US EditionHong Kong firm files arbitration against Maersk, saying it schemed with Panama over port takeover
PPC says Maersk breached a contract by backing Panama’s port takeover, while the company pursues more than $2 billion in damages against the government.
- On Tuesday, the Panama Ports Company filed for arbitration against Maersk in London, accusing the Danish firm of conspiring to seize control of its Panama Canal operations.
- Panamanian authorities seized control of the Balboa and Cristobal ports in February after the Supreme Court declared the previous concession unconstitutional, installing Maersk-affiliated operators to manage the facilities.
- PPC alleged Maersk utilized company facilities under a "pre-arranged concession contract" to manage the Balboa terminal, while pursuing a separate $2 billion damages claim against the Panamanian government.
- These legal actions intensify disputes over the Panama Canal, which handles about 40 percent of US container traffic, amid geopolitical tensions and President Donald Trump's claim that China effectively runs the waterway.
- Conflict complicates CK Hutchison's plan to sell 43 global terminals to a consortium backed by BlackRock for $23 billion, with stakeholders hoping for a political breakthrough to salvage the transaction.
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29 Articles
The company Panama Ports Company (PPC), subsidiary of the Hong Kong group CK Hutchison and which had for more than 25 years the concession of the ports of Balboa and Cristóbal in the Panama Canal, announced this Tuesday the beginning of...
Associated Press News
Hong Kong firm files arbitration against Maersk, saying it schemed with Panama over port takeover
A subsidiary of a Hong Kong-based conglomerate started arbitration proceedings against Danish logistics and port group Maersk, accusing the company of aligning with Panama and scheming to replace its port operation on the Central American country’s critical canal.
Hong Kong firm files arbitration against Maersk, saying it schemed with Panama
A subsidiary of a Hong Kong-based conglomerate started arbitration proceedings against Danish logistics and port group Maersk, accusing the company of aligning with Panama and scheming to replace its port operation on the Central American country’s cri...
CK Hutchison subsidiary lodges arbitration against Maersk over Panama ports takeover
A subsidiary of Hong Kong conglomerate CK Hutchison said on Tuesday it filed an arbitration against shipping giant Maersk, accusing the Danish group of seeking to replace its operations in the Panama Canal. Port of Balboa, Panama Canal. File photo: Hutchison Ports PPC, via Facebook. The Panama Ports Company said in a statement that Maersk broke a contract by siding with Panamanian authorities in a dispute over the waterway that saw a court annul…
Channel News Asia
Free Malaysia Today NewsHong Kong firm lodges arbitration against Maersk over Panama ports takeover
The Panama Ports Company (PPC) said Maersk broke a contract by siding with Panamanian authorities in a dispute over the Panama Canal, which saw a court annul PPC's rights to manage two key ports in the crucial waterway.
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