US EditionPublished • loading... • Updated
Chinese Shipping Giant Suspends Operations at Panama Canal : The Tico Times | Costa Rica News
China Cosco Shipping suspended all operations at Panama Canal's Balboa port after Panama's takeover of terminals, amid a US-China dispute affecting 38% of canal container traffic, reports say.
- On Mar 10, China Cosco Shipping announced a suspension of all departures and arrivals at Balboa port, La Prensa reported after Beijing warned of a 'heavy price'.
- Amid U.S.-China tensions, Panamanian authorities retook the Balboa port on February 23 after a court voided CK Hutchison's contract in January, and Beijing warned of a 'heavy price'.
- Interim control of Balboa went to APM Terminals and MSC, with Maersk handling about 80 cargo ships' worth of already-arrived cargo, La Prensa reported.
- China asked its shipping companies to consider rerouting cargo through other ports if costs are not higher, and Beijing ordered state firms to halt new project talks; AFP and Reuters could not confirm the suspension and Cosco did not respond.
- The dispute relates to CK Hutchison's planned sale of a 43-port portfolio for more than $19 billion to a BlackRock-backed consortium, with negotiations stalled in recent months and last year 38 percent of containers used the two terminals.
Insights by Ground AI
13 Articles
13 Articles
Chinese shipping company Cosco suspends operations at Panama Canal
Chinese shipping giant Cosco said Tuesday that it is suspending operations at a Panama Canal port amid an ongoing row between the United States and China over the waterway’s oversight. The Port of Balboa in Panama. Photo: Panama Maritime Authority. Cosco, which owns one of the world’s largest fleets of tankers, is targeting the Pacific Ocean port of Balboa, which Panamanian authorities took back under their control on February 23. Panama also re…
·Hong Kong, Hong Kong
Read Full Article
Coverage Details
Total News Sources13
Leaning Left2Leaning Right0Center2Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
Factuality
To view factuality data please Upgrade to Premium
