Chancay Port Nears 70% Completion, Inauguration Set for November with $3.5B Investment from Cosco Shipping

Chancay Port, with construction nearing completion at 70%, is set to be inaugurated in November with a $3.5 billion investment from Cosco Shipping. Despite the recent revocation of exclusivity rights by the National Port Authority (APN) of Peru, the construction and operation of the Chancay Port Terminal will proceed as planned. While concerns have been raised about the project’s future, the APN reassured that operations will continue as scheduled. The APN emphasized its commitment to collaborating with Cosco Shipping Ports to ensure the success of the project. The Chancay Port, located 58 km north of Lima, features two specialized terminals for containerized cargo and bulk cargo. The project, spearheaded by Cosco Shipping Ports and Peruvian mining company Volcan, aims to establish itself as a key hub in the South American Pacific region. With a completion rate of over 70%, Cosco Shipping aims to inaugurate the port in November. The project has garnered attention from the Asia-Pacific Economic Cooperation (APEC) leaders’ summit, where Chinese President Xi Jinping is expected to attend. However, concerns have been raised by the United States and Europe regarding China’s increasing influence in Latin America.