Juan Duarte is CEO of Duaga and Executive President of the American Association of Port Authorities (AAPA)
In a context of global slowdown, Latin America and the Caribbean have moved against the current. In the first half of 2025, global foreign direct investment (FDI) fell by around 3%, mainly due to lower merger and acquisition activity in developed economies. In the same period, investment inflows increased by nearly 12% in Latin America and the Caribbean and 7% in Asia, while Africa recorded a decline of nearly 42%.
In 2024, the region had received around 189 billion dollars in FDI, with growth close to 7%. The world is investing less, but when it decides to invest more, it looks more closely at the region, and a growing portion of that capital is directed towards ports and maritime logistics.
There are three forces reordering port investment. Firstly, the advance of nearshoring towards North America is reconfiguring supply chains and reinforcing the role of Latin American ports as access platforms to the United States and Canada.
Secondly, the energy transition and the boom in critical minerals are increasing the flows of bulk goods, fuels, and equipment, and require more specialized and resilient terminals.
Thirdly, digitalization is raising the demands for traceability, operational efficiency, and intelligent capacity management, forcing the integration of physical infrastructure and advanced information systems.
In this context, port investment ceases to be an inertial response to trade growth and becomes a strategic decision about each country’s position in global value chains.
Mesoamerica and the Mexican southeast, Progreso as an emerging platform
In the Mesoamerican corridor, Mexico has begun to strengthen its Gulf coast and its connection with the southeast. APM Terminals Mexico announced a comprehensive modernization plan for its container terminal in Puerto Progreso, Yucatán, which contemplates a staged investment of approximately 163 million dollars over the next 19 years.
The project includes infrastructure improvements, equipment renewal, and the incorporation of advanced technology, with the goal of raising operating standards and strengthening the maritime and logistics connectivity of Yucatán and the Mexican southeast.
The plan is based on a long-term vision that combines physical modernization, advances in decarbonization, and coordination with the state government to promote the region’s logistics and industrial development. The stated intention is to consolidate Puerto Progreso as a benchmark in port innovation and technology, with more efficient and sustainable operations.
In parallel, Central American ports such as Cortés, Quetzal, Acajutla, La Unión, and Caldera are progressing with expansions and long-term concessions, seeking to accompany the growth of intraregional trade and improve the connection with North America.
Pacific Andean Axis, Callao and private modernization in Ecuador
A clear bet is observed to consolidate a trans-Pacific platform. In Peru, APM Terminals will invest 550 million dollars to expand the Port of Callao starting in January.
The investment will be executed over two years, with the goal of increasing the terminal’s capacity and receiving vessels with a capacity of up to 24,000 containers, which places the port in the most demanding segment of global traffic.
The expansion of the Port of Callao is reinforced with better connectivity thanks to a new weekly direct service from China and South Korea (the Alpaca route of Mediterranean Shipping Company between Ningbo, Busan, and Callao), which reduces shipping times with Asia by up to 15 days and positively impacts key sectors of the Peruvian economy. Thus, Callao not only increases its capacity in TEU but also consolidates its role as a strategic Pacific node in trade with Asia.
In Ecuador, the response is led by the private sector. Five private ports plan to invest 208.2 million dollars between 2026 and 2030 in infrastructure expansion, equipment acquisition, and technological systems, in order to handle the growth of foreign trade and the arrival of higher-capacity vessels.
According to the Asociación de Terminales Portuarios Privados del Ecuador, Naportec will lead this plan with 91.2 million dollars, followed by Terminal Portuario de Guayaquil with 67.9 million, Fertisa with 18.6 million, QC Terminales del Ecuador with 15.3 million, and Store Ocean with 14.8 million.
Terminal Portuario de Guayaquil will extend its dock from 660 to 800 meters, incorporate new cranes and automated systems, and strengthen its self-generation of electricity. Between 2006 and 2025, these five terminals have already invested 391.9 million dollars in infrastructure, superstructure, security, and technology, demonstrating a trajectory of continuous modernization.
The anticipated arrival of Neopanamax and larger vessels has accelerated investment decisions that, a few years ago, were projected for a decade later.
Southern Atlantic Cone, Santos as a hub and regional articulation
In the Southern Cone and on the Atlantic coast, the Port of Santos consolidates its role as a major regional hub. The Ministério de Portos e Aeroportos of Brazil and DP World will invest 275 million dollars to expand its container terminal and increase capacity to 2.1 million TEU annually by 2028, extending the dock from 1,100 to 1,290 meters to simultaneously receive New Panamax vessels of up to 150,000 tons and 366 meters in length.
The second phase of investments includes the construction of new port infrastructure (dock, back area, access routes, inspection zones, and refrigerated cargo areas) and the purchase of modern and sustainable equipment (cranes and vehicles). Furthermore, the future STS10 terminal is added, with an investment of 740 million dollars and four additional berthing positions, which could increase Santos’s container handling capacity by 50%.
Chile and Uruguay follow a complementary port strategy: Valparaíso and the future external port of San Antonio will expand the capacity of the South Pacific, while Montevideo expands its container terminal to consolidate itself as a transshipment hub in the Río de la Plata. Although the investments differ, in all cases the goal is to adapt to larger vessels, improve productivity, and secure traffic before it is diverted to other ports in the region.
Keys for the sector
Considered together, these cases show that the new wave of port investments in Latin America and the Caribbean is not limited to increasing installed capacity.
The expansion of docks, the incorporation of longer-range cranes, the preparation for large-sized vessels and the opening of direct services with Asia and North America respond to a broader objective: repositioning the region in global value chains, reducing transit times and improving logistical predictability.
At the same time, structural challenges persist. The region competes with other emerging hubs for scarcer and more selective FDI, and the concentration of resources in certain ports and corridors may widen internal gaps if not accompanied by better physical, regulatory and logistical integration.
There is also a risk that bottlenecks will shift from the waterfront to the hinterland if investments in road and rail access, in regulation and in human capital do not advance at the same pace as port works.
The message for the sector is clear, capital is arriving and is being committed to concrete projects, with increasingly demanding amounts, deadlines and standards. The difference will be made by the countries and ports capable of translating these investments into more and better services, lower logistical costs and a more solid insertion in global chains. This execution capacity, more than the total announced figure, will be what determines whether this port wave becomes a true turning point for the competitiveness of Latin America and the Caribbean.
