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New Chinese-Funded Mega Port in Peru Set To Open in 2025

June 06, 2024

The first phase of the Chancay Port Terminal project in Peru is set to be completed in November, with operations due to begin in the first quarter of next year. Upon completion, the new port will significantly reduce the shipping times needed for Peruvian fruits to reach China.

Funded and built by COSCO Shipping Ports, a subsidiary of China’s COSCO Shipping Corporation, Chancay Port Terminal is located approximately 60 kilometers north of the Peruvian capital of Lima. As a natural deep-water port with a draft depth of 16 meters, the new port will be able to accommodate container ships that other ports in South America cannot, with the capacity to receive vessels exceeding 18,000 TEU.

COSCO Shipping’s commercial manager, Alonso Guinand, confirmed that despite ongoing legal disputes with the Peruvian government regarding the port’s concession contract, construction is proceeding as planned. The port is scheduled to be inaugurated in November and start receiving ships in the first quarter of 2025. Although Peru’s National Port Authority has raised concerns about the exclusivity terms, construction has so far never halted, and COSCO reportedly remains committed to completing the project on time.

At present, ships from South America typically take over 45 days to reach China, often making stops in Central America, Mexico or the United States. Once Chancay Port Terminal is completed, it is intended to serve as South America’s gateway to Asia, providing a direct route to China and reducing sailing times by at least 10 days.

Peru is a major agricultural producer but currently lacks the ability to ship products directly to Asia. It is hoped that the opening of Chancay Port Terminal will greatly boost Peru’s agricultural exports, markedly reducing shipping times to China for Peruvian grapes, blueberries, mangos and avocados. Other South American countries, including Brazil, Colombia, Ecuador and Chile have also expressed interest in exporting goods to China through the new port.

Image: Pexels

This article was translated from Chinese. Read the original article.

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