ICTSI buys out VICT stake from Anglo Ports


Stevedoring industry set for some turbulence as uncertainty swirls

ICTSI buys out VICT stake from Anglo Ports
An artists impression of the new Webb Dock.

 

Australian firm Anglo Ports has pocketed $7.5 million for its nine months ownership of 10 per cent of Victoria International Container Terminal (VICT).

The Sydney-headquartered maritime and logistics consultancy led by chairman and CEO Andrew Setchell has been bought out by ICTSI Far East, the Singapore-listed subsidiary of Philippines-headquartered international container terminals giant International Container Terminal Services, Inc. (ICTSI).

After buying the 10 outstanding shares for $750,000 each, ICTSI is now sole owner of VICT, which won the right to create and run the Port of Melbourne’s planned international container terminal and empty container park at Webb Dock last May 2.

The lease concession extends to 2040.

The news comes as Fremantle Ports evaluates expressions of interest (EOI) in Fremantle’s two container terminals, with a shortlist to be drawn up by February 27.

It is understood that ICTSI and Anglo Ports may be interested, however a spokesperson for Fremantle Ports tells ATN "Information on respondents not available at this time".

The leases, held presently by Patrick and DP World, are due to expire in 2017.

The process comes at a delicate stage for stevedores in this country, with parent Asciano agreeable to divesting Patrick and the right price thought to have been offered, and with DP World having suffered a setback centred on Fremantle involving Maritime Union of Australia (MUA) disruption and the loss of a major customer in K-Line.

There is also unsupported speculation that should ICTSI gain a Fremantle foothold and Hutchison lose interest in its local port operations as its parent company restructures, ICTSI may be able to attract backing to gain national coverage.

ATN was unable to gain a response from Anglo Ports at deadline today.

Meanwhile, the issue of port privatisation charges looks set to cause stevedores continuing grief this year.

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