2026-01-30 13:45
publication
2026-01-30 13:45
The Supreme Court of Panama has invalidated the contracts of the Hong Kong company CK Hutchinson to manage container terminals on the Panama Canal, which may complicate plans to sell the ports, which was pressed by US President Donald Trump, Reuters reported on Friday.
Reuters attributes the decision to the competition between the US and China for control over global transport routes. The decision is seen as a victory for Washington, which is trying to limit Beijing's influence on the Panama Canal. About 5% of it flows through it. world maritime transport.
A subsidiary of CK Hutchinson called Panama Ports Company (PPC) had contracts to manage terminals at both Pacific and Atlantic entrances to the Panama Canal since the 1990s.
The court's decision may complicate negotiations regarding the sale of dozens of ports around the world by the Hong Kong concern to a consortium involving the American company BlackRock and the international Mediterranean Shipping Company (MSC). According to the media, the proposed transaction is worth $23 billion.
PPC criticized the court's decision, saying it was not supported by the law and jeopardized both the rule of law in the country and the well-being of thousands of Panamanian families whose livelihood depends on the terminals' operations.
Chinese Foreign Ministry spokesman Guo Jiakun said on Friday that Beijing “will take all necessary measures to resolutely defend the legitimate rights and interests of Chinese companies.” The local authorities of Hong Kong also expressed opposition, and the price of CK Hutchinson shares on the Hong Kong Stock Exchange fell by 4.6%.
Trump expressed satisfaction with the planned sale of the ports by CK Hutchinson, because American capital would hold the majority of shares. China, however, threatened to block the agreement and pressed for the controlling stake to be bought by the state-owned Chinese company COSCO, Reuters previously reported, citing anonymous sources. (PAP)
wia/ ap/
