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Cosco Shipping Ports Chancay Perú

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uuid005y2ab

Namestring
Cosco Shipping Ports Chancay Perú
Legal namestring
COSCO SHIPPING Ports Chancay PERU S.A.
Websiteurl
coscochancay.pe
Company typeenum
Private
Founded yearint
2023
Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
501–1,000
akta.pro rankint
HeadquartersChancay, Peru
HQ citystring
Chancay
HQ countrystring
Peru
HQ regionstring
Latin America
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
port terminal operations, container handling services, maritime logistics infrastructure, multipurpose port terminal, shipping logistics services
Industry5 codes
1Container Terminal Operating Services & Management (Terminal Operator / Concessionaire)
CodeTLAHAAAIPrimaryYes
2Deep-Sea Container Terminals (Mainline / Transshipment Hubs)
CodeTLAHAAAAPrimaryNo
3Gateway Container Terminals (Import/Export)
CodeTLAHAAABPrimaryNo
4Bulk Terminal Services & Operations (Stevedoring, Sampling, Weighing, Blending)
CodeTLAHABAOPrimaryNo
5Warehousing, CFS & Bonded Storage for General Cargo (Within Terminal)
CodeTLAHADAIPrimaryNo
NAICS code3 codes
  • Marine Cargo Handling488320
  • Port and Harbor Operations488310
  • Support Activities for Water Transportation4883
SIC code1 code
  • Water Transportation4400
Product category
Port Terminal Operations
Social media profiles2 records
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Port Terminal Operations
TypeUsage Based
Description

Revenue generated from vessel port services including container handling, storage and stacking, CFS (Container Freight Station) and cargo transfer operations, and bulk cargo and Ro/Ro (Roll-on/Roll-off) services. The port facilitates trade as a commercial infrastructure asset with usage-based revenue from shipping companies and cargo operators.

thepeoplesmap.net
Marketing channels2 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

Cosco Shipping Ports Chancay Perú operates the Chancay Multipurpose Port Terminal, providing container handling, storage and stacking, CFS and cargo transfer, and bulk cargo and Ro/Ro services to shipping companies, importers, exporters, and logistics providers. The terminal is complemented by digital platforms for vessel scheduling and service booking, and an integrated logistics and industrial park adjacent to the port. The facility functions as a deep-water gateway for Asia-Pacific trade serving Peru and South America.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 3 values shown
  • US$3,650 million in trade facilitated since inauguration
+2 more records
Product overview1 text field

Cosco Shipping Ports Chancay Perú operates the Chancay Multipurpose Port Terminal, a large-scale port infrastructure project with a fully operational first stage and second stage under construction. The offering consists of core port services (Container Business, Storage & Stacking, CFS & Cargo Transfer, Bulk Cargo & Ro/Ro) supported by online digital platforms (CSP Service Platform, Appointment Service Platform, Vessel Schedules), plus a Logistics and Industrial Park. The port serves as a flagship bilateral cooperation project between China and Peru, facilitating trade connectivity to Asia.

Product and service9 records
1Container Business
CategoryCore Port Service
Description

Container handling services for shipping companies and logistics operators requiring container loading, unloading, and transfer at the Chancay port terminal.

2Storage & Stacking
CategoryCore Port Service
Description

Cargo storage and stacking services for containers and goods at the port facility, providing temporary and intermediate warehousing for shipping clients.

3CFS & Cargo Transfer
CategoryCore Port Service
Description

Container Freight Station services and cargo transfer operations between different transport modes at the port facility.

4Bulk Cargo & Ro/Ro
CategoryCore Port Service
Description

Bulk cargo handling and Roll-on/Roll-off vessel services for vehicles and heavy equipment at the port terminal.

5Vessel Schedules
CategoryOnline Service
Description

Online service providing vessel arrival and departure schedules for port users, allowing shipping companies and logistics operators to plan port calls.

6CSP Service Platform
CategoryOnline Service
Description

Digital service platform for port operations and customer access to port services, enabling shipping companies and logistics operators to directly access and manage port operations online.

7Appointment Service Platform
CategoryOnline Service
Description

Online appointment booking platform for port services (Chinese name: 预约服务平台), enabling port users to schedule service appointments digitally.

8Trámite de Reclamo (Claims Procedure)
CategoryCustomer Service
Description

Formal claims and complaint processing service for port users, providing a structured channel for resolving issues related to port operations.

9Logistics and Industrial Park
CategoryAncillary Infrastructure Service
Description

Integrated logistics and industrial park component of the Chancay port project, supporting regional trade, logistics operations, and industrial activities adjacent to the port terminal.

Scale indicator5 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
1China-Peru Bilateral Cooperation Framework
Strategic tierFlagshipTypeStrategic or Co-development PartnerAnnounced on2024-01-01
Description

The Port of Chancay serves as the flagship project of bilateral cooperation between China and Peru. It has been identified as a key driver of the 'Oportunidades de China 2.0' strategy, facilitating US$3,650 million in trade and over 500,000 TEU since inauguration. The framework projects continued trade expansion targeting over US$60,000 million in bilateral trade and identifies opportunities for cooperation in smart ports, agriculture, mining, telemedicine, and AI.

gestion.pe
Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
TypeBroad incumbent
Description

Global container terminal operator owned by A.P. Møller–Mærsk, operating ports worldwide. Comparable as a deep-water container terminal operator with capability to handle the largest container vessels and serve major shipping line customers.

TypeBroad incumbent
Description

Singapore-based global port operator managing flagship container and multipurpose terminals. Comparable on scale of container operations, integrated digital platforms, and ability to serve as a transshipment hub for transcontinental trade — analogous to Chancay's intended role.

TypeDirect peer
Description

Filipino-headquartered global container terminal operator with a presence at Callao. Competes for the same South American Pacific gateway traffic and offers comparable container handling, storage, and CFS services to shipping lines using the Peru coast.

TypeDirect peer
Description

Global terminal operator with a competing container terminal at the Port of Callao, the primary alternative gateway for Peru. DP World is the most direct in-country competitor for shipping line contracts and import/export volumes that might otherwise flow through Chancay.

TypeBroad incumbent
Description

European operator of container and multipurpose terminals including Ro/Ro and bulk cargo handling. Comparable on the multipurpose nature of the Chancay facility (container plus bulk plus Ro/Ro) and on the integrated logistics and industrial park model.

TypeEmerging player
Description

Turkish-headquartered emerging global port operator with a portfolio of container terminals and a strategy of acquiring or developing greenfield capacity. Comparable as a growing multipurpose terminal operator targeting regional hub positions in emerging markets.

TypeBroad incumbent
Description

Major Chinese state-owned port operator with terminals across Asia, Africa, and Europe. Direct strategic comparable as a Chinese SOE port platform investing in Belt and Road-related deep-water terminals, with similar bilateral government engagement and integrated logistics parks.

TypeBroad incumbent
Description

One of the world's largest port operators, part of CK Hutchison, operating container and multipurpose terminals globally. Comparable as a deep-water container terminal operator with a long-tenured global shipping line customer base and similar terminal operating model.

TypeEmerging player
Description

CMA CGM's port arm operating container terminals globally through Terminal Link and affiliates. Comparable as a container terminal operator with strong shipping line captive demand and exposure to Asia–Americas container trade flows that Chancay is designed to serve.

TypeBroad incumbent
Description

Operator of the Port of Shanghai, one of the world's largest container ports. Comparable as a state-affiliated Chinese deep-water container terminal operator with strong shipping line relationships and digital service platforms analogous to CSP Service Platform.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment3 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile3 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI capability1 record

Each record includes

Type, Description, Source

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Cosco Shipping Ports Chancay Perú

Port Terminal Operationscoscochancay.pe

Cosco Shipping Ports Chancay Perú firmographics

Firmographics
Name
Cosco Shipping Ports Chancay Perú
Legal name
COSCO SHIPPING Ports Chancay PERU S.A.
Website
https://coscochancay.pe
Company type
Private
Founded year
2023
Operating status
Operating
Headcount range
501–1,000 employees
Ownership category
akta.pro rank

Cosco Shipping Ports Chancay Perú industry classification

Industry
Product category
Port Terminal Operations
NAICS
Marine Cargo Handling (488320), Port and Harbor Operations (488310), Support Activities for Water Transportation (4883)
SIC
Water Transportation (4400)
akta.pro primary industry
Container Terminal Operating Services & Management (Terminal Operator / Concessionaire) (TLAHAAAI)
akta.pro secondary industries
Deep-Sea Container Terminals (Mainline / Transshipment Hubs) (TLAHAAAA), Gateway Container Terminals (Import/Export) (TLAHAAAB), Bulk Terminal Services & Operations (Stevedoring, Sampling, Weighing, Blending) (TLAHABAO), Warehousing, CFS & Bonded Storage for General Cargo (Within Terminal) (TLAHADAI)

Keywords

  • Port terminal operations
  • Container handling services
  • Maritime logistics infrastructure
  • Multipurpose port terminal
  • Shipping logistics services

Where Cosco Shipping Ports Chancay Perú is headquartered

Location

Headquarters

HQ city
Chancay
HQ country
Peru
HQ region
Latin America

Offices1 record

Markets served

Cosco Shipping Ports Chancay Perú business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

  1. Port Terminal Operations: Revenue generated from vessel port services including container handling, storage and stacking, CFS (Container Freight Station) and cargo transfer operations, and bulk cargo and Ro/Ro (Roll-on/Roll-off) services. The port facilitates trade as a commercial infrastructure asset with usage-based revenue from shipping companies and cargo operators.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Cosco Shipping Ports Chancay Perú product offering

Product offering

Core offering

Cosco Shipping Ports Chancay Perú operates the Chancay Multipurpose Port Terminal, providing container handling, storage and stacking, CFS and cargo transfer, and bulk cargo and Ro/Ro services to shipping companies, importers, exporters, and logistics providers. The terminal is complemented by digital platforms for vessel scheduling and service booking, and an integrated logistics and industrial park adjacent to the port. The facility functions as a deep-water gateway for Asia-Pacific trade serving Peru and South America.

Product overview

Cosco Shipping Ports Chancay Perú operates the Chancay Multipurpose Port Terminal, a large-scale port infrastructure project with a fully operational first stage and second stage under construction. The offering consists of core port services (Container Business, Storage & Stacking, CFS & Cargo Transfer, Bulk Cargo & Ro/Ro) supported by online digital platforms (CSP Service Platform, Appointment Service Platform, Vessel Schedules), plus a Logistics and Industrial Park. The port serves as a flagship bilateral cooperation project between China and Peru, facilitating trade connectivity to Asia.

Differentiator

Problem solved

Functional benefit

Products and services

  • Container Business Container handling services for shipping companies and logistics operators requiring container loading, unloading, and transfer at the Chancay port terminal.
  • Storage & Stacking Cargo storage and stacking services for containers and goods at the port facility, providing temporary and intermediate warehousing for shipping clients.
  • CFS & Cargo Transfer Container Freight Station services and cargo transfer operations between different transport modes at the port facility.
  • Bulk Cargo & Ro/Ro Bulk cargo handling and Roll-on/Roll-off vessel services for vehicles and heavy equipment at the port terminal.
  • Vessel Schedules Online service providing vessel arrival and departure schedules for port users, allowing shipping companies and logistics operators to plan port calls.
  • CSP Service Platform Digital service platform for port operations and customer access to port services, enabling shipping companies and logistics operators to directly access and manage port operations online.
  • Appointment Service Platform Online appointment booking platform for port services (Chinese name: 预约服务平台), enabling port users to schedule service appointments digitally.
  • Trámite de Reclamo (Claims Procedure) Formal claims and complaint processing service for port users, providing a structured channel for resolving issues related to port operations.
  • Logistics and Industrial Park Integrated logistics and industrial park component of the Chancay port project, supporting regional trade, logistics operations, and industrial activities adjacent to the port terminal.

Quantifiable outcome

  • US$3,650 million in trade facilitated since inauguration
  • +2 more outcomes

Companies that use Cosco Shipping Ports Chancay Perú

Customer profile

Segments3 records

Ideal customer profiles3 records

Cosco Shipping Ports Chancay Perú technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

AI capability1 record

Cosco Shipping Ports Chancay Perú partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

  • China-Peru Bilateral Cooperation FrameworkflagshipStrategic or Co-development Partner · 1 January 2024The Port of Chancay serves as the flagship project of bilateral cooperation between China and Peru. It has been identified as a key driver of the 'Oportunidades de China 2.0' strategy, facilitating US$3,650 million in trade and over 500,000 TEU since inauguration. The framework projects continued trade expansion targeting over US$60,000 million in bilateral trade and identifies opportunities for cooperation in smart ports, agriculture, mining, telemedicine, and AI.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Cosco Shipping Ports Chancay Perú competitors and assessment

Company assessment

Broad incumbents

  • APM Terminals (Maersk): Global container terminal operator owned by A.P. Møller–Mærsk, operating ports worldwide. Comparable as a deep-water container terminal operator with capability to handle the largest container vessels and serve major shipping line customers.
  • PSA International: Singapore-based global port operator managing flagship container and multipurpose terminals. Comparable on scale of container operations, integrated digital platforms, and ability to serve as a transshipment hub for transcontinental trade — analogous to Chancay's intended role.
  • EUROGATE: European operator of container and multipurpose terminals including Ro/Ro and bulk cargo handling. Comparable on the multipurpose nature of the Chancay facility (container plus bulk plus Ro/Ro) and on the integrated logistics and industrial park model.
  • China Merchants Port Holdings: Major Chinese state-owned port operator with terminals across Asia, Africa, and Europe. Direct strategic comparable as a Chinese SOE port platform investing in Belt and Road-related deep-water terminals, with similar bilateral government engagement and integrated logistics parks.
  • Hutchison Ports: One of the world's largest port operators, part of CK Hutchison, operating container and multipurpose terminals globally. Comparable as a deep-water container terminal operator with a long-tenured global shipping line customer base and similar terminal operating model.
  • Shanghai International Port Group (SIPG): Operator of the Port of Shanghai, one of the world's largest container ports. Comparable as a state-affiliated Chinese deep-water container terminal operator with strong shipping line relationships and digital service platforms analogous to CSP Service Platform.

Direct peers

  • International Container Terminal Services Inc. (ICTSI): Filipino-headquartered global container terminal operator with a presence at Callao. Competes for the same South American Pacific gateway traffic and offers comparable container handling, storage, and CFS services to shipping lines using the Peru coast.
  • DP World: Global terminal operator with a competing container terminal at the Port of Callao, the primary alternative gateway for Peru. DP World is the most direct in-country competitor for shipping line contracts and import/export volumes that might otherwise flow through Chancay.

Emerging players

  • Yilport Holding: Turkish-headquartered emerging global port operator with a portfolio of container terminals and a strategy of acquiring or developing greenfield capacity. Comparable as a growing multipurpose terminal operator targeting regional hub positions in emerging markets.
  • CMA CGM Terminals (via Terminal Link): CMA CGM's port arm operating container terminals globally through Terminal Link and affiliates. Comparable as a container terminal operator with strong shipping line captive demand and exposure to Asia–Americas container trade flows that Chancay is designed to serve.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Cosco Shipping Ports Chancay Perú social profiles

Digital presence

Cosco Shipping Ports Chancay Perú financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Cosco Shipping Ports Chancay Perú leadership team

Management profile

Number of profiles

Cosco Shipping Ports Chancay Perú funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Cosco Shipping Ports Chancay Perú M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cosco Shipping Ports Chancay Perú

What does Cosco Shipping Ports Chancay Perú do?

Cosco Shipping Ports Chancay Perú operates the Chancay Multipurpose Port Terminal, providing container handling, storage and stacking, CFS and cargo transfer, and bulk cargo and Ro/Ro services to shipping companies, importers, exporters, and logistics providers. The terminal is complemented by digital platforms for vessel scheduling and service booking, and an integrated logistics and industrial park adjacent to the port. The facility functions as a deep-water gateway for Asia-Pacific trade serving Peru and South America.

Is Cosco Shipping Ports Chancay Perú a public or private company?

Cosco Shipping Ports Chancay Perú is a private company. It is classified as corporate owned and is currently operating.

When was Cosco Shipping Ports Chancay Perú founded?

Cosco Shipping Ports Chancay Perú was founded in 2023. It employs 501 to 1,000 people.

Where is Cosco Shipping Ports Chancay Perú based?

Cosco Shipping Ports Chancay Perú is headquartered in Chancay, Peru, in the Latin America region.

How does Cosco Shipping Ports Chancay Perú make money?

One revenue line is on record: port Terminal Operations.

Who are Cosco Shipping Ports Chancay Perú's main competitors?

Broad incumbents on record are APM Terminals (Maersk), PSA International, EUROGATE, China Merchants Port Holdings, Hutchison Ports and Shanghai International Port Group (SIPG). Direct peers are International Container Terminal Services Inc. (ICTSI) and DP World. Emerging players are Yilport Holding and CMA CGM Terminals (via Terminal Link).

Does Cosco Shipping Ports Chancay Perú have an API?

No public API is recorded for Cosco Shipping Ports Chancay Perú.

What industry is Cosco Shipping Ports Chancay Perú in?

Cosco Shipping Ports Chancay Perú's product category is Port Terminal Operations. Its primary akta.pro industry code is TLAHAAAI, Container Terminal Operating Services & Management (Terminal Operator / Concessionaire), with a secondary code of TLAHAAAA, Deep-Sea Container Terminals (Mainline / Transshipment Hubs). Its NAICS code is 488320 and its SIC code is 4400.

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Live signals
GestionCosco lleva disputa contra Ositrán por el puerto de Chancay ante el Tribunal ConstitucionalCosco Shipping Ports Chancay Perú filed a Recurso de Agravio Constitucional (RAC) with the Constitutional Tribunal to challenge a second-instance ruling that declared inadmissible its constitutional protection claim against Ositrán and the Presidency of the Council of Ministers. The Second Constitutional Chamber of Lima granted the appeal on July 24, 2026, and ordered the case elevated to the Constitutional Tribunal for a final decision on whether the regulatory body has authority to supervise the privately-owned Chancay port. The Constitutional Tribunal will now have the final word on one of the most significant judicial processes related to the development of the Chancay Port and the supervisory role of the entities involved.GestionPuerto de Chancay: Cosco remarca que irá al TC por fallo que respalda supervisión de OsitránCosco Shipping Ports Chancay Perú S.A. (CSPCP) announced it will appeal to the Constitutional Court (TC) against a judicial ruling that upheld Ositrán's right to supervise the Chancay Multipurpose Port Terminal, after a Lima court rejected Cosco's amparo lawsuit. The company argues Ositrán's supervisory powers exceed those permitted under Peru's National Port System Law and that the ruling threatens the legal framework relied upon by investors. Cosco maintains the port operates as a fully private entity under market competition conditions and reaffirmed its commitment to national regulations while seeking full judicial review of the case.GestionOsitrán empezará a sancionar a Cosco Shipping si no permite supervisión al puerto de ChancayThe Second Constitutional Chamber of the Superior Court of Justice of Lima declared inadmissible an amparo lawsuit filed by Cosco Shipping Ports Chancay Perú, upholding Ositrán's authority to supervise the Chancay port and revoking a first-instance ruling in favor of the company. Cosco Shipping announced it will escalate the matter to the Constitutional Tribunal, arguing the court avoided ruling on the core question of whether Ositrán has jurisdiction to regulate a private port of public use, claiming the regulatory body previously held it could not oversee ports without a concession contract. Ositrán's president, Verónica Zambrano, stated the entity will begin imposing sanctions if Cosco does not comply with information requests, and indicated a tariff regulation study for the port will be updated to determine whether competitive conditions exist.GestionPuerto de Chancay: Poder Judicial revierte sentencia y respalda competencia de OsitránThe Second Constitutional Chamber of the Superior Court of Justice of Lima reversed a lower court ruling and upheld Ositrán's authority to regulate the Chancay Multipurpose Port Terminal, declaring Cosco Shipping Ports Chancay Perú's amparo lawsuit inadmissible. The court determined that Cosco failed to demonstrate a certain and imminent threat to its fundamental rights, and that the port qualifies as public-use infrastructure subject to Ositrán's regulatory oversight regardless of its private ownership. Ositrán welcomed the ruling, reaffirming its commitment to exercising its constitutional functions to protect user rights and ensure proper functioning of public transport infrastructure.PorttechnologyPort of Chancay expands Asia–Latin America trade linksThe Port of Chancay in Peru marked the first anniversary of its commercial operations on 18 June, having officially opened in November 2024 and received operating approval from the Peruvian government. The port has established three mainline routes and four feeder services connecting major Chinese ports with destinations across Latin America, including Colombia, Ecuador, Chile and Panama. COSCO SHIPPING Ports Peru Chancay Company, the port operator, indicated it would continue expanding the shipping network and operational capabilities to support trade growth between Peru and Asia.ThepeoplesmapChancay Multipurpose Port TerminalThe Chancay Multipurpose Port Terminal in Peru, developed by Cosco Shipping Ports Perú S.A. and others, is currently operational in its first stage with ongoing construction for the second stage. It is a large-scale, fully private port designed to handle significant cargo volumes, with an estimated annual contribution to Peru's economy of $4.5 billion.PR NewswireChancay Port serves as bridge between South America and AsiaThe opening ceremony of Chancay Port in Peru on November 14, 2024, was jointly attended by Chinese President Xi Jinping and Peruvian President Dina Boluarte via video link, marking a flagship Belt and Road Initiative project connecting South America and Asia. The port, operated by COSCO Shipping Ports Chancay Peru S.A., reduces shipping time from Peru to China to 23 days and cuts logistics costs by more than 20%, generating $4.5 billion in annual revenue for Peru while creating over 8,000 direct jobs. The Peruvian government is considering establishing a special economic zone around the port to further drive regional economic development.