China detaining Panama-flagged ships amid battle over port control, FMC says [Yahoo! Finance]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Yahoo! Finance
Federal Maritime Commission (FMC) said on Thursday it is closely monitoring a surge in detentions of Panama-flagged vessels in China that ?appears tied to a Panama court ruling against Hong Kong-based CK Hutchison. Panama's Supreme Court in ?late January invalidated the legal framework supporting the 1997 concession granting CK Hutchison's Panama Ports Company the right to operate the ?Balboa and Cristobal terminals on the Pacific and Atlantic sides of the Panama Canal. China has said it firmly opposes the ruling against Hutchison's port concessions, calling it an "act of bad faith". Following the ruling, the Panamanian government appointed U.S. subsidiaries Maersk APM Terminals and Mediterranean Shipping Company's (MSC) Terminal Investment Limited as interim operators under 18-month ?agreements. The cancellation followed mounting U.S. pressure ?to curb Chinese influence around the strategic canal, which handles about 5% of global maritime trade. Commissioner Laura DiBella,
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