[November 8, 2007 – Hong Kong] Hutchison Port Holdings (“HPH”), the world’s leading port investor, developer and operator, is pleased to announce that it has signed an agreement with Karachi Port Trust to build a new container terminal in Keamari Groyne.
The new terminal will be the first phase of the latest Pakistan Deep Water Container Port (“the Port”) in Karachi. HPH was chosen as the winning bidder for the project last month. The concession-signing ceremony was presided over by General Pervez Musharraf, President of Pakistan.
Karachi New Port Container Terminals, the newly established joint-venture company, will build and manage the new container-handling facility over a concession period of 25 years, extendible for another 25 years. The new terminal is expected to be operational in 2011.
Commenting on the new port project, John Meredith, Group Managing Director of HPH, said, “Pakistan’s economy has grown significantly over the past five years, achieving solid GDP growth and double-digit cargo volume increase. 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.”
Vice Admiral Ahmad Hayat, Chairman of Karachi Port Trust said, “The development of Pakistan Deep Water Container Port is a significant event in the region being the deepest port, catering for the next generation of container ships. We are glad that HPH is partnering with us in this mega project and have full confidence that HPH, being a major terminal operator in the world, would ensure its success.”
Upon completion, Karachi New Port Container Terminals will have four berths with a total quay length of 1,500 metres, a yard area of 85 hectares and depths alongside up to 18 metres.