The maritime agreement offers preferential port tariffs and easier bureaucratic rules for ships under the Panamanian flag in Chinese harbors (MARTIN BERNETTI)Panama announced on Monday an agreement with China to renew a maritime shipping treaty that grants advantages to Panamanian ships in Chinese ports. The agreement comes as Panama complains its boats are suffering tighter controls in China, following the cancellation of a Hong Kong company's concession to operate two ports in the Panama Canal. Following negotiations in Beijing last week, the two countries "reached a consensus" and will "move forward with the renewal procedures" for the agreement, the Panamanian Foreign Ministry said in a statement. The agreement, which ends this year, offers preferential tariffs and easier bureaucratic rules for ships under the Panamanian flag in Chinese ports. China intensified controls of Panamanian boats following a court ruling in the Central American country that cancelled the contract for Panama Ports Company -- a subsidiary of Hong Kong firm CK Hutchison -- which operated two terminals in the canal.