Chinese shipping giant COSCO Shipping has halted operations at the Balboa port, which serves as the entrance to the Panama Canal, according to local newspaper La Prensa. The company has instructed clients to return empty containers to either the Manzanillo International Terminal or the Colon Container Terminal in Colon province.
COSCO did not clarify the reasons behind the suspension or whether it is a temporary or permanent measure. This decision follows a recent ruling by Panama’s Supreme Court that annulled significant port contracts held by the Panama Ports Company (PPC), a subsidiary of Hong Kong’s CK Hutchison.
In response to the situation, APM Terminals, part of Maersk, has started temporary operations at Balboa, which are expected to last for up to 18 months.
The implications of COSCO’s decision and the court ruling are still unfolding, and further updates are awaited to understand the full impact on shipping operations in the region.
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