Panama: Crossroads of Empires · Episode 22 of 24 · 24 min
The Panama Port Sale That Never Closed: CK Hutchison, BlackRock, Beijing
In March 2025 CK Hutchison announced a $22.8 billion sale of 43 ports, including Balboa and Cristóbal in Panama, to a BlackRock-led consortium. Beijing moved to stop it and the sale never closed. The operator was nonetheless removed on February 24, 2026, by a Panamanian court ruling that the 1997 concession law was unconstitutional.
Who's who
- Frank SixtCK Hutchison executive director who called the sale purely commercial
- Anel FloresComptroller General of Panama; opened the audit and filed the court suits
- José Raúl Mulino+5 more episodesPanama's president; signed Executive Decree 23 occupying the terminals
- Li Ka-shingHead of the family that controls CK Hutchison
- Marco Rubio+1 more episodeU.S. Secretary of State who visited Panama on February 2, 2025
- Carlos GimenezU.S. Representative who chaired the House chokepoints hearing
Where it happens
- Balboa, Panama+1 more episodePacific container terminal held by Panama Ports Company
- Cristóbal, Panama+1 more episodeAtlantic container terminal held by Panama Ports Company
- Panama City, Panama+6 more episodesSeat of the Supreme Court that voided the concession
- Hong Kong+1 more episodeHome of CK Hutchison
Timeline
- January 16, 1997Law 5 approves the 25-year port concession
- June 23, 2021Concession extended 25 years without competitive bidding
- March 4, 2025CK Hutchison announces sale of 43 ports at $22.8 billion
- July 27, 2025Exclusivity lapses with nothing signed
- January 29, 2026Supreme Court declares Law 5 of 1997 unconstitutional
- February 24, 2026APM Terminals takes Balboa; Terminal Investment Limited takes Cristóbal
Still debated
The audit's reported loss of over $1.2 billion, or up to $1.3 billion elsewhere, rests on a report that is not public. The financial terms of the interim concessions and the 2002 contract modification are not fully documented. The Chinese regulator's warning is known only through state television.