Panama seeks partners in US$2.6 billion port plan that ‘may ease US-China rivalry’
Panama Canal Authority says it has ‘launched a consultation process with representatives of the maritime industry to identify potential partners’
The Panama Canal Authority has met key industry players ahead of tendering a US$2.6 billion project to build two new port terminals, a move that Hong Kong analysts have called a high-stakes strategic manoeuvre.
The consultation was announced by the authority on Monday, as a separate multibillion-dollar sale of Hong Kong-based CK Hutchison Holdings’ existing port stakes remained stalled amid broader frictions between the United States and China.
The authority said it had “launched a consultation process with representatives of the maritime industry to identify potential partners” for the Corozal terminal on the Pacific side and the Telfers terminal on the Atlantic side.
The list of invitees to the initial working meeting included China’s Cosco Shipping Ports and Terminal Investment Limited (TiL), the two companies central to the earlier stand-off over the CK Hutchison deal.
The deal involved TiL, an affiliate of shipping giant MSC, leading a consortium with US-based BlackRock to acquire the existing concessions from CK Hutchison. The sale was viewed favourably by Washington but faced strong resistance from Beijing, which reportedly sought the inclusion of state-owned Cosco.
The consultation for new assets was held amid the fraught negotiations. The authority said its market engagement involved companies such as APM Terminals, DP World and PSA International, as well as shipping firms including Maersk Line, MSC and Cosco.