LatinNews Daily - 24 February 2026

*Panama’s government led by President José Raúl Mulino has formally assumed control of the Balboa and Cristóbal ports on the Panama Canal which previously belonged to Panama Ports Company (PPC), a subsidiary of Hong Kong-headquartered CK Hutchison Holdings. The government’s move is in line with a 29 January supreme court (CSJ) ruling which found irregularities in the 2021 extension of the contract to PPC – a decision widely considered a victory for the US which is seeking to reduce Chinese influence in the region and which was blasted by China and CK Hutchison Holdings, which has announced plans to file arbitration proceedings in response. The Mulino government announced yesterday that as per an exceptional “occupation decree”, to guarantee the smooth operation of the ports until a new concession is awarded within 18 months, APM Terminals (APMT), a Netherlands-based subsidiary of Danish shipping company Maersk would take over control of Balboa port, and TIL Panamá, S.A, which is owned by Swiss-based  Mediterranean Shipping Company (MSC), would assume operations at Cristóbal. The Hong Kong government has responded with a statement released today (24 February) expressing “strong opposition to the Panamanian government’s forced takeover yesterday of the two Panamanian ports”, stating that it “undermines the spirit of contractual obligations”. The statement, which said that the CSJ ruling “disregarded fact and was a breach of faith”, notes that the secretary for commerce and economic development in Hong Kong, Algernon Yau, has lodged a protest with Panama’s consul general in Hong Kong.