Hutchison opens SICT and looks to break Australian duopoly

The possibility of Hutchison Port Holdings (HPH) and International Container Terminal Services Inc. (ICTSI) becoming involved in a new joint venture on Australia’s east coast, has been raised by HPH Australian chief executive, Stephen Gumley.

Speaking to the The Australian at the opening of Sydney’s second container terminal, he said that he plans to offer a “compelling value proposition,” which he hopes will break the duopoly of Patrick, which holds 57% of the Australian market, according to IBIS World, and DP World, which holds 42%.

However, spokespeople for both ICTSI and Hutchison were cautious, with Hutchison saying there had been no talks and that it would not comment on whether there will be in the future.