The $22.8 billion transaction, the largest in the global container terminal sector to date, comes amid increasing political scrutiny regarding Chinese influence in critical maritime infrastructure. Notably, the deal also includes the sale of Hutchison Port Holdings’ 90% interest in Panama Ports Company, which operates the Balboa and Cristobal ports at either end of the Panama Canal.

Since December, President Trump has voiced concerns over perceived Chinese influence in Panama Canal operations and alleged discriminatory practices against the U.S., claims that the Panamanian government has strongly denied. “My administration will be reclaiming the Panama Canal, and we’ve already started doing it,” Trump stated in a recent address to Congress. “Just today, a large American company (BlackRock) announced they are buying both ports around the Panama Canal and lots of other things having to do with the Panama Canal and a couple of other canals.”

Drewry’s global terminal operator (GTO) rankings indicate that Hutchison Ports currently operates 43 maritime container terminals outside of China and Hong Kong, with a combined capacity exceeding 73 million TEUs and a throughput of nearly 47 million TEUs as of 2023.

MSC’s existing portfolio, which includes a 70% stake in TiL, full ownership of Africa Global Logistics, and various terminals in Italy through Marinvest, handled over 70 million TEUs in 2023, according to Drewry.

“The proposed deal will enable MSC to leapfrog other leading GTOs, securing the top position in global terminal operator rankings and providing the Swiss-headquartered container carrier with a truly global network of container terminals,” said Eleanor Hadland, Drewry’s Lead Analyst for Ports and Terminals.

However, regulatory hurdles may complicate the acquisition process. Key areas of concern include Panama, where TiL already holds significant interests opposite Hutchison’s operations; Rotterdam, where the deal could impact competition across Northwest Europe; and Spain, where both companies have a substantial terminal presence.

Drewry notes that the partnership builds on a longstanding relationship between MSC and Global Infrastructure Partners (GIP), now owned by BlackRock. GIP’s initial 35% stake in TiL, acquired in 2013 and currently reduced to 20%, has been crucial for TiL’s expansion.

“This deal appears to be a major win for MSC, as it secures additional capacity in several key markets,” Hadland concluded. “However, we expect the regulatory processes to extend for at least a year, and foresee competition authorities taking a particular interest in the Northwest Europe, Spain, and Panama markets.”