Posorja New Port Project Includes Dredging
- Business & Finance
DP World has won a 50 year concession for the development of a greenfield multi-purpose port project at Posorja, Ecuador, 65 kilometers from the country’s main business city of Guayaquil.
The $500 million initial investment (Phase 1) will include the purchase of land, dredging of a new access channel, a 20 kilometer access road and a 400 meter berth equipped to handle containers and other cargo.
Construction is expected to start within the next six to nine months and take around 24 months to complete, resulting in 750,000 TEU (twenty-foot container equivalent) of capacity.
Total investment will be over $1 billion for the entire project with thousands of jobs during construction, close to 1,000 jobs during operations, along with plans to develop a logistics zone to create a regional trading hub.
Posorja Port will complement DP World’s extensive network in South America by creating a new deep-water gateway for Ecuador’s global trade with a range of benefits that include:
- Access to a 15m draft compared to the current 9.75 meter drafts at the existing Guayaquil ports;
- Additional capacity for the Guayaquil terminals which last year recorded throughput of over 1.75 million TEU close to their existing limits;
- Innovative solutions for the world’s largest banana exporting country enabling access to global markets;
- Long-term expansion potential with up to about 2,000 meters of berth and over 200 hectares of terminal area.