Hong Kong-based port operator COSCO Shipping Ports has completed the equity transaction of project company responsible for its greenfield subsidiary at the Port of Chancay, Peru.
Following the official completion of the transaction on May 10, Port of Chancay became the company’s first greenfield subsidiary in South America and COSCO Shipping Ports plans to developing the port to an important gateway port in South America.
On January 23, 2019, COSCO Shipping Ports signed the subscription and investment agreement with Volcan Compañía Minera (Volcan) to acquire the 60% stake in Terminales Portuarios Chancay (Chancay Terminal).
As informed earlier, the stake was to be purchased for USD 225 million, with an initial payment of USD 56 million.
The construction of Chancay Terminal includes multi-purpose terminals, container terminals and related infrastructure facilities. Phase one of the terminal is planned to have four berths, of which two would be multi-purpose berths, and two container berths with a total annual designed capacity of one million TEU.
The Port of Chancay is a natural deep-water harbor with a maximum of 16 meters water-depth and is capable of accommodating mega vessels.