Panama City ¨C Panamanian authorities took control Monday of two ports on the Panama Canal from CK Hutchison after the Hong Kong-based conglomerate¡¯s concession was annulled amid a row between the United States and China.
¡°The Panama Maritime Authority has taken possession of its ports and guarantees the continuity of operations,¡± an official said after the Panamanian Supreme Court annulled Hutchison¡¯s contracts to operate the ports.
The court ruling was the latest legal move to ricochet through the interoceanic waterway, which handles about 40% of U.S. container traffic and 5% of world trade.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.