Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Officials search CK Hutchison offices in Panama, local media say Purchase Licensing Rights Read Next ago ANALYSIS As Trump reins in China tech curbs, Beijing's export controls come of age ago Business February 26, 202611:07 PM UTCUpdated ago By Reuters Heavy machinery unloads a container onto a truck at Panama Ports Company (PPC), in Panama City, Panama, February 4, 2026. REUTERS/Enea Lebrun/F ...

Core Viewpoint - Tallinna Sadam is hosting an investor conference webinar to present its unaudited results for Q4 and the full year of 2025, scheduled for February 26, 2026 [1] Group 1: Webinar Details - The webinar will be conducted on the Microsoft Teams platform in two languages: Estonian at 10:00 EET and English at 11:00 EET [1] - The Chairman of the Management Board, Valdo Kalm, and the Head of Investor Relations, Angelika Annus, will present the results and address questions from participants [1] - Participants are encouraged to submit questions in advance due to time limitations [1] Group 2: Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing both passenger and freight services [3] - The company operates in the shipping business through subsidiaries, including OÜ TS Laevad, which offers ferry services, and OÜ TS Shipping, which charters the multifunctional vessel Botnica for icebreaking and offshore services [3] - Tallinna Sadam is also a shareholder in AS Green Marine, which provides waste management services [3]

Group 1 - AS Tallinna Sadam and TS Laevad OÜ filed a cassation appeal in July 2025 regarding the reclassification of accusations in a criminal case, which was ultimately rejected by the Supreme Court on 2 February 2026, confirming the previous court decisions [1][2] - The courts have indicated that victims can file new claims for damages against former management board members responsible for the damages [2] - AS Tallinna Sadam has filed multiple claims against various defendants for damages totaling approximately 1,572,147 euros, including default interest [3][5] Group 2 - TS Laevad OÜ has filed a claim against Allan Kiil's legal successor and others for damages amounting to 3,152,000 euros, along with default interest [4] - The claims are linked to a criminal case that became public in August 2015, involving breaches of duties by former management board members of AS Tallinna Sadam [5] - Tallinna Sadam is one of the largest port complexes in the Baltic Sea region, providing various services including ferry operations and waste management through its subsidiaries [7]

Core Viewpoint - The decision by Panama's top court to void CK Hutchison Holdings Ltd.'s contract to operate two ports has been criticized by a pro-Beijing newspaper, which claims the ruling is influenced by US pressure and urges Hong Kong businesses to reconsider investments in Panama [1][2][3]. Group 1: Judicial Independence and Economic Implications - The ruling reflects Panama's lack of judicial independence and its readiness to accommodate US demands, as stated in a commentary from Ta Kung Pao [2]. - The two ports are part of CK Hutchison's proposed sale of 43 global facilities to a consortium that includes China Cosco Shipping Corp., Terminal Investment Ltd., and BlackRock Inc. [2]. - The newspaper calls for Panama to correct the ruling and compensate affected companies, warning that failure to do so could harm economic ties with China and diminish confidence among Chinese enterprises [3]. Group 2: Geopolitical Context and Investment Risks - The article indicates rising tensions between the US and China over the strategic Panama Canal, complicating the ports sale by CK Hutchison, which could generate over $19 billion in cash if completed [4]. - CK Hutchison's decision to invite state-owned Cosco into the buying consortium was seen as a response to US pressure, with the US Secretary of State praising the ruling as a positive development [5][4]. - The commentary suggests that the ruling poses significant risks to global business operations and serves as a warning to investors [9]. Group 3: Strategic Moves and Future Considerations - To mitigate regulatory risks, the involved parties are considering splitting the assets into separate parcels with different ownership structures, allowing Cosco to take larger stakes in ports located in more China-friendly regions [6]. - The commentary criticizes Panama for its military cooperation with the US and for withdrawing from China's Belt and Road Initiative, indicating a shift in diplomatic relations [8]. - Prior to Cosco's involvement, China had threatened investigations into the deal and instructed state-owned enterprises to cease collaboration with the Li family, highlighting the political tensions affecting business operations [10].

Core Insights - Panama's Supreme Court ruling has significant strategic implications for the U.S. and China, particularly concerning a $23 billion global ports deal [1] Group 1: Strategic Implications - The decision by Panama's Supreme Court could alter the dynamics of international relations between the U.S. and China [1] - The ruling may impact the future of a major ports deal valued at $23 billion, which involves multiple stakeholders [1] Group 2: Economic Impact - The $23 billion ports deal is crucial for enhancing trade routes and economic ties in the region [1] - Changes in the deal's status could lead to shifts in investment flows and economic partnerships [1]

Group 1: Acquisition of Global Ports - A $22.8 billion deal for a portfolio of global ports, including strategic assets near the Panama Canal, is at risk of collapse due to demands from China's COSCO Shipping Holdings for a majority stake in the acquisition [2][3][9] - The original agreement involved the BlackRock-MSC consortium acquiring 80% ownership of CK Hutchison's global port portfolio and 90% of the Panama Ports Company, but the insistence on a controlling interest by COSCO has created an impasse [3][9] - The U.S. government is reportedly opposing Chinese control of the Panama Canal, citing national and economic security concerns, which adds to the geopolitical tension surrounding the deal [3] Group 2: Public Transport Initiative in Spain - Spain's Transport Minister announced a new nationwide public transport card projected to cost the state €1.37 billion, aiming for implementation by January 2026 [4] - The initiative will allow users to travel across various modes of transport for a flat monthly fee of €60, with a reduced fee of €30 for individuals under 26 [4] Group 3: Currency Market Movements - The New Zealand Dollar increased by 0.84% to $0.5842, reaching its highest level since October 6, driven by positive economic growth data and reassessment of the Reserve Bank of New Zealand's monetary policy [5] - The Australian Dollar rose 0.6% to $0.6695, marking its highest point since September 17, as traders exhibit a "risk-on" sentiment ahead of a Federal Open Market Committee meeting [6]

"水运江苏"高效协同机制薄弱环节 □ 吴朋宋桂杰 依托长江、大运河等骨干航道与沿海、沿江港口群优势，水运已成为江苏联通内外市场、畅通产业链供 应链循环的关键纽带。在此背景下，须通过构建高效协同机制破解水运建设瓶颈，激活江河湖海联动效 能，加快构建标准更高、效益更好的现代化水运体系，为全省经济社会高质量发展提供坚实支撑。 以港口协同分工构建错位发展格局，提升区域港口竞争力。一是明确省内港口功能定位。连云港港聚焦 新亚欧陆海联运通道枢纽，苏州港锚定集装箱干线港目标，南通港主攻清洁能源储运，内河港口则侧重 货源集并，形成"沿海远洋枢纽+沿江集装箱干线+内河喂给网络"的分工体系。二是深化与上海港、宁 波港协同联动。加密"连申快航""苏甬快航"等航线频次，在空箱调运、泊位共用、货源分配等领域开展 深度合作，降低跨港中转成本。三是积极应对省际港口竞争。建立苏鲁、苏皖、苏浙港口常态化沟通机 制，围绕货源分配、运价协调、航线布局等开展定期协商。 跨区域跨流域协同不足，航道网络联通性亟待提升。一方面，省际航道衔接存在断点。省际航道建设因 跨省协调难度大，部分路段进度滞后，导致水运通道未能有效贯通。另一方面，沿海与内河协同不足。 ...

Core Points - AS Tallinna Sadam plans to disclose its financial results and hold its annual general meeting according to a specific schedule in 2026 [1] - The company is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including ferry operations and shipping [2] Schedule of Financial Disclosures - The unaudited interim report for 2025 will be released on February 26, 2026 [1] - The audited annual report for 2025 and dividend proposal will be disclosed on April 2, 2026 [1] - The annual general meeting of shareholders is scheduled for April 28, 2026 [1] - Additional interim reports for Q1, Q2, and Q3 of 2026 will be published throughout the year [1] Company Operations - Tallinna Sadam operates ferry services between the Estonian mainland and its largest islands through its subsidiary OÜ TS Laevad [2] - The company also engages in shipping activities via its subsidiary OÜ TS Shipping, which charters the multifunctional vessel Botnica for icebreaking and offshore services [2] - Tallinna Sadam is a shareholder in AS Green Marine, which provides waste management services [2]

Core Viewpoint - BlackRock and MSC's acquisition of most of CK Hutchison's global port operations is facing scrutiny from EU antitrust regulators, particularly concerning the Spanish segment of the deal [1] Group 1 - The deal involves a significant portion of CK Hutchison's global port operations [1] - EU antitrust regulators are set to investigate the Spanish part of the acquisition [1]

Group 1 - Tallinna Sadam initiated bankruptcy proceedings against MPG AgroProduction OÜ due to MPG's long-term failure to fulfill contractual obligations [1][2] - The bankruptcy process for MPG began on 28 November 2023, with subsequent reorganization attempts and a final bankruptcy declaration on 15 October 2024 [1] - MPG's appeal against the bankruptcy order was dismissed by the Tallinn Circuit Court on 9 September 2025, confirming the previous court's decision [1] Group 2 - Tallinna Sadam is a major player in the Baltic Sea region, operating one of the largest cargo and passenger port complexes [3] - The company provides various services, including ferry operations through its subsidiary OÜ TS Laevad and icebreaking and offshore services via OÜ TS Shipping [3] - Tallinna Sadam also holds a stake in AS Green Marine, which specializes in waste management services [3]