In June 20 1996, we won a 25-year concession (with possibility of extension) to operate the tourist port of Acapulco and commenced operations in July 1996. The first phase consisting of the car carrier terminal was completed in November 1997. The second phase consisting of the Passenger Terminal was completed during the fourth quarter of 2000. Our port interests in Acapulco are operated through a joint venture with SSA Mexico, Inc. called Administración Portuaria Integral de Acapulco, S.A. de C.V. (‘‘API Acapulco’’), in which we have a 51% interest.