UPDATE 1-Panama ports will operate undisrupted after CK Hutchison ruling, president says

Mulino said that ‍APM Terminals Panama, a Maersk subsidiary, has shown willingness to temporarily take over the operation of the Balboa and Cristobal terminals, following a transition period ⁠during ‌which the current ⁠operator will stay on. He said there have been discussions with several companies.

Panamanian President Jose Raul Mulino said on ‌Friday that ports in the country will operate without disruption, despite a Supreme Court decision ⁠to annul key port contracts held by a subsidiary of Hong Kong-based CK Hutchison.

The ruling on Thursday left the future operations of ​some key ports near the Panama Canal unclear. Mulino said that ‍APM Terminals Panama, a Maersk subsidiary, has shown willingness to temporarily take over the operation of the Balboa and Cristobal terminals, following a transition period ⁠during ‌which the current ⁠operator will stay on.

He said there have been discussions with several companies. About ‍the process with CK Hutchison, Mulino said during a press conference that ​he had instructed the Panama Maritime Authority to meet immediately ⁠with the Panama Ports Company to coordinate the next steps.

Mulino said there ⁠would not be any layoffs. The ruling comes amid a growing U.S.-China rivalry over global trade routes and is seen ⁠as a win for Washington, where President Donald Trump has pushed to ⁠curb ‌what he calls Chinese influence over the Panama Canal, which carries about 5% of global maritime trade.