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The Panama Canal Authority will cut daily ship transits from early September due to low water levels from El Niño. The restriction could affect global shipping and raise transport costs.
Experts warn that the rules-based maritime order is being dismantled as major powers—from the US and Iran to China and Russia—use shipping as a tool of coercion, driving up costs and exposing global trade to unprecedented risks. Incidents from the Strait of Hormuz to the Panama Canal highlight a shift from predictable norms to power-based access, threatening higher insurance, fuel, and compliance costs while non-state actors further exploit gaps.
Six nations including the United States issued a joint statement supporting Panama and condemning China's economic retaliation after a court ended a Hong Kong firm's port contract on the Panama Canal. China detained nearly 70 Panamanian-flagged ships in March, far exceeding normal levels, prompting concerns over political interference in maritime trade.
