COSCO SHIPPING Ports takes 60% stake in Chancay Terminal, Peru
COSCO SHIPPING Ports Limited , a leading ports operator in the world 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., (“Volcan”) for a total consideration of US$225million, with an initial payment of US$56million.
COSCO SHIPPPING Ports will partner with Volcan to build Chancay Terminal into an important gateway port in Peru. Chancay Terminal owns the land of the Terminal and doesn’t need to pay for any concession rights, financial resources thus can be placed mainly on the development s of the terminal. Economic growth of Peru has continued in recent years; container throughout of Peru in 2017 has increased to 2.5 million TEU from 1.5 million TEU in 2010.
Located 58 km in the north of the Peruvian capital of Lima, Port of Chancay enjoys favorable location where it has easy access to the economic centre of Peru. About 60% of Peru's economic activities are concentrated in Lima and its 2 surrounding areas, and thus, the favourable geographic location of Lima is of strategic importance. Port of Chancay is a natural deep - water harbour with a maximum of 16 meters water - depth and is capable of satisfying the needs of mega vessels. The construction of Chancay Terminal includes 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.
About COSCO SHIPPING Ports
COSCO SHIPPING Ports Limited is a leading ports operator in the world; its terminal portfolio covers the five main port regions in Mainland China, Southeast Asia, Middle East, Europe and the Mediterranean Sea. As at 30 September 2018, CSP operated and managed 282 berths at 36 ports worldwide, of which 192 were for containers, with a combined annual handling capacity of 104 million TEU. In terms of its total throughput in 2017, CSP ranked no.1 in the world by Drewry Maritime Research. The controlling shareholder of COSCO SHIPPING Ports is COSCO SHIPPING Holdings Co., Ltd. and its ultimate parent company, China COSCO Shipping Corporation Limited is the largest integrated shipping enterprise in the world.
