Jul 28, 2025 - Business

BlackRock's Panama ports deal gets more complicated

Dan Primack

Illustration of a row of shipping containers falling like dominoes. — Illustration: Shoshana Gordon/Axios

CK Hutchinson of Hong Kong on Monday said that it plans to add a "major strategic" Chinese investor to its $22.8 billion ports deal with BlackRock, adding that an exclusive negotiating period between the two firms has expired.

Why it matters: This complicates March's landmark agreement that would transfer control of 43 ports in 23 countries, including two in Panama that President Trump has threatened to retake by force.

State of play: China called Hutchinson's initial deal a "betrayal," and today's announcement appears aimed at securing Beijing's approval.

The company didn't provide many additional details, except to say talks are ongoing, but the FT reports that state-owned shipper Cosco is the unnamed investor.

Zoom in: BlackRock's initial agreement was bifurcated between the Panama ports and all the rest, although the entire package is currently on hold. Don't be surprised if Cosco, or another PRC-tied investor, only buys into the non-Panama piece.

Talks are ongoing, and it appears that Hutchinson was required to let the exclusive negotiating period expire in order to introduce a new investor.
Even if a deal were announced shortly, it could take years to close.

The bottom line: It wasn't hard to foresee that this deal would hit some major hurdles.

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BlackRock's Panama ports deal gets more complicated

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