Hong Kong’s CK Hutchison Holdings Limited (CKHH) said on Tuesday that its subsidiary Panama Ports Company, S.A. (PPC) has started arbitration proceedings against Maersk A/S (Maersk) after Panama’s takeover of the PPC port terminals in Panama.

The proceedings will take place in London and are separate from a $2bln damages claim that the company has filed against Panamanian authorities, the company said on Tuesday.

The arbitration will be held in London, PPC said, adding that the claim against Maersk is distinct from and without prejudice to ongoing steps by PPC to hold Panama to account for its anti-contract and anti-investor conduct.

“Maersk undermined the contract and aligned with the Republic of Panama in connection with its State campaign against PPC and scheme to replace it through a takeover that installed new port operators,” said Panama Ports Company that operated the terminals.

“PPC will vigorously pursue its claims in the Maersk arbitration and its claims against Panama, as well as other rights and remedies,” it added.

In a statement Tuesday, PPC – which operated the Balboa and Cristóbal port terminals – accused Panama of expelling the company from port operations, taking over the port terminals and entering into a pre-arranged concession contract, as it said, for the Balboa terminal with a new operator that is affiliated with Maersk.

The move followed a ruling earlier this year by a top court in Panama declaring the concession granted to Panama Ports Company to operate the ports at the Panama Canal “unconstitutional” – terminals it had managed under the concession contract since 1997.

The legal fight has ​become part of a broader diplomatic and commercial dispute following Panama’s cancellation of the concession in line with a Supreme Court ruling in late February.

CK Hutchison described the takeover of the terminals as ‘unlawful’ with PPC expanding its claims against Panama based on damages that have now escalated, as it said, beyond $2bln. The company supplemented its claims in a filing on March 24, 2026.