Ports and Logistics

Private equity firm pays $7.29bn to privatise Melbourne port

QIC Private Capital has beaten out plenty of competition to buy the Port of Melbourne, paying A$9.7bn ($7.29bn) to take the port private via a 50-year lease.

“We believe this investment brings significant diversification benefits for our clients as a landlord port with a well-defined regulatory regime in a globally scarce infrastructure subsector,” QIC Global Infrastructure head Ross Israel said.

The move to privatise the port has not been received well by local dockworkers who have repeatedly protested Australia’s huge privatisation campaign. Melbourne is Australia’s largest container port.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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