In the global geopolitical setting where the commercial interests of major powers shape the landscape, the discourse on port infrastructure in South America becomes a critical factor for exporters aiming to maintain competitiveness. Within this framework, Chile finds itself facing strategic decisions. The emergence of Peru's Chancay port, backed by Chinese investment, introduces new dynamics in the region's port landscape.
Projected to handle 1 to 1.5 million containers annually in its initial phase, Chancay poses a competitive backdrop, but its figures are less daunting when compared to established Chilean ports. San Antonio closed 2024 with a throughput of 1.8 million TEUs, and Valparaíso edges close to one million. The planned San Antonio Outer Port, with a capacity expectation of up to 6 million TEUs, bolsters Chile's strategic structural positioning.
Assessing capacity alone is insufficient; effective port governance and adaptability to 21st-century challenges are crucial. Chile's historical advantages are evident within its institutional framework. Following the introduction of Law 19.542, Chile adopted a mixed port model that distinctly categorizes public and private operations. This separation created a cyclical renewal system that attracted private investment while enhancing competition and productivity.
Nevertheless, this very model presents challenges. Current concessions, except Valparaíso's Terminal 1, have yet to initiate the re-concession process. Given an average seven-year timeline for bidding processes from study to operational commencement, delays could impact service continuity.
Connectivity issues further complicate port operations, with inadequate land and rail links at terminals like San Antonio and San Vicente. State-driven investments in logistics—circumscribed by current concession frameworks—are crucial. Yet, without flexibility and robust logistics, port expansion efforts may be stymied by upstream bottlenecks. Additionally, aligning on contingent liabilities in line with international standards like IFRS and IAS 37 can prevent potential legal disputes and streamline processes.
Chile's strategic response to the "Chancay effect" should entail a comprehensive agenda with clearly defined short, medium, and long-term goals. Immediate re-tendering and logistics investments must form core components, paired with a unified accounting framework to avoid legal conflicts. Effective cross-department coordination, involving Transport, Public Works, Finance, Environment, and port stakeholders, is vital to preserve the port calendar and optimize Chile's competitive edge.
Source: Blueberries Consulting