The agreement, which includes more than 40 port terminals, remains conditioned by regulatory approvals and the geopolitical context.
The Chinese state group China Merchants Group is in talks to join a consortium interested in acquiring dozens of ports from the conglomerate CK Hutchison Holdings −matrix of Panama Ports Company (PPC)− in an attempt to reactivate an operation that has been slowed by geopolitical tensions between China and the United States.
According to information published by Bloomberg Linethe possible incorporation of China Merchants seeks to financially support China COSCO Shipping Corporation within the agreement. Both companies have shown interest in the transaction, which contemplates the acquisition of more than 40 ports globally, an opportunity considered rare in the sector.
The consortium also includes the fund Global Infrastructure Partners (GIP)from the American firm BlackRock, as well as Terminal Investment Ltd., linked to the Italian businessman Gianluigi Aponte.
However, progress in negotiations could take time due to the complexity of the agreement and the need for regulatory approvals in both China as in USA. In addition, details about the consortium structure have not yet been defined and could change.
One of the points that generates uncertainty is whether the operation includes two ports located in the vicinity of the Panama Canal. This, after the Supreme Court of Justice of Panama declared unconstitutional the contract that allowed CK Hutchison to operate the Balboa (on the Pacific) and Cristóbal (on the Atlantic coast) terminals. This is the ruling of January 29, 2026, which declared unconstitutional Law 5 of 1997, which adopted the concession contract agreed between the Maritime Authority of Panama and PPC, a company in which the Panamanian State has a 10% shareholding.
POLITICAL TENSION
The possible agreement occurs in a context of high political tension.
According to Bloomberg Linethe issue has been a point of friction between Beijing and Washington, especially because of BlackRock’s participation in the transaction, which has generated objections from the Chinese government.
In parallel, Panama’s decision to invalidate the port contract at the beginning of this year led to arbitration actions by CK Hutchison and a reaction from Beijing, which instructed state companies to suspend new project negotiations in the country.
The operation, valued at more than $19 billion, also faces obstacles related to Cosco’s role within the consortium, including possible veto rights and the need to comply with regulations in multiple jurisdictions.
However, the scenario could change with the next scheduled meeting between the president of the United States, Donald Trump, and his Chinese counterpart, Xi Jinping, which has generated expectations of a possible political breakthrough that will facilitate the closing of the agreement.
(Read also: China accepts judicial procedure for port conflict and seeks to reduce tension with Panama)
