{"id":124766,"date":"2026-03-16T13:57:54","date_gmt":"2026-03-16T16:57:54","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/899817912"},"modified":"2026-03-16T13:57:54","modified_gmt":"2026-03-16T16:57:54","slug":"panama-asks-chinese-shipping-giant-cosco-to-return-to-the-canal","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/03\/16\/panama-asks-chinese-shipping-giant-cosco-to-return-to-the-canal\/","title":{"rendered":"Panama Asks Chinese Shipping Giant Cosco to Return to the Canal"},"content":{"rendered":"

PANAMA CITY \u2013 Panama\u2019s government on March 13 asked Chinese shipping giant Cosco to reconsider its suspension of operations at a Panama Canal port, the latest fallout from an ongoing disagreement between the US and China over the waterway\u2019s oversight.  Earlier this week, state-owned Cosco, which owns one of the world\u2019s largest tanker fleets, said it would suspend operations at the Balboa port after a court annulled a contract that had allowed a subsidiary of Hong Kong-based CK Hutchison Holdings to operate two terminals in the canal since 1997. The Panamanian authorities took back control of the trans-oceanic waterway on Feb 23, and Minister for Canal Affairs Jose Ramon Icaza told reporters \u201cthe Cosco issue really took us a bit by surprise\u201d. <\/p>\n

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China had threatened Panama with payback after the court\u2019s decision.  \u201cCosco\u2019s cargo is certainly important for Panama and we hope they reconsider the decision not to use the port of Balboa,\u201d Mr. Icaza said.  He added that Cosco\u2019s cargo \u201caccounts for 4 per cent of the port\u2019s throughput; it is a significant volume and we hope it will eventually return\u201d.  Almost 10 million containers passed through Panama\u2019s ports in 2025.  The Central American country has been swept up in broader tensions between Washington and Beijing, with US President Donald Trump claiming in 2025, without providing evidence, that China effectively runs the canal.  Panama has always denied Chinese control over the 80km waterway, which is used mainly by the US and China. <\/p>\n

Panama Received $160 Million over 30 Years for its Equity Stake in PPC<\/strong><\/p>\n

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PPC operated Balboa and Crist\u00f3bal for almost 30 years, until February 23, 2026.<\/strong><\/p>\n

For nearly 15 years, Panama Ports Company (PPC) paid no dividends on the 10% stake held by the Panamanian state. It didn\u2019t pay a single cent. But then, one day, it generously appeared with a couple of checks totaling $150 million in contributions. That happened on May 21, 2021.  As if it were a sudden act of enlightenment, six days later, the board of directors of the Panama Maritime Authority (AMP) declared itself in permanent session to discuss the continuation of the concession that had been granted to PPC through contract law 5 of January 16, 1997. <\/p>\n