The stalemate that has persisted since March 2025 over the sale of terminal operator Hutchison Ports to the consortium formed by BlackRock and MSC (via Terminal Investment Limited) could be unlocked by a proposal from the seller, CK Hutchison Holdings, to create several packages of container terminals to be sold with different stakes to the consortium and to China Cosco Shipping. For now, this is market speculation reported by Bloomberg on 23 January 2026, according to which Cosco would have found this solution acceptable. The parties involved have so far declined to comment on the report.
According to the agency, Li Ka-shing, owner of CK Hutchison Holdings, which is based in Hong Kong, would be considering dividing the disposal of Hutchison Ports’ 43 terminals into several groups, each to be sold with different shareholdings reflecting the geopolitical influence of the United States and China. One possible scenario, for example, could see African terminals allocated to an entity controlled by Cosco, while terminals in the Americas would be assigned to another entity controlled by BlackRock and MSC. Bloomberg reports that the discussions, if confirmed, are still at a preliminary stage.
Initially, the plan was for the entire Hutchison Ports portfolio to be sold to BlackRock–MSC. However, Beijing subsequently exerted strong pressure on Li Ka-shing to bring Cosco Shipping into the deal as well, effectively blocking the negotiations. In the meantime, the Government of Panama has reopened the discussion on the concession of the Balboa and Cristobal terminals to Hutchison Ports and is seeking candidates to develop two additional container terminals.
