The port will now fund a $27.3 million investment into the new equipment and infrastructure.
"Berth 4 is expected to be finished by early next year and the additional terminal storage capacity and infrastructure will attract future growth for the Port and help to support our North Queensland exporters," Queensland Deputy Premier and Treasurer Jackie Trad said.
Member for Townsville Scott Stewart said that the activity is part of the Port's long-term strategic vision to become the premier container port for Northern Australia and Minister for Ports Mark Bailey added that this was an important step forward for Berth 4.
"This approval allows the Port to invest in its own cranes and cargo handling infrastructure to drive growth of container and general cargo at Berth 4 in the short to medium term," Bailey said.
The new cranes will arrive in the next 12 months while ship-to-shore cranes will land in two years.
The state government committed $75 million in the 2017/18 budget into the channel project and has called on the federal government to contribute to the project.
The current phase of redevelopment, which was contracted to Civil Plus, is expected to be completed this month. The work included raising the deck level on Berth 4 to become level with Berth 3, and the quay line being extended to allow Berths 2, 3 and 4 to become one continuous length. More than 6000m3 of concrete was used to raise Berth 4.