International Container Terminal Services (ICTSI) has acquired Anglo Ports' 10% stake in Victoria International Container Terminal (VICT) in Melbourne, Australia.

ICTS has increased its stake in VICT from 90 percent to 100 percent. The firm has paid an estimated A$5.8 million (US$4.5 million) for Anglo Ports 10% stake.

ICTS and Anglo Ports signed a 26-year contract with the Port of Melbourne Corporation on 2 May 2014 for the design, construction, commissioning, operation, maintenance and financing of the Port of Melbourne's international container terminal and empty container park at Webb Dock.

Phase 1 of the terminal, to be ready for operation by 31 December 2016, will have one berth of 330 meters fitted with three post-Panamax ship-to-shore cranes, 23.7 hectares of yard and off-dock area with fully automated operations from the gate to the quayside to deliver an estimated capacity of 350,000 standard containers.

The terminal will be able to handle vessels with a capacity of up to 8,000 standard containers.

A second phase, planned to be operational by 31 December 2017 will deliver an additional two post-Panamax ship-to-shore cranes on a second 330 meter berth.

When fully developed and as required by volume growth, the 35.4 hectare Terminal will have a total of six post-Panamax ship-to-shore cranes on 660 meters of berth, and will be able to handle up to 1.4 million standard containers annually, with the empty container park's capacity rising to 280,000 standard containers.

Investment for the full development of the Webb Dock Container Terminal and the ECP is estimated at around A$550 million dollars.