Hutchison Port Holdings (HPH), a subsidiary of Hutchison Whampoa, has taken a major step forward to realising its plans of building and operating a new container terminal at the Port of Manta in Ecuador, after signing a 30-year concession with the Manta Port Authority (MPA) earlier this month.The company expects to invest a total of US$523 million in the newly formed port operator, Terminales Internacionales de Ecuador (TIDE), which will be in charge of managing the new terminal. Gerry Yim, head of the Americas, Middle East and Africa for HPH, said: "We are pleased to work alongside the Manta Port Authority to jointly develop the Port of Manta. We are positive this partnership will enable TIDE to capture a significant share of the region's growing trade activities." Trajano Andrade, president of the Manta Port Authority, said: "TIDE will bring together our local market knowledge and HPH's expertise in global port management and operations to help the Port of Manta become the region's premier port."
The new terminal is scheduled to commence operations in 2007, a HPH statement said. Upon completion of all phases, the new terminal will occupy a site measuring a total of 63 hectares. Its container handling quay will be 1,250 metres in length, with an alongside berth depth of up to 16 metres. The natural deepwater Port of Manta is situated one hour sailing time from international shipping routes.
The new terminal is scheduled to commence operations in 2007, a HPH statement said. Upon completion of all phases, the new terminal will occupy a site measuring a total of 63 hectares. Its container handling quay will be 1,250 metres in length, with an alongside berth depth of up to 16 metres. The natural deepwater Port of Manta is situated one hour sailing time from international shipping routes.