Investments aimed at modernizing ports will exceed US$3.5 billion

With an investment of more than US$1.9 billion, port infrastructure and services have been modernized in 8 ports under concession in Peru, between 2001 and 2022, through Public-Private Partnerships (PPP). These investments have supported the rebound in foreign trade over the past 20 years, especially exports that increased from $7 billion in 2001 to a record $65.8 billion in 2022, a 9-fold increase over the initial figure.

The referential investments in the eight ports under concession through the PPP modality add up to US$3,000 million, and if we increase this amount in the recent addendum of APM Terminals, the total committed investments will exceed US$3,500 million, and will be carried out as established each concession contract. This will continue to promote the development of foreign trade and Peruvian exports.

Investments in ports have contributed to the increase in cargo traffic at the terminals. Average total traffic grew from 20.1 million tons before the concessions (in 2001) to more than 52.4 million tons as of November 2022, (according to OSITRAN figures). In the case of the port of Callao, traffic increased from an average of 14.6 million tons before the concession to more than 30 million tons after the concession.

Port concessions through the PPP modality have also been reflected in improvements in port efficiency and productivity, generating lower costs for users and more space to accelerate their investments, allowing them to reach international markets in optimum time.

What are the new port projects?

The prospects for further investment in the concessioned ports are favourable, as are investments in new port terminals through PPP concessions. One of them is the new port of San Juan de Marcona, a self-sustaining private initiative that will require an investment of close to US$520 million. It is being structured in ProInversión and it is expected to be awarded, if no interested third parties appear, in the last quarter of 2023.

There is also the private initiative to modernize the Chimbote Portthe last port project that entered the ProInversión portfolio in February. The project will require an investment of close to US$180 million for the modernization of port infrastructure and services that will allow the mobilization of products such as fishmeal, minerals and agro-industrial production.

In this sense, there is a renewed interest in making Peruvian ports very competitive at a national and international level, positioning Peru as a hub of South America, even more so with the incorporation of the mega port of Chancay (Lima) which is currently underway, with an investment of US$3,000 million.