Panama Ports Company, the subsidiary, alleges that Maersk sought to pave the way for a new operator affiliated with Maersk to take over the Balboa terminal, according to the company. This dispute follows Panama's government seizing control of the Balboa and Cristobal ports in February after the country's Supreme Court declared a concession allowing Panama Ports Company to run the ports unconstitutional, multiple reports indicate. The Panamanian government later allowed subsidiaries of Maersk and the Mediterranean Shipping Company to take over operations at the two ports, sources said.
Panama Ports Company started arbitration proceedings against Panama in February and expanded its claims in late March, saying damages have escalated beyond $2 billion, according to reports. The claim against Maersk is separate from Panama Ports Company's ongoing steps to hold Panama accountable for what it called anti-contract and anti-investor conduct, a spokesperson confirmed. Neither Panama's government nor Maersk immediately commented, multiple reports indicate.
S. investment firm BlackRock in a $23 billion deal, sources said. S.
President Donald Trump, who has alleged Chinese interference with the critical shipping lane's operations, according to reports. The planned sale apparently angered Beijing, and China's antitrust regulator last year said it would initiate a review of the deal, multiple reports indicate. The parties involved in the deal have since been looking for ways to move forward with the sale, including considering plans to add a Chinese investor to the consortium, sources said.
The specific remedy Panama Ports Company is seeking in the arbitration against Maersk has not been disclosed, and the current status of the arbitration proceedings against Panama and Maersk remains unclear.