Heading for a perfect storm

Chancay Port, a US$ 3.5b mega project, aims to become South America’s main Asia trade hub. It will handle 18,000+ TEU ULCVs, have automated operations, and an adjacent economic zone.

COSCO SHIPPING Ports has acquired 12.5% and 30% stakes in Thai Laemchabang Terminal and Hutchison Laemchabang Terminal for US$ 110m.

Peru has withdrawn its request to revoke Cosco’s exclusive rights for the Chancay project, easing tensions before a meeting between Boluarte and Xi.

MSC is poised to increase size gap over CMA CGM, and Maersk will become the second-largest carrier; Hapag-Lloyd aims to maintain top-5 status.

This decision is in response to the need to adapt to a new normality, driven by the necessity to circumnavigate Africa.

Chief Executive Officers of COSCO, CMA CGM, Evergreen, and OOCL have signed a Memorandum of Understanding to extend the OCEAN Alliance until 2032.