CK Hutchison is considering restructuring the sale of its terminal operations across 43 ports in 23 countries, including Panama Canal facilities, reports Fort Lauderdale's Maritime Executive.

The company had announced in March 2025 a US$22.8 billion deal with BlackRock and MSC's Terminal Investment Limited (TiL), but negotiations collapsed after China objected, saying billionaire Li Ka-shing's firm was betraying national interests.

The original plan gave BlackRock the largest share of Panama terminals, with TiL leading investments elsewhere, while Hutchison retained Chinese operations. China demanded participation, later insisting state-owned Cosco hold a majority stake and veto rights.

Hutchison had expected to finalise terms for Panama by April 2025, but talks stalled. The lock-up granted to BlackRock and TiL expired in July, and by December Bloomberg reported negotiations were at an impasse.

Sources now say Hutchison may break the portfolio into smaller parcels, a structure China has signalled would be acceptable. Cosco would take control of terminals in regions critical to China's trade strategy.

Cosco Shipping Ports reported operating 375 berths at 39 ports globally at the end of 2024, including 226 container berths with capacity of about 124 million TEU.

Bloomberg noted mounting geopolitical headwinds as Donald Trump presses US interests in Latin America and challenges China. The Panama Canal remains the focal point, with BlackRock initially positioned to counter claims that China controlled the waterway.