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\nThe Hong Kong Government and CK Hutchison condemned the actions of the Government of Panama, saying they would seek legal recourse after Panama took possession of the terminals in Balboa and Cristobal and signed new operating contracts with Maersk and Mediterranean Shipping Company (MSC). Hutchison confirmed that its subsidiary, the Panama Ports Company, has ceased operations.<\/p>\n
Hutchison asserts that the representatives of Panama \u201cmade direct physical entry into the terminals,\u201d saying they \u201carrived without invitation.\u201d It further asserts that representatives of the Panama Ports Company were locked out of the terminals. Media reports in Panama said employees were told they could not speak with the Panama Ports Company, or they could be arrested. The government said it would guarantee full employment for the existing workers.<\/p>\n
The actions came shortly after the Supreme Court of Panama published its final decision ruling the laws that established the concession and the 2021 extension were unconstitutional. The Government of Panama also signed rules freezing all the movable equipment and giving it and its representative the right to use the equipment to maintain the operations.<\/p>\n
Container operations at both the port of Balboa and Cristobal were suspended pending the transition. The Panama Maritime Authority is overseeing the operations and said the suspension was temporary while new systems were implemented. It notes that bulk operations were continuing.<\/p>\n
The Comptroller General of Panama moved quickly to sign new contracts with Maersk\u2019s AMP Terminals to operate the Port of Balboa on the Panama side of the Panama Canal. A separate contract was signed with MSC\u2019s Terminal Investments Limited (TIL) for the operations at Cristobal on the Atlantic side of the canal. \u00a0The Comptroller said the actions were fundamental to strengthening the national port system, the country\u2019s competitiveness as a regional logistics hub, and the generation of employment and investment.<\/p>\n
The decision to separate the operations into two companies lays the groundwork for continued competition with the plan to award two separate long-term concessions. Panama previously stated that the operations would be separated with two operators in the future. They noted the two agreements also provide for two different operating models and that Panama would be following the operations as it works to define the long-term tender for the operations.\u00a0<\/p>\n
Each company has an 18-month contract, and it includes fixed payments for the management, operation, and maintenance of the terminals. AMP will be paying approximately $25.6 million, while TIL will pay approximately $16 million. The new contracts exclude the land, for which the government expects an additional $20 million annually in concession fees. Panama projects it will receive $100 million for the temporary operation of the terminals.\u00a0<\/p>\n
The Hong Kong Government issued a statement saying its executive \u201ccondemns this blatant act,\u201d lodging a \u201cstrong protest\u201d against the forced takeover of the two ports. It asserted that Panama\u2019s actions \u201cignored the facts and violated contractual good faith.\u201d It says the government’s forced takeover \u201cseverely damaged the Hong Kong company\u2019s legitimate rights and interests and undermined the spirit of the contracts.\u201d<\/p>\n
Hutchison is calling it the \u201cculmination of a campaign by the Pamana State,\u201d and that the actions were unlawful. The company said it would continue to consult its legal advisors regarding the ruling and forceful takeover, as well as the \u201cpurported termination.\u201d It said it is reviewing all available recourse, including additional national and international legal proceedings against Panama and \u201cthird parties colluding\u201d with Panama.<\/p>\n
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AMP issued an update on Tuesday, the day after the takeover, saying it had initiated a \u201cstabilization phase\u201d at the Balboa terminal. With the Panama Maritime Authority, it said they would be inventorying the containers in the terminal as well as the equipment, including cranes and technology systems. It said there would be a technical evaluation and a review of the cargo condition, with special attention to perishable goods.<\/p>\n
The company said a new terminal operating system was being deployed. AMP reports operations will be \u201cprogressively reactivated\u201d with the least possible disruption.
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