Chinese state-owned COSCO Shipping Holdings is currently building a $3bn deepwater port in Chancay, 55 km north of Lima, the company’s first in South America. The complex will include an industrial and logistics park on its 1,100 hectares.
In 2019, COSCO purchased 60% of the shares in Terminales Portuarios Chancay (TPCH) from Volcan Compañía Minera, a subsidiary of Swiss firm Glencore, thereby buying into the development of the Chancay port. COSCO Chairman Xu Lirong said at that time, “The Port of Chancay is an important initiative to implement the Belt and Road Initiative for China and Peru.”
The new port is expected to open in stages, starting next year. It will primarily serve container lines and will have the capacity upon completion to handle up to 1m containers a year.
Gonzalo Rios, deputy general manager of the port, said the port “is conceived to grow, and we have space to continue expanding for 50 years.”