A Northern Territory (NT) delegation is set to visit Canberra to explore the future management of Darwin Port, with hopes that it may return to Australian control. Prime Minister Anthony Albanese commented on the matter, asserting that his government would not have sold the port in the first place. Since 2015, the port has been leased to Chinese operator Landbridge under a lengthy 99-year agreement valued at $506 million, initiated by the NT’s Country Liberal government.
The NT government has been in talks with federal officials since November 2024, focusing on options to secure the port’s future amidst reports of financial challenges facing Landbridge. Federal Labor MP for Solomon, Luke Gosling, has been an advocate for a potential buyback, proposing a public-private partnership to fund the acquisition.
Gosling mentioned his engagement with various potential buyers interested in bringing the port back into Australian ownership. However, NT Treasurer Bill Yan emphasised the necessity for the federal government to clarify its stance on the port, urging Albanese to allocate necessary funds, akin to previous investments made in other regions.
Acquiring the port, however, poses a significant financial hurdle. Reports suggest Landbridge would demand around $1.3 billion to relinquish the lease—nearly $800 million more than it originally paid a decade ago. Landbridge has stated that the port is not for sale.
Yan highlighted the strategic and economic importance of the port for the Northern Territory and the nation as a whole, noting the implications for local economic growth if the port is not fully operational. Although the $1.3 billion asking price is deemed commercially unfeasible, Gosling remains optimistic about potential negotiations. He believes that an agreement could be reached if a suitable seller is found, which would ensure a beneficial return for Landbridge without posing undue risks to the buyer.
These discussions come at a particularly significant moment, considering the presence of Chinese naval vessels near Australian waters and the potential announcement of a federal election date. Overall, the future of Darwin Port is poised to become a critical topic of negotiation, reflecting broader geopolitical and economic considerations.