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China Tightens Pressure on Panama Ports as COSCO Halts Balboa Operations and Summons Maersk, MSC

Beijing is responding to Panama's top court voiding CK Hutchison's concessions during a state-run transition at the canal's two main terminals.

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ZHOUSHAN, CHINA - AUGUST 21: The container ship Emma Mærsk is docked at the Dapukou container terminal of Ningbo-Zhoushan Port on August 21, 2022 in Zhoushan, Zhejiang Province. (Photo by Yao Feng/VCG via Getty Images)

Overview

  • China’s Ministry of Transport summoned Maersk and MSC for talks on “international shipping operations”, and a U.S. official relayed an unverified claim that Chinese authorities could detain Panamanian‑flagged vessels.
  • COSCO Shipping Lines notified customers it was suspending activities at the Balboa terminal and canceling bookings, according to notices reported by trade and local media.
  • Panama transferred the Balboa and Cristóbal terminals to interim operators APM Terminals and MSC’s Terminal Investment Limited under 18‑month contracts as it prepares new concessions.
  • CK Hutchison’s Panama Ports Company filed an ICC arbitration seeking about US$2 billion, alleging the state’s takeover and asset seizures were illegal.
  • Separately, Maersk and MSC curtailed bookings to and from the Middle East due to the war in Iran, contributing to higher freight rates and emergency surcharges.