia. It is a fully automated container terminal servicing large trading vessels.
At the local bourse on Wednesday, shares in the company gained P1.60 or 0.73% to end at P221.60 apiece. — Ashley Erika O. Jose