165.7 Billion！Li Ka-shing Sell Panama Canal Ports ：Is Colon Port Now a ‘Golden Goose’ or a ‘Hot Potato’? 李嘉诚1657亿 “抛售” 巴拿马港口，科隆港现在是 “香饽饽” 还是 “烫手山芋？

165.7 Billion！Li Ka-shing Sell Panama Canal Ports ：

Is Colon Port Now a ‘Golden Goose’ or a ‘Hot Potato’?

李嘉诚1657亿 “抛售” 巴拿马港口，科隆港现在是 “香饽饽” 还是 “烫手山芋？

Recently, Li Ka-shing's company announced that it will sell its core assets in the global port business for $22.8 billion (equivalent to approximately 165.7 billion yuan), which includes ports at both ends of the Panama Canal. This news has instantly attracted global attention.

近期，李嘉诚旗下公司发布公告，将以 228 亿美元（约合人民币1657亿元）的价格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，这一消息瞬间引发全球关注。

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According to the announcement, a basic terms agreement has been reached with the BlackRock-TiL consortium, but the final documents still need to be signed following the relevant procedures. The final documents for the Panama Ports Company transaction are expected to be signed before April 2, 2025.　　

公告中表示，与贝莱德-TiL财团已达成基本条款协议，但仍需根据相关流程，等待最终文件的签署。其中，巴拿马港口公司交易的最终文件，预计将在2025年4月2日前签署。

The Panama Canal plays a very important role in global shipping. Behind the change of ownership of the ports, there are not only commercial interests but also close connections to geopolitical competition and adjustments in global shipping strategies. This transaction prompts us to delve into the situation of the Panama ports. In this issue, we focus on Colon Port as an example to analyze various aspects of the port, including its strategic position, natural conditions, management status, and social security issues.

巴拿马运河在全球航运中占据了非常重要的位置，港口易主背后不仅涉及商业利益，更与大国博弈、全球航运战略调整等诸多因素紧密相连。此次交易促使我们深入探究巴拿马港口情况，本期以科隆港为例，重点分析该港口的各方面情况，包括其战略地位、自然条件、管理状况以及社会安全等问题。

I. Strategic Position and Hub Value of Colon Port

一、科隆港的战略定位与枢纽价值

(1) Geographical Location and Regional Connectivity

（一）地理位置与区域联动

Colon Port is located on the northern coast of Panama, at the Atlantic entrance of the Panama Canal, at 9°18' North latitude and 79°53' West longitude, adjacent to the confluence of the Caribbean Sea and the Gulf of Panama. It serves as a “golden stepping stone”connecting North and South America, with a unique geographical advantage. Its extensive coverage includes a distance of approximately 1,300 nautical miles to Miami in the north, 200 nautical miles to Cartagena, Colombia in the west, 350 nautical miles to La Guaira, Venezuela in the east, and 1,200 nautical miles to Guayaquil, Ecuador in the south. Leveraging the Caribbean shipping network, Colon Port has established trade links with over 120 countries worldwide, forming a logistics advantage of "24-hour access to major markets in Central and South America," playing a crucial role in international trade and shipping.

科隆港位于巴拿马北部沿海，地处巴拿马运河大西洋入海口，北纬 9°18'，西经 79°53'，毗邻加勒比海与巴拿马湾交汇处。它犹如连接南北美洲的 “黄金跳板”，地理位置得天独厚。其辐射范围广泛，北部与美国迈阿密相距约 1300 海里，西部距离哥伦比亚卡塔赫纳 200 海里，东部到委内瑞拉拉瓜伊拉为 350 海里，南部至厄瓜多尔瓜亚基尔达 1200 海里。借助加勒比海运网，科隆港与全球 120 多个国家建立了贸易联系，形成了 “24 小时到达中南美洲主要市场” 的物流优势，在国际贸易和航运中扮演着至关重要的角色。

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(2) Port Service Characteristics

（二）港口服务特性

Colon Port is the core transshipment hub of the Caribbean route, with several notable operational features. In terms of transshipment services, the port handles over 8 million tons of transshipment cargo annually, accounting for 65% of its total business volume. The port also boasts a comprehensive intermodal transportation system, connecting to the Pacific-side Port of Balboa via the Panama Canal Railway, achieving seamless integration of sea and land transportation.

科隆港是加勒比线的核心枢纽港，具备多项突出的运营特征。在中转服务方面，年处理中转货物超 800 万吨，占业务总量的 65%。港口还拥有完善的多式联运体系，通过运河铁路连接太平洋侧的巴尔博亚港，实现了海陆无缝衔接。

The port's transshipment merchants are typically medium to large-sized, with a focus on low-cost imports, mainly from Asia. The primary sources of supply include Mainland China (including Hong Kong, 29.5%), Taiwan (11.3%), the United States (9.7%), Japan (7.1%), Italy (4.9%), and South Korea (3.8%). The main export markets are Venezuela, Colombia, Ecuador, Panama, Guatemala, Mexico, Costa Rica, the United States, Cuba, and Brazil. However, the operating costs of Colon Port are only one-fourth of those in Miami.

科隆港内转口商通常属偏中、大型，进口量大，主要为亚洲商品，强调低价；其供货来源主要为：中国大陆（含香港，29.5％）、中国台湾（11.3％）、美国（9.7％）、日本（7.1％）、意大利（4.9％）、韩国（3.8％）；出口市场主要为委内瑞拉、哥伦比亚、厄瓜多尔、巴拿马、危地马拉、墨西哥、哥斯达黎加、美国、古巴、巴西等，但科隆港的营运成本只有迈阿密的1/4。

Moreover, Colon Port has a well-developed maritime service cluster. The annual maintenance capacity for ship repairs reaches 300 vessels, with a daily fuel supply capacity of 5,000 tons. It is also equipped with six 5,000 horsepower tugs to provide towing services. In terms of cargo handling, the port has excellent dock facilities capable of accommodating vessels up to 50,000 DWT. It is equipped with advanced equipment such as shore cranes, container cranes, and floating cranes, with the shore cranes having a maximum lifting capacity of 40 tons and floating cranes reaching 250 tons, enabling efficient cargo handling operations. Additionally, the port offers a range of value-added services, including warehousing, sorting, packaging, and distribution. The nearby free trade zone allows foreign companies to conduct transshipment business, process and manufacture goods within the zone, and export them duty-free, further enhancing the port's logistics capabilities.

此外，科隆港的海洋服务集群也十分完善。船舶维修年维护能力达 300 艘次，燃油补给日供应能力 5000 吨，并且配备 6 艘 5000 马力级拖船提供拖轮服务。在货物装卸方面，码头设施优良，最大可靠 5 万载重吨的船舶，配备有岸吊、集装箱吊、浮吊等先进设备，其中岸吊最大起重能力为 40 吨，浮吊达 250 吨，能够高效地进行货物装卸作业。同时，港口还提供货物的仓储、分拣、包装、配送等一系列增值服务，其附近的自由贸易区允许外国企业开展转口业务，将商品在区内加工、制造后免税输出，进一步增强了港口的物流功能。

Of particular note is the Colon Free Trade Zone, established in 1948 and located in the northeastern part of Colon City, initially covering an area of 49 hectares. The Colon Free Trade Zone is the largest free trade zone in the Western Hemisphere and, together with Miami, serves as a transshipment center for Central and South America. It is also the second-largest transshipment hub in the world, after Hong Kong.

当然更值得一提的是科隆自由贸易区，贸易区成立于1948年，位于科隆市东北部，初期建区面积为49公顷。科隆自由贸易区是西半球最大的自由贸易区，与迈阿密（Miami）共列为对中南美洲转口中心，同时也是全球第二大转口站，仅次于香港。

Goods imported into the free trade zone are free from quotas and import duties. Transshipment of goods is also duty-free. Moreover, companies located within the trade zone enjoy unrestricted access to export their products to the United States and Europe, with preferential tariffs. Thanks to its advantageous geographical location and favorable government policies, the annual trade volume of Colon Port has exceeded $5 billion, with nearly $10 billion in transshipment trade. In 2006, the total trade volume of the Colon Free Trade Zone first surpassed the $14 billion mark, reaching $14.56 billion, with imports and transshipment trade volumes amounting to $7.04 billion and $7.52 billion, respectively.

自由贸易区内货物进口自由，无配额限制，不缴纳进口税；货物转口自由，也不缴税。此外，设在贸易区内的企业，其产品向美国和欧洲出口不受配额限制并享受优惠关税。由于优越的地理位置加之当地政府的优惠政策，现在科隆港的年贸易额已经超过50亿美元，转口贸易额近百亿美元。2006年科隆自贸区的全年贸易总额首次突破140亿美元大关，达到145.6亿美元，其中进口与转口贸易额分别为70.4亿美元和75.2亿美元。　　

II. The Dual Impact of Natural Conditions on Sustainable Development

二、自然条件对可持续发展的双重影响

(1) Key Hydrological Parameters

（一）关键水文参数

The maximum draft of Colon Port is 14.5 meters, allowing it to accommodate vessels up to 100,000 DWT. The main channel has a depth of approximately 15 - 16 meters, capable of handling ultra-large vessels (such as New Panamax ships) with drafts of 12 - 14 meters. The average tidal range is 2.1 meters (semidiurnal tide), with the Caribbean Sea experiencing a relatively small tidal range of about 0.3 meters on average. The port has a tropical rainforest climate, with an annual rainfall of around 3,200 millimeters, concentrated in the rainy season from May to November. The rainy season in Panama (May - December) has an average annual rainfall of about 3,000 millimeters.

科隆港的最大吃水深度为 14.5 米，可停靠 10 万吨级船舶，主航道水深约 15 - 16 米，能容纳吃水 12 - 14 米的超大型船舶（如新巴拿马型船）。其平均潮差为 2.1 米（属半日潮型），加勒比海潮差较小，平均约 0.3 米。该港属热带雨林气候，年降雨量达 3200 毫米左右，集中在 5 - 11 月雨季，巴拿马雨季（5 - 12 月）年均降雨量约 3000 毫米。

(2) Sustainable Development Potential

（二）可持续发展潜力

The draft depth provides a foundation for port operations and expansion, enabling the port to accommodate larger vessels in line with the global trend of ship size increase, which is conducive to enhancing the port's cargo throughput capacity. The smaller tidal range is beneficial for stable vessel berthing and cargo handling operations, reducing the impact of tidal changes on port operations, lowering safety risks and operational difficulties during berthing and handling, and improving operational efficiency.

吃水深度为港口运营和拓展奠定了基础，能够接纳更大吨位的船舶，顺应全球船舶大型化趋势，有利于提升港口货物吞吐能力。较小的潮差有利于船舶稳定停泊和装卸作业，减少潮汐变化对港口运营的影响，降低船舶在停泊和装卸过程中的安全隐患和操作难度，提高运营效率。

However, Colon Port also faces some challenges. Compared with the new generation of deep-sea ports globally (such as Shanghai Yangshan Port with a draft of over 20 meters), there is a gap in draft depth, necessitating continuous dredging to adapt to the future development of larger vessels. Heavy rainfall during the rainy season may cause localized flooding, causing short-term disruptions to open storage areas and land transportation. Although the port has breakwaters to ensure vessel safety, it still needs to upgrade its drainage system to cope with extreme rainfall and assess the long-term threat of rising sea levels to low-lying port areas.

不过，科隆港也面临一些挑战。与全球新一代深水港（如上海洋山港20 米+）相比，其吃水深度存在差距，需持续疏浚以适应未来船舶大型化发展。雨季暴雨可能引发局部洪涝，对露天堆场和陆路运输造成短期干扰，虽有防波堤等设施保障船舶安全，但仍需升级排水系统以应对极端降雨，并评估海平面上升对低洼港区的长期威胁。

III. Governance Challenges in the Management System

三、管理体系的深层治理困境

(1) Systemic Corruption Issues

（一）系统性腐败问题

According to the Transparency International report, Panama ranked 101st out of 180 countries in the 2023 Corruption Perceptions Index, with long-standing corruption in the public sector. There are numerous problems in the management of Colon Port. For example, there is a "rush fee" of 20 - 30% in the license approval process, an implicit kickback of about 8% in dock operation fees, and a 15% inflated quotation in equipment leasing. Some freight forwarders and logistics companies have reported that port service providers charge "protection fees" from criminal gangs or corrupt officials, threatening to refuse cooperation with companies that do not comply. The management rights of public docks (such as Colon Port) are fragmented, with private contractors obtaining concession rights through political connections and extracting high management fees.

根据透明国际相关报告，巴拿马在 “透明国际” 2023 年清廉指数中排名第 101 位（涵盖180国），公共部门腐败长期存在。科隆港在港口管理方面存在诸多问题，许可证审批环节存在 20 - 30% 的 “加急费”，码头作业费中约 8% 被隐性抽成，设备租赁存在 15% 的虚假报价。部分货代和物流公司反映，港口服务端存在黑帮或腐败官员收取 “保护费”，威胁拒绝配合的企业。公共码头（如Colón Port）管理权分散，存在私人承包商通过政治关联获取特许经营权并抽取高额管理费用的情况。

(2) Impact on Efficiency

（二）对效率的影响

These corrupt practices lead to increased logistics costs, weakening the port's competitiveness. Compared with regional competitors such as Kingston Port in Jamaica, Colon Port's disadvantages are gradually becoming more apparent. Rent-seeking by bureaucrats also results in low customs clearance and handling efficiency. Some cargo owners, in order to avoid the risks of the public system, choose to switch to private terminals (such as MIT).

这些腐败行为导致物流成本增加，削弱了港口的竞争力，与牙买加金斯敦港等区域对手相比，劣势逐渐显现。官僚寻租还使得清关、装卸效率低下，部分货主为规避公共系统风险，选择转向私人码头（如 MIT）。

IV. Geopolitical and Social Security Risks

四、地缘政治与社会安全隐患

Regional Security Situation

Colon City has a poverty rate of over 30% and is adjacent to the drug trafficking routes of Colombia, making the port a transit node for drug and weapon smuggling. Criminal gangs such as "Los Trinitarios" collude with port workers. A large influx of immigrants from Venezuela and Haiti, competing for low-skilled jobs, has sparked local community xenophobia and security incidents. In 2022, the crime rate around the port reached 12.7 incidents per thousand people. The value of cargo theft cases increased by an average of 19% annually, and extortion cases involved 15% of small and medium-sized freight forwarding companies. There is a collusion between customs officers and smuggling groups, with frequent theft of containerized goods (especially electronics and textiles). Dockworkers and drivers are also subjected to extortion, and the relationship between trade unions and criminal gangs is complex, with strikes often accompanied by violent threats.

科隆市贫困率超 30%，且毗邻哥伦比亚贩毒路线，使得港口成为毒品、武器走私的中转节点。“Los Trinitarios” 等黑帮势力与港口工人勾结，大量来自委内瑞拉、海地的移民涌入，争夺低技能岗位，引发本地社群排外情绪和治安事件。2022 年港口周边犯罪率达 12.7 起 / 千人，货物盗窃案值年均增长 19%，勒索案件涉及 15% 的中小货代企业，海关人员与走私集团存在利益输送，集装箱货物（尤其是电子产品、纺织品）被盗案件频发，码头工人和司机遭勒索，工会与犯罪团伙关系复杂，罢工常伴随暴力威胁。

V. The Deep Logic of Strategic Adjustment

Li Ka-shing's sale of Panama port’s equity reflects multiple strategic considerations. Against the backdrop of changing global geopolitical situations, the extension of the United States' "Indo-Pacific Strategy" has brought regulatory pressure. By selling assets, he can hedge against geopolitical risks. From a commercial perspective, Panama port may be a non-core asset with an average return rate of less than 8%. Divesting such assets helps optimize asset allocation. Moreover, the repatriation of funds can provide financial support for the development of smart port construction, with plans to invest $15 billion over the next five years to keep pace with the global trend of port intelligence.

Regardless of the reasons, after BlackRock takes over, it may adjust the port's operational strategy to pursue higher operational efficiency and profits. This may involve upgrading port facilities and optimizing personnel structure, thereby affecting the port's operating costs. If you need to know more about the recent Panama Canal and surrounding port fee forecasts or the latest port dynamics, please contact us:

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五、战略调整的深层逻辑

李嘉诚此次出售巴拿马港口股权，折射出多重战略考量。在全球地缘政治形势变化的背景下，美国 “印太战略” 延伸带来监管压力，通过出售资产可实现地缘风险对冲。从商业角度出发，巴拿马港可能属于年均回报率低于 8% 的非核心资产，剥离此类资产有助于优化资产配置。此外，回笼资金能够为布局智能港口建设提供资金支持，计划未来 5 年投资 150 亿美元，以顺应全球港口智能化发展趋势。

无论如何，美国贝莱德财团接手后，可能会对港口的运营策略进行调整，以追求更高的运营效率和利润。此举可能涉及到对港口设施的升级、人员结构的优化等，从而影响到港口的运营成本。若需要了解近期巴拿马运河及周边港口费用预测或港口最新动态，可联系我们：

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