The Panama Canal Authority has met key industry players ahead of tendering its US$2.6 billion plan to build two new port terminals, a move that a veteran Hong Kong political analyst says could ease an intense US-China rivalry over the waterway by diversifying the ownership of its strategic assets.
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The consultation, announced by the authority on Monday, came as the separate multibillion-dollar sale of CK Hutchison’s existing port stakes remained stalled amid broader frictions between the United States and China.
The authority said it had “launched a consultation process with representatives of the maritime industry to identify potential partners” for Corozal terminal on the Pacific side and Telfers terminal on the Atlantic side.
The list of invitees to the initial working meeting included China’s Cosco Shipping Ports and Terminal Investment Limited (TiL), the two companies central to the earlier stand-off over the CK Hutchison deal.
The deal involved TiL, an affiliate of MSC, leading a consortium with US-based BlackRock to acquire the existing concessions from Hong Kong’s CK Hutchison. The sale was viewed favourably by Washington but faced strong resistance from Beijing, which reportedly sought the inclusion of state-owned Cosco.
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The new consultation for new assets was held amid the fraught negotiations. The authority said its market engagement involved companies such as APM Terminals, DP World and PSA International, as well as shipping lines including Maersk Line, MSC and Cosco.