Can China buy Panama's ports? Decoding the Strategic Game of Balboa Port 巴拿马的港口，能卖给中国吗？解码巴尔博亚港的战略博弈

Can China buy Panama's ports? Decoding the Strategic Game of Balboa Port

巴拿马的港口，能卖给中国吗？解码巴尔博亚港的战略博弈

When Hong Kong’s tycoon, Li Ka-shing, announced plans to sell core assets of his global port operations—including the ports at both ends of the Panama Canal (Balboa Port and Cristóbal Port)—this seemingly routine commercial transaction instantly escalated into a focal point of geopolitical rivalry. As a critical juncture for 6% of global maritime trade, Who will ultimately own Balboa Port or Cristobal Port? This could reshape the maritime power map of the 21st century.

当富豪李嘉诚计划出售全球港口业务核心资产，其中涉及巴拿马运河两端的港口（巴尔博亚港、克里斯托瓦尔港）时，这场看似普通的商业交易瞬间升级为大国博弈的焦点。作为全球 6% 海运贸易的必经之地，巴尔博亚港与克里斯托瓦尔港最终归属谁？这可能重塑 21 世纪的海洋权力版图。

For China, the second-largest user of the Panama Canal (with 21% annual transit volume), losing influence over these ports could increase shipping costs to Latin America by 15–20% and destabilize supply chains.

中国作为巴拿马运河运河第二大用户（年通行量 21%），若失去对运河两端港口的影响力，可能导致中国至拉美货物运输成本增加 15-20%，供应链稳定性面临挑战。

Why are Panama's ports so important? In this article, we delve into the details of Panama's ports, focusing on Balboa Port to analyze various aspects of the port.

巴拿马的港口为什么这么重要？本期我们深入探究巴拿马港口情况，以巴尔博亚港为例，重点分析该港口的各方面情况。

I. Strategic Position and Regional Linkage

一、战略定位与区域联动

Strategic Geographical Value at the Throat of the Pacific

Balboa Port (Balboa Port) is the second-largest port in Panama, located at the southern entrance of the Panama Canal, with geographical coordinates of 8°58'N latitude and 79°32'W longitude, just 3 kilometers away from Panama City. Serving as both a transshipment port for the Panama Canal and a commercial port for Panama City, its location is of great significance.

Image Credit：Internet

图源网络

The Panama Canal connects the Pacific and Atlantic Oceans and is an important node on the shipping route from Asia to the east coast of the United States. Balboa Port has close economic, trade, and transportation links with countries such as Colombia, Peru, Ecuador, and Mexico, with its strategic influence covering:

• West: Buenaventura Port, Colombia (280 nautical miles)
• South: Callao Port, Peru (1,200 nautical miles)
• East: Guayaquil Port, Ecuador (450 nautical miles)
• North: Manzanillo Port, Mexico (1,800 nautical miles)

太平洋咽喉的地缘价值

巴尔博亚港（Balboa Port）是巴拿马的第二大港，位于巴拿马运河南口，地理坐标北纬 8°58'，西经 79°32'，距离巴拿马城仅3公里。它作为巴拿马运河的转运港和巴拿马城的贸易商港，地理位置重要而独特。

巴拿马运河连接着太平洋和大西洋，是亚洲到美国东海岸航线的重要节点，巴尔博亚港更是与哥伦比亚、秘鲁、厄瓜多尔、墨西哥等国家在经济、贸易和交通上有着密切的联系，其战略辐射范围覆盖：

西部：哥伦比亚布埃纳文图拉港（280 海里）

南部：秘鲁卡亚俄港（1200 海里）

东部：厄瓜多尔瓜亚基尔港（450 海里）

北部：墨西哥曼萨尼约港（1800 海里）

Dock and Port Area Functional Division

锚地及港区功能划分

• Oil Tanker and Bulk Cargo Ship Loading and Unloading Area

The port area has three protruding wharves extending towards the canal, each containing four berths, specifically for the loading and unloading operations of oil tankers and bulk cargo ships. The berths have a depth of 9.4–12.4 meters, capable of accommodating ships of different tonnages.

• ‌油轮与散装货船装卸区‌

港区内设有3个向运河延伸的突堤码头，每个突堤包含4个泊位，专门用于油轮、散装货船等大宗货物的装卸作业‌23。 泊位水深为9.4–12.4米，可适应不同吨位的船舶需求‌。

• Ship Repair Yard and Supporting Wharf

Located in the middle of the east side of the port area, occupying berths No. 8–14, equipped with ship repair facilities, providing ship maintenance, repair, and technical transformation services. Through technological upgrades and sustainable development strategies, the port's international competitiveness has been enhanced.

• ‌修船厂及配套码头‌

位于港区东岸中部，占据第8–14号码头，配备修船设施，提供船舶维护、修理及技术改造服务‌。 该区域通过技术升级和可持续发展战略，提升了港口的国际竞争力‌。

• Container Terminal

Berth No. 7 has three container-dedicated berths, supporting efficient container loading and unloading and transshipment, serving as an important node for freight between the Atlantic and Pacific Oceans. As a canal transshipment port, this area undertakes the function of international trade goods distribution.

• ‌集装箱码头‌

第7号码头设有3个集装箱专用泊位，支持高效率的集装箱装卸和转运，是连接大西洋与太平洋货运的重要节点‌。 作为运河转运港，该区域承担国际贸易货物的集散功能‌。

• Comprehensive Cargo Loading and Unloading and Supply Area

Distributed on both sides of the ship repair yard are the wharf groups (berths No. 4, 6, 15, 16, and 18), totaling 17 berths, used for the loading and unloading, transshipment, and fuel and supply replenishment of ocean-going vessels. The port area is equipped with a complete railway and highway network to ensure smooth logistics.

• ‌综合货物装卸与补给区‌

分布在修船厂南北两侧的码头群（第4、6、15、16、18号码头），共计17个泊位，用于远洋船舶的货物装卸、转运及燃料、物资补给‌。 港区配备完善的铁路和公路网络，保障物流畅通‌。

• Canal Safety Inspection Anchorage

The anchorage outside Balboa Port on the Pacific side is the core area for the safety inspection of the Panama Canal. After anchoring, ships need to undergo a comprehensive safety inspection by the canal authorities to ensure they meet navigation standards. Ships entering the breakwater on the Atlantic side also need to undergo joint inspection, forming a dual-end linked safety control system. 

• ‌运河安全检查锚地‌

太平洋侧的巴尔博亚港外锚地为巴拿马运河安全检查的核心区域，船舶抛锚后需接受运河当局的全面安检，确保符合通航标准‌。大西洋侧船舶进入防波堤后亦需接受联检，形成双端联动的安全管控体系‌。

• Free Trade and Logistics Linkage Zone

Benefiting from the extended influence of the Colon Free Zone (on the Atlantic side), Balboa Port, relying on its canal hub status, promotes duty-free transshipment trade and integrated logistics services, strengthening regional economic linkage.

These functional areas, through specialized division of labor and collaborative operation, make Balboa Port a comprehensive hub port in the Panama Canal area with complete facilities and diverse functions.

Through a canal railway about 80 kilometers long, Balboa Port at the south end is linked with Colon Port at the north end to form a "Pacific - Atlantic" rapid logistics corridor. Meanwhile, as the Pacific end point of the Pan-American Highway, it connects the highway network of seven Central American countries, covering a consumer population of 230 million.

• ‌自由贸易与物流联动区‌

毗邻科隆自由区（大西洋侧）的延伸影响，巴尔博亚依托运河枢纽地位，推动免税转口贸易及综合物流服务，强化区域经济联动‌。

以上功能区通过专业化分工与协同运作，使巴尔博亚成为巴拿马运河区设备完善、功能多元的综合性枢纽港。‌

通过总长约 80 公里的运河铁路，南端的巴尔博亚港与北端的科隆港实现 "双港联动"，形成 "太平洋 - 大西洋"快速物流走廊。同时，作为泛美公路太平洋端点，连接中美洲 7 国公路网，覆盖 2.3 亿消费人口。

II. Natural Conditions and Sustainable Development

Hydrological Characteristics

The tidal range at the Pacific entrance of the Panama Canal is about 5-6 meters, and it has a tropical climate with a rainy season from May to November and abundant rainfall. These natural conditions give Balboa Port potential for expanding the berthing of large ships and increasing cargo throughput.

二、自然条件与可持续发展

水文特征

• 雨季影响：巴拿马运河的太平洋入口处的潮差约为5-6米，属于热带气候，5月至11月为雨季，雨量充沛。这些自然条件使得巴尔博亚港在拓展大型船舶停靠、增加货物吞吐量等方面具备潜力。

III. Regional Game

三、区域博弈

Geopolitical Rivalry

地缘政治角力

U.S. Strategic Layout: If the sale is successful and the BlackRock consortium takes over, it is highly likely that 60% of Balboa Port's container business will be diverted to U.S. East Coast ports. This could lead to Chinese ships to Latin America having to detour around the Strait of Magellan, increasing the voyage by 3,000 nautical miles.

• 美国战略布局：如果出售成功，贝莱德财团接手后，极有可能将巴尔博亚港 60% 的集装箱业务转向美国东海岸港口，可能导致中国至拉美航线绕行麦哲伦海峡，航程增加 3000 海里。

Back to the theme of this article, can't China buy Panama's ports? Industry insiders explain that the Panama project of Hutchison Ports is held through a Cayman Islands company. China has no extraterritorial jurisdiction and it is difficult to obtain support from the Panamanian government. What's more, the U.S. Committee on Foreign Investment in the United States (CFIUS) has already listed the ports as "critical infrastructure."

回到本文主题，中国不能买巴拿马的港口吗？业内人士说明，和记港口的巴拿马项目通过开曼群岛公司控股，中国既没有治外法权，也很难获得巴拿马政府支持。更棘手的是，美国外国投资委员会（CFIUS）已将港口列入"关键基础设施"清单。

However, this is not without a turning point. The roundabout approach has had a successful precedent in the acquisition of Piraeus Port in Greece. In 2015, when China acquired Kumba Port in Turkey, it creatively adopted a "51% equity + 49% profit rights" model. Some experts also suggest that it is possible to jointly establish an investment fund with ASEAN countries to intervene as a third party.

虽然这并非毫无转机，“曲线救国”策略在希腊比港收购中有过成功先例，2015年中国收购土耳其昆波特港时，就创造性采用"51%股权+49%收益权"模式，也有专家建议，可以可联合东盟国家成立投资基金，以第三方身份介入。

But some scholars point out that when global capital encounters national interests, pure business logic will fail. Therefore, the ownership of the two ports in Panama is still in a game of strategy.

但是也有学者说明，如果资本全球化遭遇国家利益，单纯商业逻辑就会失效，所以巴拿马两个港口的归属至今还在博弈中。

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E-PORTS为巴尔博亚港提供全面服务，重点业务包括装卸货物、过运河、备件、加油、清船坞等。如需了解更多巴尔博亚港详细相关港口政策及费用预测，可联系我们：

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Email：contact@e - ports.com