COSCO Shipping has been granted its official operational license at The Port of Chancay by Peruvian President Dina Boluarte, marking the full commencement of commercial operations. In a ceremony on June 5, President Boluarte highlighted the port’s potential to significantly boost Peru’s economic growth and establish it as a major shipping hub for South America and Asia.
Economic Impact and Shorter Transit Times
The Port of Chancay, which was jointly inaugurated by the presidents of Peru and China in November 2024, is expected to contribute approximately 1.8% to Peru’s GDP, representing an estimated annual economic benefit of $4.5 billion. It is also projected to create a significant number of direct and indirect jobs. A key benefit of the new facility is the reduction in transit time from Peru to Asia, which has been cut from 35 days to just 23 days. This is expected to substantially lower logistics costs and increase the international competitiveness of Peruvian exports.
Boluarte also encouraged neighboring South American countries to utilize the port, positioning it as a strategic gateway for strengthening regional trade ties with the Asian market.
Versatile Operations and New Connectivity
The multi-functional terminal is already handling a variety of cargo, including containers, bulk goods, and RoRo traffic. Just days before the license was awarded, a 62,000-dwt vessel from COSCO SHIPPING Specialized Carriers made its inaugural call at the port, offloading 50 pure electric mining trucks. This initial shipment marked the beginning of specialized cargo operations at the new facility.
Major international shipping lines have also established trunk line and feeder services that connect the Port of Chancay with other key hubs in Panama, Colombia, and Chile, enhancing Peru’s connectivity within the region and globally.
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