Hong kong
On February 23, 2026, the Panamanian government seized control of two key ports at the entrances of the Panama Canal—Balboa and Cristóbal—from CK Hutchison, a Hong Kong-based company that had operated them since 1997. The move followed a ruling by Panama’s Supreme Court declaring the company’s long-standing concession unconstitutional and invalidating a 2021 extension. A government decree authorized the Panama Maritime Authority to take over all assets within the ports, including cranes, vehicles, and software, citing urgent social interest. CK Hutchison ceased operations under threat of criminal prosecution and criticized the seizure as part of an unlawful government campaign against the company. This development sits within broader U.S.-China geopolitical tensions, inflamed when a potential sale of the ports to a consortium involving U.S. investment firm BlackRock was halted by Chinese intervention. Panama announced that APM Terminals, a subsidiary of Denmark's A.P. Moller-Maersk, would temporarily manage the ports while a new concession is arranged. CK Hutchison has initiated international arbitration proceedings against Panama and threatened legal action against APM Terminals, though the latter has denied involvement in the legal conflict.
