Despite Trump’s Criticisms, Panama Ports Post Strong Performance
Several freighters, assisted by tugboats, are entering the Panama Canal at Gatun Locks on the Atlantic side. These container ships are fully loaded with cargo heading west towards the Pacific.
Despite US President Trump’s rhetoric criticizing alleged Chinese influence over the Panama Canal, Panamanian ports have finished 2024 posting strong growth of 15.1% in container volume, for the first time in three years. Last year’s figures benefitted from the Panama Canal transit restrictions during the 2023-2024 drought that forced liners to unload and load cargo on both sides of the waterway. The US administration alluded to Chinese surveillance being enabled by the control of critical infrastructure by Chinese companies; the ports of Balboa and Cristobal are administrated by Hong Kong-based Hutchison’s subsidiary, Panama Ports Co. (PPC). Trump’s turn on Panama was not reflected in recent volume announcements, but his global tariffs may impact volumes should they come into effect.
Panama’s container ports reported a combined volume of 9.57m teu, up 15.1% compared to 8.32m teu in 2023. Container cargo transhipment accounted for 89.1% of the total cargo, while 10% corresponds to import/export boxes and 0.6% represented the total volume handled through the Colon Free Zone. On the Atlantic side, Colon Container Terminal (CCT), owned by the Taiwanese group Evergreen, posted a record 1.57m teu, up 16% compared to 2023. Next to CCT, SSA Marine MIT saw volumes grow by 3.4% to 2.71m teu, some 100,000 teu short of its own record. Cristobal, administrated by Hutchison’s PPC, increased their volume by 24.6% to 1.11m teu.
On the Pacific side, Balboa, also administrated by PPC, saw volume increase by 13.7%, to 2.63m teu. PSA-Panama posted an impressive growth of 30.9%, the highest of Panama’s terminals and its own record, with 1.39m teu. In a positive sign for 2025, first-quarter container volumes grew by 3% compared to the same period a year ago. In April, APM Terminals revealed it had purchased the Panama Canal Railway Company from CPKC and Mi-Jack. APM Terminals’ acquisition is expected to bring potential benefits such as improved operational efficiencies and enhanced service offerings. Trump’s announcement of import tariffs and other port fees — even delayed as they are at time of writing — are forcing port operators to revise their forecasts as the market faces growing uncertainty.
Michèle Labrut the writer is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America
