APM Terminals will invest a total of $307m with $206m earmarked for the first phase while the remaining $101M will be invested in the second phase.
Callao's North Pier currently has a capacity of 900,000 teu which would increase to 1.5m teu with the expansion, said APM Terminals Callao general manager Henrik Kristensen.
"The most important thing is that the added capacity will allow the terminal to serve larger vessels, now under construction and which will be sailing next year,” he said.
The consortium should complete the modernisation works within 699 days.
APM Terminals, which won the concession for Callao’s Pier North in 2010, has invested $35m in the first year of its concession as part of its $749m planned investment to expand the facility. Pier North began operations in July 2011 and handled 436,000 teu in its first year.
When fully built APM Terminals Pier North will boast a annual capacity of 2.9m teu.
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