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Hong 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.
52 Articles
52 Articles
Hong Kong multinational commences arbitration proceedings against Maersk for breach of contract
Panama Ports Company, S.A. (“PPC”), a subsidiary of the Hong Kong-based conglomerate CK Hutchison, commenced arbitration proceedings against Maersk A/S (“Maersk”) on Tuesday in the aftermath of the planned takeover by Maersk of PPC’s port terminals in Panama. The arbitration, occurring in London later this month, is to resolve a dispute involving a long-term contract, whose objective is to “facilitate a collaborative approach to business through…
Hong Kong firm claims Denmark’s Maersk allied with Panama in a scheme to take over port
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 in a scheme to take over its port operations on the Central American country's critical canal.
Hong Kong Company Seeks Arbitration Against Maersk Over Panama Port
A subsidiary of Hong Kong-based company CK Hutchison has launched arbitration proceedings against the Danish shipping giant Maersk over the takeover of two ports at either end of the Panama Canal, which were at the heart of a power struggle between Washington and Beijing. In an April 7 statement, Panama Ports Company (PPC) said Maersk broke a long-term contract in February, when it sided with the Panamanian government to help remove it from th…
CK Hutchison's Panama unit to seek arbitration over Maersk ports takeover
Hong Kong-based conglomerate CK Hutchison's Panama business said it would seek arbitration over Maersk's takeover of two strategic ports near the Panama Canal, which are at the center of a legal battle between Beijing and Washington.
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