COSCO moves in on South American port

Chancay Terminal agreement Zhang Wei, vice chairman and managing director of COSCO SHIPPING Ports (right) and José Picasso, chairman of Volcan (left) signed the agreement on behalf of the two parties. Credit: COSCO SHIPPING Ports

COSCO SHIPPING Ports Limited will establish its first greenfield subsidiary in South America by acquiring 60% stake in Terminales Portuarios Chancay S.A. (Chancay Terminal) from Volcan Compañía Minera S.A.A. for US$225m, with an initial payment of US$56m.

COSCO SHIPPPING Ports will partner with Volcan to build Chancay Terminal. Construction will include multi-purpose terminals, container terminals and related infrastructure facilities. Phase one of the terminal will have four berths, of which two are multi-purpose berths, and two are container berths with a total annual designed capacity of one million TEU.

Zhang Wei, vice chairman and managing director of COSCO SHIPPING Ports, said: “The investment in Chancay Terminal enabled us to further extend our reach to South America. The prospective terminal at Port of Chancay will be the Company’s first terminal in South America and should help reduce the deficiency in port infrastructure in Peru.”

Captain Xu Lirong, chairman of COSCO SHIPPING, commented: “Chancay Terminal is the first terminal project invested by Chinese companies in South America, which has received great attention and support from both Chinese and Peruvian government.”

Located 58km in the north of the Peruvian capital of Lima, Port of Chancay is a natural deep-water harbour with a 16m water depth, capable of receiving mega vessels.

Chancay Terminal owns the terminal land and does not need to pay for any concession rights.

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