The Latin American Association of Marine Underwriters (ALSUM) recently organised an event to analyse the anticipated economic impact of the recent commencement of operations at the Chancay Mega port, located north of Lima, Peru.
This new port infrastructure is expected to become the primary logistics hub of the South Pacific due to its significant capacity, strategic geographic location and state-of-the-art operational infrastructure. One of its most notable features is an estimated 20% reduction in operating costs for trade with China and other Asian markets. This competitive advantage is projected to attract cargo not only from Peru’s immediate neighbours but also from non-coastal countries such as Bolivia and Paraguay, seeking access to efficient Pacific maritime routes.
Locally, the economic impact is already evident. There is a visible surge in both domestic and foreign investment aimed at improving infrastructure related to Peru’s foreign trade. Noteworthy among these investments is the expansion of the Port of Callao – Peru’s principal seaport, located just 50 kilometres south of Chancay – as well as significant upgrades to the adjacent SIMA shipyard, which shares the same protected harbour.
The shipyard is preparing to meet the anticipated increase in demand for vessel maintenance and repair services, not only from ships calling at Chancay and Callao but from ships operating in ports throughout the South Pacific coast.
SIMA (Servicios Industriales de la Marina S.A.) is a shipbuilding and repair facility owned by the Peruvian Navy but operating under private law for over six decades. Its current premises in Callao include two construction slipways for ships up to 50,000 DWT, a dry dock for vessels up to 25,000 DWT, a syncrolift and three floating docks for smaller ships. The shipyard boasts a highly experienced workforce skilled in naval architecture, engineering, and certification processes. Its construction model includes design, modular assembly, equipment installation and full system integration.
Recently, SIMA signed a technology transfer agreement with Hyundai Heavy Industries for the construction of several new naval vessels intended to gradually replace the current Peruvian Navy fleet, further enhancing its strategic role in the region’s maritime ecosystem.
We should expect a significant increase in foreign trade and the shipbuilding industry in Peru, which will in turn, bring great opportunities for marine insurers interested in Latin America.
