A terminal invested and operated by a shipping company based on commercial logic has produced impressive results over the past year, but has also been embroiled in a debate about whether it should be regulated as a monopoly. When public opinion focuses on regulatory ownership, it may be more appropriate to return to the root of the problem: whose port is Qian Kai Port, for whom was it built, and what has it brought to Peru.
1、 Qian Kaigang has achieved remarkable operational results in over a year
The South American terminal node of COSCO Shipping. Qiankai Port is a joint venture between COSCO Shipping and Peru Volcano Mining, fully funded by corporate investment and market financing, without adding any debt to Peru's finances. The port has a water depth of 17.8 meters and is a natural harbor with four production berths and corresponding supporting facilities. The designed annual throughput capacity is 1 million TEUs of containers, 6 million tons of general cargo, and 160000 vehicles. Opened in November 2024 and officially licensed for commercial operation in June 2025, it is the first green and smart port in South America.
The Qiankai Port in Peru is actually not special. It has been a long-standing practice in the industry for shipping companies to hold controlling stakes and invest in ports. Maersk operates the Callao North Terminal through APM Terminals, Daffy has laid out hubs such as Santos in Brazil through CMA Terminals, and COSCO Shipping operates and manages nearly 400 berths in approximately 40 ports worldwide through COSCO Shipping ports. The motivations of the above-mentioned shipping companies are highly consistent, which are to prioritize ensuring the berthing of their own routes, shorten the time of ships in port, improve the reliability of schedules, extend services to end-to-end logistics, and ultimately better serve global customers. Qiankai Port is a South American node on the main line of COSCO Shipping's global terminal layout, rather than an exception that requires special explanation.
Over the past year, there have been significant achievements in commercial operations. Since its opening in July this year, Qiankai Port has achieved a total import and export volume of approximately 4.29 billion US dollars, with container throughput exceeding 584900 TEUs, bulk cargo throughput of 2.7476 million tons, and 49800 roll on/roll off vehicles. It has contributed over 1.959 billion soles of tax revenue to Peru, with cargo types covering blueberries, avocados, grapes, minerals, fish meal, soybeans, corn, cement, automobiles, engineering equipment, and other categories; Open 3 main lines and 5 branch lines, radiating to major ports in China and countries such as Colombia, Ecuador, Chile, Panama, and Costa Rica. Blueberries, grapes, avocados and other fresh produce account for 50% of exported goods, and 58% of Peruvian agricultural products shipped to China are exported through this port.
From January to July this year, Qian Kai Port delivered an impressive performance: container throughput of 247800 TEUs, a year-on-year increase of 60.6%; The throughput of miscellaneous goods was 1.0664 million tons, a year-on-year increase of 32.5%; Among them, there were 22800 roll on/roll off vehicles, a year-on-year increase of up to 280%.
2、 A new entrant brings three changes
The value of Qiankai Port is not only reflected in how much cargo it handles, but also in the changes it brings to Peruvian ports after its operation, and the market landscape it shapes.
（1） The competition has become more intense. The most direct evidence is the price. The published rates at Qiankai Port are generally about 10% lower than the highest regulated rates at Kayao North Terminal; Even compared to the lower priced South Ferry Terminal, it is still in the same price range. At the same time, the Qiankai Shanghai direct route has shortened the journey from 35-38 days to 22-25 days, reducing logistics costs by more than 20%.
（2） The concentration has decreased. Before Qian Kai entered, Kayao was a typical duopoly market, with Dubai Ports International and Maersk APM Terminals respectively. The Herfindahl Hirschman Index (IHH) of the container market was as high as about 5200. According to the econometric simulation forecast by CECHAP at the University of the Pacific, as Qian Kai gradually takes over the ocean alliance cargo volume previously carried by DP World South Terminal, the index will decrease from 4196 in 2025 to 3033 in 2029, a cumulative decrease of about 27.7%. In just over a year, Qian Kai's market share has increased from zero to about 10%, DP World has decreased from 56% to 50%, and the market has moved from the previous "duopoly" to a "three legged balance".
（3） Vitality has been stimulated. Faced with new competitors, DP World is expanding its "200th Anniversary Terminal" ahead of schedule, APM Terminals has announced a new expansion plan, and each terminal is renegotiating contracts with shipping alliances; The core berth of Callao, which has been occupied at a high level of 70% -89% for a long time, has also been relieved due to the injection of production capacity from Qiankai Port. Qiankai Port relies on diversified cargo loading capabilities to continuously expand its business in the areas of roll on/roll off, bulk cargo, fresh fruit, and other cargo categories, and to continuously increase its shipping routes. The benign competition in the market not only brings lower logistics costs and higher quality services, but also provides customers with more diverse choices.
3、 Economy and people's livelihood are the foundation of this port
If the market competition effect is the "increment" brought by Qian Kai to the market, then its contribution to the Peruvian economy and people's livelihood is a more lasting value.
According to Peruvian economists' estimates, the contribution of Qiankai Port's operation to GDP can reach up to about 0.9 percentage points, which is about three times that of the construction period. More importantly, 69% of the goods transported by Qian Kai come from inland areas. Among them, Lalibertade accounts for 44%, Lambayek 8%, and Ica 7%. For the first time, the port has integrated coastal hubs with inland industries, allowing high value-added fresh produce such as blueberries, avocados, and grapes to enter the Asian market more efficiently and affordably, promoting Peru's export structure upgrade and consolidating its position as a logistics hub in the South Pacific.
For the local people, the changes brought by Qian Kaigang are also tangible and visible benefits. Adhering to the "territorial priority" employment strategy, Qiankai Port continues to expand local employment opportunities. Currently, the proportion of local employees in the operation team has reached 98.77%, of which about 20% are female employees, and about 55% of employees come from Qiankai City and surrounding areas. With the gradual stabilization of port operations, Qiankai Port is transforming more of its development achievements into local employment opportunities and a sense of livelihood. After the fire broke out in Qiankai City in April this year, the operation team donated supplies to 45 affected families in the first time and cooperated with medical institutions to provide free medical services to 340 people. From Fishermen's Day, Women's Day to community environmental actions, the responsibility practice of ports has been extending.
However, in order for this port to continue unleashing its potential, there still needs to be a stable and predictable institutional environment. Currently, the litigation surrounding regulatory authority and competitive evaluation is still unresolved. Controversy is not scary, the key is to bring the rules back to commercial logic, treat all shipping companies with the principles of openness, reciprocity, and equality, and let the market and efficiency speak for themselves. I believe that with the joint efforts of various sectors in China and Peru, all parties can resolve their differences as soon as possible and make new and greater contributions to the economic and livelihood development of Peru through Qiankai Port.
Author: Yao Ling, Institute of International Trade and Economic Cooperation, Ministry of Commerce; Qian Hao Zhejiang Ningbo Central and Eastern European Expo Cooperation and Promotion Center.
