ABN Amro One continued its strong form in the race

The Dutch yacht, who led the standings after the first leg, struggled for nearly 24 hours before crossing the line outside Port Phillip Bay.

At one point late in the 7,000-mile stage, the yacht's speed dropped to an average of four knots.

Sister entry ABN Amro Two is expected to finish second in the leg, several hours behind.

"I am really relieved. It has been a very stressful last 18 hours, but that is nothing compared to the leg as a whole," winning skipper Mike Sanderson said.

"I have never known anything like it. The guys have done an amazing job and I am so happy for the whole team. An ABN Amro first and second is huge."

The remaining competitors, Movistar of Spain, Pirates of the Caribbean and ING Real Estate Brunel, are still some distance from the finish line.

Points are awarded on the seven in-port races and nine legs.

The fleet is due to spend three weeks in Melbourne before setting sail on February 12 for the third leg to Wellington.

After Wellington, the fleet then stops off in Rio de Janeiro, Baltimore, New York, Portsmouth, Rotterdam and Gothenburg.