Hutchinson-Whampoa Drops Manta Concession

The world's largest container-terminal operator, Hutchinson-Whampoa, will drop its concession to modernize and operate Ecuador's deep water port at Manta, according to a 6 February Bloomberg report.

This news comes after a 3 January speech by President Correa, who said Hutchinson would have to leave the country if it did not develop Manta according to the government's wished.

It is an "unacceptable" position, according to Hutchinson.

This is an interesting turn of events. On one hand, I believe Correa was speaking to a domestic audience, eager for him to make nationalistic statements.

On the other, Hutchinson doesn't need Manta. It is the closes port to China across the pacific, but apparently ports in Peru, Chile, Panama, and Mexico are just as if not more attractive.

I suspect Correa may be lobbying to win back his Chinese investors. We'll see if he does or not.