Thursday, 19/05/2022, 13:36 (GMT +7)
928
Cosco invests 3 billion USD in new Peruvian port
Port Chancay, Peru
Phase 1 of the construction of the port in Chancay, 55 kilometers north of the capital Lima, is underway and is scheduled to open in 2023.
Plans to build the port began in 2019, when Cosco Shipping Port purchased a 60% stake in Terminales Portuarios Chancay from Peruvian mining group Volcan Compania Minera, a subsidiary of Swiss commodity trading group Glencore, to develop Chancay port. This is Cosco's first Deepwater port in South America.
China Railway, China Communications Construction Company and a subsidiary of China Harbor Engineering Company are later involved in the construction of the port.
According to the plan, the new port can receive the largest container ships in the world, handling up to 1 million TEU annually. The port will be part of an industrial complex that includes a 1,100-hectare logistics area.
CSP is said to be envisioning Chancay as a hub for the South American region. The logistics park, located 78 kilometers from Lima and connected to the Pan-American Highway, is emerging as an addition to Callao, Peru's main container port.
Cosco Shipping Lines is currently weaker than Maersk Line on the Asia - West Coast South America route. Maersk Line has a market share of 21%, while Cosco Shipping's is around 14%.
Source: Phaata.com (According to ContainerNews)
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