Hutchison Port Holdings (HPH) has signed a thirty-year concession with the Manta Port Authority (MPA) to build and operate a new container terminal at the Port of Manta, Ecuador.The formal signing follows the September announcement that HPH had been selected to operate this important concession.
A new port operating company, Terminales Internacionales de Ecuador SA (TIDE), has been formed, and the project will involve a total investment of US$523 million.
The new terminal is scheduled to be operational in 2007. It will have a container handling quay of 1,250 metres in length, with depths alongside of up to 16 metres, and a total area of 63 hectares on completion of all phases.
In addition to the port development of the commercial port, a new fishing terminal will be built offering substantially more berthing space to the local fishing fleet than at present.
TIDE is situated in the Port of Manta, Ecuador's only natural deep-sea port, capable of accommodating the next generation of mega-vessels. The Port of Manta is within one-hour’s sailing time from international shipping routes, making it the ideal first port of call for global shipping lines serving the Asian trade lanes.
The addition of TIDE brings HPH's network of ports to 44 worldwide.