Panama officially scraps CK Hutchison contracts, handing canal ports to Maersk - Reuters
Panama officially scraps CK Hutchison contracts, handing canal ports to Maersk Reuters
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Notable Quotes
"It’s unclear what the impact of the proceedings would be and how long they could take."
— CK Hutchison , Executive
"This does not imply the expropriation of those assets, but rather their use to guarantee the operation of the ports until their real value is determined for the corresponding actions."
— Jose Raul Mulino , Politician
"There would be no layoffs at the two terminals, which employ around 1,200 people."
— Jackeline Munoz , Politician
"They have the right to have their judicial system make its own decisions."
— Kevin Cabrera , Politician
"Two separate contracts are being presented to the Board of Directors of the AMP — one for the Port of Balboa and one for the Port of Cristobal — instead of a single contract for both ports."
— Alberto Aleman Zubieta , Executive
"The arrangement would remain in place while the state develops a new long-term concession framework to be awarded in the future."
— Jose Raul Mulino , Politician
""Let me be clear, this does not imply an expropriation of those assets, but rather their use to ensure the operation of the ports until their real value is determined for the corresponding parties.""
— Jose Raul Mulino , Politician
Key People
The head of the technical team overseeing the port transition.
A.P. Moller-Maersk is a Danish business conglomerate with a focus on shipping and logistics.
CK Hutchison is a Hong Kong-based company involved in various sectors, including port operations.
Former president of the United States known for his aggressive economic policies.
The Labor Minister of Panama who assured there would be no layoffs at the terminals.
The President of Panama who commented on the management of canal ports.
The US Ambassador to Panama who defended Panamanian authorities regarding the court ruling.
Donald Trump is the former President of the United States.
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<a href="https://news.google.com/rss/articles/CBMi1wFBVV95cUxOQ2Z1UFZHaVJIbHNJdnBRakV6M2hnOWowZ05BNUhnQ3hhLUYxWXNHTkQ1VVlZTF8xb2xQeUZxazE4V3pPVExzZ3lESVBBcE92WnZOMmY2dVluR2hjNU9hWVlNajNwTzFDZVlTZU1OZktuN09ENy1CY3k2YllRSEZtVTdZR21HTmdFSGRldFB6bnNfRWVzc2NnQmcxTkloMTZmeVpyQ2pmcldSVXNuWmljbWhhQmQ1NzRmNjZWOTZVckkzNS00bHltRDR0Rms0bWZNRTVvUENfQQ?oc=5" target="_blank">Panama officially scraps CK Hutchison contracts, handing canal ports to Maersk</a> <font color="#6f6f6f">Reuters</font>
Following a Supreme Court ruling declaring the concession held by CK Hutchison unconstitutional, Panama's government has taken control of the Balboa and Cristobal ports, with Maersk's APM Terminals set to manage them temporarily.
Panama's maritime authorities have assumed control of two key canal ports from CK Hutchison after the company's concession was annulled, with Maersk's APM Terminals temporarily overseeing operations.
Panama's Supreme Court annulled key port contracts held by CK Hutchison, allowing Maersk's APM Terminals to temporarily take over operations at the Balboa and Cristobal terminals near the Panama Canal.
Panama's Supreme Court annulled key port contracts held by CK Hutchison, clearing the way for Maersk's APM Terminals to take over temporarily.
Panama's Supreme Court ruling has annulled key port contracts held by CK Hutchison, enabling Maersk's APM Terminals to temporarily manage the Balboa and Cristobal terminals near the Panama Canal.
Panama's Supreme Court has annulled the port concessions held by CK Hutchison, allowing Maersk's APM Terminals to temporarily manage the Balboa and Cristobal terminals near the Panama Canal.
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