CK Hutchison Holdings Ltd. has commenced arbitration against A.P. Moller-Maersk A/S after Panama’s forced takeover of its two ports in the country, intensifying a legal battle over control of the assets. The arbitration, filed by CK Hutchison’s local unit Panama Ports Co. , will be heard in London and is separate from its over $2 billion damages claim against the Panamanian government, the company...
CK Hutchison Holdings Ltd. has commenced arbitration against A.P. Moller-Maersk A/S after Panama’s forced takeover of its two ports in the country, intensifying a legal battle over control of the assets. The arbitration, filed by CK Hutchison’s local unit Panama Ports Co. , will be heard in London and is separate from its over $2 billion damages claim against the Panamanian government, the company said in a statement Wednesday. CK Hutchison, founded by Hong Kong billionaire Li Ka-shing , didn’t specify its claims against Maersk, whose unit APM Terminals was appointed by Panama as interim operator of one of the contested ports. The move escalates the dispute over the Balboa and Cristobal ports along the strategic Panama Canal, which has become a proxy in US-China rivalry. Beijing has warned of a “heavy price” after the Central American country annulled CK Hutchison’s contract under pressure from President Donald Trump . The ports are part of CK Hutchison’s broader attempt to sell 43 global terminals to a consortium backed by US investment firm BlackRock Inc. for more than $19 billion in cash. The plan, announced in March last year, angered Beijing, which viewed it as bowing to US pressure. To gain China’s approval, CK Hutchison later invited state-owned China Cosco Shipping Corp. into the consortium, which also includes Italian billionaire Gianluigi Aponte ’s MSC Mediterranean Shipping Co. After Panama’s takeover of the two ports, Beijing has asked state firms to halt talks over new projects in the country, and advised shipping companies to reroute cargo where feasible, Bloomberg reported in February. Cosco has suspended services at Balboa, while the US accused China of harassing and detaining Panama-flagged ships — allegations Beijing has denied. Read More: CK Hutchison Looks to Trump-Xi Summit as Ports Deal Drags On CK Hutchison’s deal is now in a limbo, with stakeholders hoping for a political breakthrough, such as a potential meeting between Trump and China’s lea...
Shipowners are scrambling to understand the fine print in a ceasefire that could temporarily open up the Strait of Hormuz, hoping to take advantage of a potential window to extract more than 800 ships trapped in the Persian Gulf. The near-closure of the vital waterway for weeks has created an unprecedented global energy supply crunch, as Iran tightened its control in the aftermath of US and Israel...
Shipowners are scrambling to understand the fine print in a ceasefire that could temporarily open up the Strait of Hormuz, hoping to take advantage of a potential window to extract more than 800 ships trapped in the Persian Gulf. The near-closure of the vital waterway for weeks has created an unprecedented global energy supply crunch, as Iran tightened its control in the aftermath of US and Israeli strikes. Unable to guarantee the safety of thousands of seafarers and their cargoes after multiple attacks, vessels have instead been loitering on either side and traffic has slowed to a trickle. Hours before a deadline set by US President Donald Trump ran out, the two sides on Tuesday agreed a ceasefire in exchange for a reopening of the strait. Details remain murky, though: Iran says it has agreed to two weeks of safe passage in coordination with its armed forces and within “technical limitations” , while Trump announced a “COMPLETE, IMMEDIATE, and SAFE OPENING”. It is unclear if the two have settled on payments . For shipowners, however, the news has been enough to prompt cautious optimism. The Japanese Shipowners’ Association, a major industry group, was among those which said it would check the details of the US-Iran agreement before relaying information. Most, however, warned that more clarity would be required for ships to move, and even in the best case flows would take time to resume. In peacetime, some 135 ships transit daily, a figure that has shrunk dramatically. “You don’t switch global shipping flows back on in 24 hours,” said Jennifer Parker, adjunct professor at the University of Western Australia Defence and Security Institute. “Tanker owners, insurers and crews need to believe the risk has actually reduced — not just paused.” Ships that transport energy make up a large part of the fleet that’s stuck inside the gulf, data from Kpler show. There are currently 426 tankers hauling crude oil and clean fuels, plus 34 liquefied petroleum gas carriers and 19 liq...
Mona Yacoubian, Director and Senior Adviser of the Middle East Program at the Center for Strategic and International Studies, discusses the two-week ceasefire between the US and Iran that’s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz. She speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)
Mona Yacoubian, Director and Senior Adviser of the Middle East Program at the Center for Strategic and International Studies, discusses the two-week ceasefire between the US and Iran that’s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz. She speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)
The abortion pill mifepristone must undergo a safety review by the FDA, the judge said. Louisiana's case seeking to ban its use through telemedicine will proceed after that review. (Image credit: Anna Moneymaker)
The abortion pill mifepristone must undergo a safety review by the FDA, the judge said. Louisiana's case seeking to ban its use through telemedicine will proceed after that review. (Image credit: Anna Moneymaker)
Vivek Dhar, Head of Commodity and Sustainability Research at the Commonwealth Bank of Australia, discusses the outlook for commodities as oil plunged and gold advanced after the US and Iran agreed to a two-week ceasefire. He speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)
Vivek Dhar, Head of Commodity and Sustainability Research at the Commonwealth Bank of Australia, discusses the outlook for commodities as oil plunged and gold advanced after the US and Iran agreed to a two-week ceasefire. He speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)