The $22.8 billion deal includes 43 port operations in 23 countries, including the two terminals at the Atlantic and Pacific entrances of the canal. The transaction is subject to approval by the Panamanian government.
CK Hutchison, founded by Hong Kong billionaire Li Ka-shing, has operated the ports since 1997. While not state-owned, the company is based in Hong Kong and operates under Chinese financial regulations.
The agreement follows recent remarks by former US President Donald Trump, who claimed that the canal is under Chinese control and suggested that the US should reclaim authority over the waterway. During a visit to Panama in February, US Secretary of State Marco Rubio called for changes to what he described as Chinese influence over the canal. Panama’s government has rejected these claims, with President Jose Raul Mulino stating that the canal remains under Panamanian control.
"It's Not Political"
Frank Sixt, co-managing director of CK Hutchison, emphasized that the sale is a commercial decision and is not related to recent political discussions.
The consortium acquiring the ports includes BlackRock and Terminal Investment Limited, a Swiss company.
The 82-kilometer Panama Canal is a critical maritime link between the Atlantic and Pacific Oceans, accommodating around 14,000 vessels annually, including container ships, LNG carriers, and military vessels. The canal was built in the early 20th century and was under US control until it was gradually transferred to Panama, which took full control in 1999.