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HPH gives $1m bond to Manta
01 Oct 2006
Hutchison Port Holdings (HPH) has handed over $1m to Manta Port Authority guaranteeing the seriousness of its offer to invest heavily in the development of the port. HPH intends to invest $468m in upgrading facilities over a period of 30 years, with the port authority providing an additional $55m.
The aim is to convert Manta into a regional hub. If everything goes according to plan, HPH could assume management of the port in early 2007. The concession process has been personally guaranteed by the country's president, Alfredo Palacio.
Meanwhile, Maersk has abandoned calls at the Ecuadorian port of Manta, where it currently handles around half of all containers (20,000 teu/year), for ‘commercial reasons’.
