September 26, 2024 | 12:00am
MANILA, Philippines — The Australian unit of Razon-led International Container Terminal Services Inc. (ICTSI) is poised to grow faster as a result of its expansion works and full automation.
The Victoria International Container Terminal (VICT) said yesterday that it has reached the five million twenty-foot equivalent (TEU) mark since operating in the Port of Melbourne in 2017.
VICT CEO Bruno Porchietto sees the achievement as proof of the growing role of the company in the facilitation of trade in Australia.
Porchietto said VICT would keep on investing in the terminal to accommodate the rising volume of shipments.
Recently, ICTSI, as the parent unit, has made fresh investments in VICT, enabling it to process more containers and improve its turnaround time.
VICT is spending P8.5 billion to complete the third phase expansion of its terminal, divided into two phases. It has completed Phase 3A in 2023, extending the quay by 71 meters to 735 meters to push capacity up to 1.25 million TEU.
Moreover, VICT is working on Phase 3B of the expansion, which includes the acquisition of new equipment, and is aiming to conclude the segment in 2026.
VICT is keen on speeding up processing time by automating more in the business, backed by self-working stacking cranes and ship-to-shore lifters.
All in all, this preference for full automation allows VICT to accelerate the transfer of containers from the vessels to the trucks.
ICTSI, for its part, is cruising well into the year buoyed by steady showing from its subsidiaries, including VICT.
So far, the company of billionaire Enrique Razon Jr. has seen its profit jump by 34 percent to $420.55 million as of June, from $313.8 million a year ago.
As a whole, ICTSI is armed with a free cash flow of $602 million, allowing it to be more liberal in pursuing expansion projects. Revenue has grown to $1.32 billion, traced mainly to the growth of its foreign businesses.
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