Hutchison building Pakistan’s first deepwater container terminal
Hong Kong-based Hutchison Port Holdings (HPH) has signed a joint-venture agreement with the Karachi Port Trust (KPT) to build Pakistan’s first deepwater container terminal.
The newly established joint-venture company, Karachi New Port Container Terminals, will build and manage the new container-handling facility over a concession period of 25 years, extendible for another 25 years.
The terminal is expected to be operational in 2011 when it will have four berths with a total quay length of 1,500 meters, a yard area of 85 hectares and depths alongside up to 18 meters.
KPT will invest $450 million for infrastructure development while HPH will plough $557 million into the project.
“Pakistan’s economy has grown significantly over the past five years, achieving solid GDP growth and double-digit cargo volume increase,” said John Meredith, group managing director of HPH.
“This growth is expected to continue due to a strong economy that has enhanced the country’s trade activities in the region and resulted in the steady growth of cargo movement in Karachi. Through the development of Karachi New Port Container Terminals, HPH will strengthen its services to global carriers and shippers with the capability of handling the largest container ships afloat, while ensuring the port’s premier status within Pakistan.”