Panama's President Denies Alliance with Maersk

Panama's President José Raúl Mulino denied allegations of an alliance with the Danish company Maersk to revoke the concession for the Balboa and Cristóbal ports, as claimed by Panama Ports Company (PPC). "We have not aligned with anyone on this matter. We have complied with what the Constitution and law required, and we will continue to do so," he reiterated. Mulino explained that Panama has a significant responsibility regarding the arbitration proceedings in New York courts, and everyone, including himself, must be cautious not to make statements that could affect future decisions. "The Government of Panama has complied with a ruling from the Supreme Court." After the court's decision, there is no contract in place, but a temporary operation of up to 18 months, during which an operator in each port will manage operations under a contract, while preparing the terms and conditions for a new bidding process. He clarified that this is not an expropriation or anything similar, and that this adverse outcome scenario was anticipated in the analyses, demonstrating to the world that Panamanians can achieve great things. The president also noted that 100% of the personnel handling cargo in the ports are Panamanian citizens. Regarding PPC's lawsuit against Maersk, Mulino declined to comment, stating that it would be the legal spokespeople who would have to address the matter appropriately.