The Rise of MSC: Blackrock-TiL Consortium Acquires Hutchison Ports Holding

In a landmark deal announced on Tuesday, Hong Kong-based CK Hutchison will sell its 80% stake in Hutchison Ports Holding to a Blackrock-TiL consortium, positioning Mediterranean Shipping Company (MSC)—already the world’s largest ocean carrier by far—to become the global leader in container terminal operations, according to Drewry’s analysis of the deal.

The $22.8 billion transaction, the largest ever in the global container terminal sector, comes amid heightened political scrutiny over 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 on opposite ends of the Panama Canal.

Since December, President Trump has repeatedly criticized alleged Chinese influence over Panama Canal operations and discriminatory practices against the U.S.—claims that the Panamanian government has firmly rejected.

“My administration will be reclaiming the Panama Canal, and we’ve already started doing it,” Trump said in his address to a joint session of Congress this week. “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 show Hutchison Ports currently operates 43 maritime container terminals outside China and Hong Kong, spanning from Australia to the UAE, with a combined capacity exceeding 73 million TEU and throughput of nearly 47 million TEU as of 2023.

MSC’s existing portfolio, which includes a 70% stake in Terminal Investment Limited (TiL), full ownership of Africa Global Logistics, and various Italian terminals through Marinvest, handled over 70 million TEU in 2023, according to Drewry.

“The proposed deal will see MSC leapfrog other leading GTOs to secure the top spot in the global terminal operator rankings which Drewry produces each year, securing the Swiss-headquartered container carrier a truly global network of container terminals,” points out Eleanor Hadland, Drewry’s Lead Analyst for Ports and Terminals.

However, regulatory hurdles may complicate the acquisition. Drewry’s analysis reveals key areas of concern include Panama, where TiL already holds significant interests opposite Hutchison’s operations; Rotterdam, where the deal could affect competition across Northwest Europe; and Spain, where both companies maintain substantial terminal presence.

Drewry notes that the partnership leverages 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 at 20%, has proven crucial for TiL’s expansion.

“This deal appears to be a major win for MSC, which secures additional capacity in several key markets,” concludes Hadland. “We do however 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.”