DP World Fights Off 750% Rent Hike Proposal at Port of Melbourne

zoom Dubai-based port operator DP World has managed to negotiate a new rent deal at the Port of Melbourne which is reportedly going to be a fraction of the previously proposed 750% hike, according to local media. The new deal is expected to be announced by the Victorian Government this week. The new rent agreement clears the path for the privatisation of the state-owned port. DP World Australia will pay between AUD 25 and AUD 29 per square meter at Melbournes container terminal, which is still almost double compared to AUD 16 to AUD 18 the company currently pays. Had the Port of Melbournes 750% rate increase proposal been accepted, DP World Australia would pay AUD 120 for every square meter used. Back in May, the Victorian Government announced plans to lease out the Port of Melbourne for a period of fifty years, a deal expected to fetch between AUD 5 and 6 billion. World Maritime News Staff