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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 Tuesday, China Cosco Shipping suspended all arrivals and departures at Panama's Balboa port, following Beijing's warning of a "heavy price" over the facility's forced takeover from CK Hutchison Holdings.
- Last month, Panamanian authorities assumed control of Balboa and Atlantic-side Cristobal after the Supreme Court annulled CK Hutchison's operating concession amid broader friction between Washington and Beijing over canal oversight.
- The Panama Maritime Authority assigned interim 18-month contracts to APM Terminals and MSC Mediterranean Shipping to manage the facilities, which processed nearly 10 million containers last year, accounting for 38 percent of total volume.
- Clients face cancellation of all confirmed bookings at the terminal, with shippers directed to return empty containers to Manzanillo International Terminal or Colon Container Terminal, while the company rerouted transshipment activity to Buenaventura, Colombia.
- CK Hutchison filed for international arbitration seeking more than $2 billion in damages over the concession cancellation, adding geopolitical strain to the Panama Canal, one of the world's busiest maritime trade routes.
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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
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The Chinese shipping company Cosco has suspended 'sine die' the provision of services in the port of Balboa, located on the Pacific coast of the Panama Canal, after it communicated its decision to the customers on Tuesday.
Coverage Details
Total News Sources16
Leaning Left2Leaning Right0Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 40%
C 60%
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