Blackrock, Buyer Of Hong Kong Hutchison's Panama Ports, In The Eye Of The Storm

(MENAFN- Newsroom Panama) Hong Kong conglomerate CK Hutchison's decision to sell its stakes in the Panama Canal ports has incurred the wrath of Beijing and thrust American buyer BlackRock into the spotlight. The central government showed its displeasure last week by reposting on its websites scathing newspaper commentaries questioning the sale, which would give BlackRock control of the two ports in the canal and 41 others across 23 countries. The deal will mean the US asset manager paying US$23 billion and the Li Ka-shing subsidiary walking away with US$19 billion in cash. In other Maritime news:

The Federal Maritime Commission is gathering information about seven international maritime chokepoints to identify any regulations, policies, or practices that create unfavorable shipping conditions. The seven chokepoints being examined are: the Panama Canal, the Northern Sea Passage, the English Channel, the Malacca Strait, the Singapore Strait, the Strait of Gibraltar, and the Suez Canal. The review is initiated with an opportunity for public participation through a 60-day comment period. The Commission is specifically interested in responses from foreign governments, container shipping companies, vessel owners, bulk cargo operators, and tramp operators to six specific questions listed in the Federal Register notice announcing this action.

The move is one of several taken recently by the Trump administration related to the global maritime industry, including a U.S. Trade Representative proposal aimed at curbing China's dominance of the shipbuilding industry. The Panama Canal recently caused long wait times and costly disruptions for shippers due to its vulnerability to drought. In addition to the risk of political instability or disruption at the canal, Panama has one of the largest ship registries, with 8,000 vessels reportedly registered under the country's flag. The FMC said measures it could take“to address conditions unfavorable to shipping in U.S. foreign trade include refusing entry to U.S. ports by vessels registered in countries responsible.”

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