Port operator DP World has won a 50-year concession to develop a greenfield multi-purpose port project in Ecuador focused on container handling with a capacity of 750,000 teu.
Construction for the project, which will require a total investment of over US$1bn, is expected to start between the second half of 2016 and the first quarter of 2017.
The new facilities will be located in Posorja, 65 km from the port city of Guayaquil.
The development’s US$500m first phase will include the purchase of land, dredging of a new access channel, a 20 km access road and a 400 m berth equipped to handle containers as well as other cargo.
The project, which is expected to take around two years to be completed, includes plans to develop a logistics zone to create a regional trading hub.
According to DP World, the new facilities will offer a 15 m draft, compared to the current 9.75 m drafts at the existing Guayaquil ports, as well as additional capacity for the Guayaquil terminals, which recorded last year a throughput of over 1.75m, close to their current limits.
The project will be implemented by the company in collaboration with two local partners, Consorcio Nobis and Grupo Vilaseca.