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Last year, DP World was awarded a 50-year concession from the Government of Ecuador to build a 750,000 teu-facility to connect Ecuador’s coast, MANA correspondent reported.

The $500m-initial investment -Phase 1- includes the purchase of land, dredging of a new access channel, a 20km-access road and a 400-metre-berth equipped to handle containers and other cargo. Total investment will be over $1bn for the entire project along with plans to develop a logistics zone and creating a regional trading hub.

The future port, located 65 km from the country’s main business city of Guayaquil, is expected to take around 24 months to complete. Additionally, a 1 sq-km-logistics and industrial park, as a Special Economic Development Zone, will be developed adjacent to the port. China Harbour Engineering Company (CHEC) is in charge to build the future port and began in July to work on the access roads. Draught at the port of Guayaquil is 9.5 m which makes currently impossible for the post-panamax vessels to arrive in Ecuador.

“This is an important landmark in Ecuador’s growth story – we’re celebrating today the first public-private partnership that will benefit local economy and change forever the way it trades with the world. The port has been designed to serve the growing needs of global markets – something we’ve been able to witness first-hand with our 78 terminals around the world – and will dramatically improve the global competitiveness of Ecuadorian exporters,” said Sulayem during the ceremony.

“DP World is always on the lookout for opportunities that help meet the growing demands of the global supply chain. This facility will help Ecuador become an important player in regional and global trade and its deep draughts and quay lengths will handle neo-panamax vessels to complement Guayaquil and other nearby terminals,” commented DP World Posorja general manager Jorge Velásquez.