Creates immediate legal uncertainty for canal-adjacent port operations: With the concession annulled, the operator’s authority to run the two ports is now contested, increasing the likelihood of interim administrative measures or a re-tendering process.

Raises the risk of a bilateral dispute over treatment of Chinese-linked assets: Beijing’s pledge to respond to protect Chinese companies sets conditions for diplomatic or legal escalation tied to the court decision.

Signals tighter scrutiny of long-term infrastructure concessions in Panama: The court action following a comptroller audit increases the probability that other major concessions could face review if procurement or extension processes are challenged.