In the 15th century, Zheng He made seven voyages to the West, connecting the Maritime Silk Road with silk and porcelain; in the same period, Venetian merchants used gold coins and spices to weave a trade empire in the Mediterranean. More than 600 years later, the "Golden Waterway" Panama Canal of "Superman Li" Li Ka-shing has become a stage for great power games.

Late at night on March 4, Li Ka-shing's Cheung Kong Hutchison Holdings Limited (00001.HK) announced in the Hong Kong Stock Exchange that it had reached a principle agreement with a consortium led by BlackRock to sell its core assets of global port business, including 90% of the shares of Panama Ports Corporation.

The transaction involves 43 ports in 23 countries in Asia, Europe and America, covering 199 berths and supporting intelligent terminal management systems, global logistics networks and other core resources, and also includes the two ports of Balboa and Cristobal located on both sides of the Panama Canal. The total valuation of the two ports by Cheung Kong Hutchison Port Holdings is $22.8 billion.

The Panama Canal is located in Panama, a Central American country. It crosses the Isthmus of Panama and connects the Pacific and Atlantic Oceans. It is known as the "World Bridge", one of the seven wonders of the world.

If a ship enters the Atlantic Ocean from the Pacific Ocean, if it detours from the southern tip of South America, the voyage will reach 15,000 kilometers and it will take a month. In addition, the climate at the southern tip and Cape En is cold, and navigation is very dangerous. It is known as the "sea cemetery". It only takes 9 hours to go through the Panama Canal, which is only 1/80 of the original route and much safer. For this reason, the Panama Canal is of great commercial value and is known as the "most expensive toll station in the world".

Data shows that cargo ships need to pay a toll of US$586,000 to pass through the Panama Canal smoothly, which is equivalent to RMB 4.25 million. The annual report released by the Panama Canal Authority shows that the net income of the Panama Canal in fiscal year 2024 (October 1, 2023 to September 30, 2024) will reach US$3.453 billion, equivalent to RMB 25 billion.

The Panama Canal carries 6% of the world's maritime trade volume. The United States is the main user of the Panama Canal, accounting for about 74% of the canal's cargo volume. China is second, accounting for about 21%.

Facing the US control of the Panama Canal, we must prepare in advance and find alternative routes. In the future, the global shipping and trade pattern will also undergo profound changes.

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