Firm files arbitration against Maersk, saying it schemed with Panama over port takeover

[AP Photo]

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.

The Panama Ports Company, a unit of Hong Kong’s CK Hutchison Holdings, said in a statement dated Tuesday that Maersk A/S had undermined a contract over the Hong Kong company’s operations of ports at either end of the Panama Canal in order to pave the way for a new operator affiliated with Maersk to take over the Balboa terminal.

The company said the arbitration will be held in London, but didn’t explain what remedy it was seeking.

In February, Panama’s government seized control of the Balboa and Cristobal ports after the country’s Supreme Court declared earlier that a concession allowing the Panama Ports Company to run the ports was unconstitutional. The ruling drew backlash from China.

The Panamanian government later allowed subsidiaries of Maersk and the Mediterranean Shipping Company to take over operations at the two ports.

Panama Ports Company started arbitration proceedings against Panama in February. In late March, it expanded its claims, saying damages have escalated beyond $2 billion.

It said on Tuesday that its claim against Maersk is separate from its ongoing steps to hold Panama accountable for what it called “anti-contract and anti-investor conduct.”

Neither Panama’s government nor Maersk immediately commented.

The legal actions could further complicate CK Hutchison’s initial plan to sell the bulk of their dozens of global ports, including the two Panama ports, to a consortium that involved U.S. investment firm BlackRock in a $23 billion deal.

The sale plan, first announced in March 2025, pleased U.S. President Donald Trump, who has alleged Chinese interference with the critical shipping lane’s operations. But the planned sale apparently angered Beijing, and China’s antitrust regulator last year said it would initiate a review of the deal.

The parties involved in the deal have since been looking for ways to move forward with the sale, including considering plans to add a Chinese investor to the consortium. KANIS LEUNG, HONG KONG, MDT/AP