A subsidiary of Hong Kong-based company CK Hutchison has launched arbitration proceedings against the Danish shipping giant Maersk over the takeover of two ports at either end of the Panama Canal, which were at the heart of a power struggle between Washington and Beijing.
In an April 7 statement, Panama Ports Company (PPC) said Maersk broke a long-term contract in February, when it sided with the Panamanian government to help remove it from the Port of Balboa.
The Panamanian government’s move reversed concessions for the Balboa and Cristobal terminals held by PPC, a unit of CK Hutchison Holdings, which had managed the ports for 30 years….
Hong Kong Company Seeks Arbitration Against Maersk Over Panama Port
