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The Panamanian government seized two ports at the entrances of the Panama Canal on Monday according to a Hong Kong-based company that has operated them for decades, a move triggered by a final Supreme Court ruling that declared the company’s concession unconstitutional.

CNBC

Panama annulled key port contracts held by a subsidiary of Hong Kong-based CK Hutchison in its official gazette Monday, transferring interim operations of the ports to Danish shipping giant A.P. Moller-Maersk and Swiss-based Mediterranean Shipping Co.

The notice formalized a Supreme Court ruling last month that the concessions for the Balboa and Cristobal terminals near the Panama Canal, which Panama Port Company (PPC), a subsidiary of CK Hutchison, had held for more than two decades, were unconstitutional.

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