Hutchison Whampoa Says It Will Not Control Canal

Monday, December 06, 1999
Hong Kong tycoon Li Ka-shing dismissed suggestions that his company Hutchison Whampoa Ltd. would control the Panama Canal when it begins operating container ports at each end of the strategic waterway. Li was responding to remarks by President Bill Clinton, who said last week that he did not expect any adverse consequences from "the Chinese running the canal". "We cannot possibly control the canal," Li said. "We are only an operator of container ports there." Li has strong ties to China. U.S. lawmakers have expressed concerns that this could eventually give China effective control of the 51 mile (82 km) long canal once the U.S. military pulls out. The Clinton administration has repeatedly assured them that China will not take it over. Li noted the container ports were for loading, unloading and storing cargo and had no role in operating the canal. Hutchison, with port operations around the world, won a 25-year lease to run the Panama cargo ports after the United States cedes control of the waterway on Dec. 31. "We are not even the largest operator in Panama, compared with some of the Americans and Taiwan operators," Li said. "We are running a container port business, which has nothing to do with the operation of the Panama Canal." Britain returned Hong Kong to China in July 1997, and the Asian financial center became a Special Administrative Region of China. It was granted 50 years of autonomy for its capitalist economy and British common law system. But the thought of having a Hong Kong-listed blue chip firm involved in Panama cargo operations has caused alarm among some members of the U.S. Congress, who fear Hutchison could put a strangle-hold on the canal.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1453 sec (7 req/sec)