Inversiones Portuarias Chancay S.A.A.

—

What it is

IPCH is a holding company created in 2023 by a shareholder vote of Volcan Compañía Minera S.A.A. to receive, in a spin-off, the port business that Volcan had been developing alongside Cosco Shipping Ports Chancay Peru.

That business is a 40% ownership interest in Cosco Shipping Ports Chancay Peru S.A., the company that owns and operates the Port of Chancay; the remaining 60% is held by Cosco Shipping Ports International. IPCH itself earns no operating revenue — it is purely a vehicle that holds that 40% stake.

The port itself cost more than US$1.3bn to build; it features autonomous vehicles, electric cranes, and a direct weekly shipping route to Shanghai that cuts transit time from 42 days to just 23.

The terminal was inaugurated on 14 November 2024 and officially began commercial operations on 1 June 2025.

—

Who owns it

IPCH is controlled by Transition Metals AG, which is itself a subsidiary of Integra Capital Business S.A., a Panama-domiciled entity that holds 63% of the voting Class A shares; Transition Metals acquired control in May 2024, when Glencore AG transferred its shares in Volcan — IPCH’s former parent — to Transition Metals.

Transition Metals, the subsidiary of Argentina-based Integra Capital (known for lithium, uranium, and copper mining interests), acquired 55% of IPCH’s Class A shares, which had been held by Glencore following its former control of Volcan. The remaining 37% of Class A shares and all Class B shares are held by the public on the Lima exchange.

The change of control triggered a mandatory tender offer (OPA in Peruvian law): Transition Metals transferred 898,832,275 Class A shares, representing 55% of the voting stock, on 8 May 2024.

—

Who runs it

The board appointed Luis Fernando Herrera as Chief Executive Officer (Gerente General) in August 2024, after Mauricio Scerpella Iturburu resigned from that role. Scerpella Iturburu was retained as Deputy CEO (Gerente General Adjunto).

The company’s registered administrative offices are at Av. Manuel Olguín 375, Santiago de Surco, Lima.

A separate CFO title is not disclosed in available sources from filings; financial accounting functions are shared with Volcan’s corporate team per the annual report.

—

The money, in plain words

IPCH has no sales and no profits of its own — it is a box that owns a slice of a port. Its entire balance sheet, US$144.7m in assets, is almost entirely the carrying value of that 40% stake in Cosco Chancay, recorded at US$144.1m using the equity method (meaning IPCH marks the stake up or down in line with the port company’s own results).

In 2025, the port’s operator — Cosco Shipping Ports Chancay Peru — reported losses of more than US$10.7m in its first full year of commercial operations, because the jump to full-scale activity raised administrative and financial costs faster than revenues grew; revenues did exceed US$57m, but were not enough to cover start-up costs. That loss flowed into IPCH’s books: the 40%-share of the port’s loss reduced the carrying value of IPCH’s stake by US$7.2m, driving IPCH’s own net loss to US$5.3m for FY2025.

Book equity — the net worth of the company on paper — stands at US$128.7m, or roughly S/438m (US$129 mn) (our calculation at FX 3.4058). The Class B shares trade at roughly 1.3 times that book value, a premium that reflects market expectations of future port profits rather than any current earnings.

—

What it is doing now

From the start of operations through May 2026, the Port of Chancay moved over 502,646 TEUs (20-foot equivalent container units) and a total of 2.4 million tonnes of cargo. By the first quarter of 2026, Chancay had risen to second place nationally for containerised cargo, displacing the established port of Paita.

The first phase of the mega-port, costing US$1.3bn, is complete; Cosco Shipping has not yet taken a decision on the second phase, which would require an additional US$2.5bn investment, and says that decision depends on how cargo volumes develop year by year.

The mandatory tender offer (OPA) launched by Transition Metals at US$0.0657 per Class A share closed in January 2025, with only a handful of shares tendered — an outcome that underscores how wide the gap remains between the regulatory floor price and where the market actually trades.

—

What to watch

• Port profitability: When Cosco Chancay Peru turns its first annual profit, IPCH will record a gain under the equity method — the single most important trigger for this stock.
• Volume ramp: The port’s own target is one million TEUs per year, with management expecting to hit that milestone between year three and year five of operations. Progress toward that figure each quarter is the proxy for whether the investment thesis is on track.
• Phase two decision: A green light for the US$2.5bn expansion would transform Chancay’s long-term earnings power and, by extension, the value of IPCH’s 40% stake.
• Road infrastructure: Cosco Shipping expects Peru’s government to execute road-connectivity works from 2027 onward; without better road links, the port’s ability to attract Brazilian and Bolivian cargo — its biggest prize — remains constrained.
• Regulatory scrutiny: A Peruvian government audit has flagged alleged irregularities in processes related to the Chancay terminal involving the Ministry of Transport and Proinversión, an issue that bears monitoring.

—

This is news, not investment advice.