Under Cosco’s plan, the new port will be able to handle the world’s largest container ships and process up to 1 million standard containers a year, with the first quays opening within a year. “The Port of Chancay is an important initiative to implement China’s Silk Road initiative in Peru,” he added.Ĭosco has been joined by state owned partner companies China Railway Group and China Communications Construction, and especially its China Harbor Engineering unit, which is leading the construction of the new port. “Cosco Shipping will cooperate with Peru to make the Port of Chancay into an important central port in Latin America,” President Xu Lirong said in 2019 when the company closed the deal to buy 60% of the Volcan unit project from Glencore for US$ 225 million.
Cosco operates in around 35 ports worldwide, but Chancay will be the conglomerate’s first outpost in South America. Thousands of workers move around the 1,100-hectare site, pouring concrete, driving construction equipment, and breaking rocks.Ĭhina Railway Group is building a 1.8 km tunnel from the port area so that trucks heading to the 800-hectare industrial and logistics park can bypass Chancay city center. Signs in Spanish and Chinese announce construction milestones and upcoming public works. At the cost of US$ 3 billion, it will connect an industry and a logistics park in collaboration with a unit of the Swiss trading company Glencore.Īt Chancay, 55 kilometers north of the capital Lima and the port of Callao the hum of heavy Chinese machinery and the thud of underground explosions drowning out the sound of waves are proof of the new port development underway in the Americas. In effect, Chinese state-owned conglomerate Cosco Shipping Holdings is building – virtually from scratch – a deep-water port in Peru. Global chain transport challenges, the war in Ukraine, and following two years of lockouts caused by the Covid 19 pandemic have caused many disruptions to normal trade and China has thus embarked in a major project building a new port along the Peruvian coast to help boost trade along the Pacific rim.
Under Cosco’s plan, the port will be able to handle the world’s largest container ships and process up to 1 million standard containers a year
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