New Chinese stronghold in Latin America?
The “new gringos” have struck another major deal in Latin America. In Chancay, north of the Peruvian capital Lima, Cosco Shipping Ports Limited (60%) is building a new multi-terminal and deep-water port together with the Peruvian Volcan Compañía Minera (40%). The planned investments amount to over USD 3 billion.
Construction measures for the port's hinterland connection to the road and rail network are part of the project. The facility, planned on a surface of 992 ha, is scheduled to become operational in Q4/2024.
The terminal will be able to serve ULCV with a capacity of up to 18,000 teu. This port also provides a direct connection between Asia and South America, which will significantly shorten transit times across the Pacific. Once the port is operational, transit time from South America will be reduced by ten days.
China has already replaced the USA as Latin America's most important trading partner and continues to increase its presence with similar significant acquisitions.