Diversion of future shipments to West Coast ports would become more difficult and costly if a stoppage was prolonged as ships back-up and remain unloaded, reducing available capacity.

The planned talks are a welcome sign for importers and exporters bracing for a labor disruption that would shut every major port on the U.S. East and Gulf coasts. 

The ILA and USMX have until January 15 to come to a deal on a new collective bargaining agreement to avert another strike at U.S. ports.

The project was brought about following the grounding of the Ever Given in 2021, which blocked the waterway for six days and impacted billions of dollars worth of trade.

Data released by the port on December 26 shows that full imports increased by more than 13% year-over-year in November 2024. 

Tolls charged for naval ships crossing the canal are based on the amount of water used and the type of ship, Mulino said.

The Suez Canal is a vital source of foreign exchange for the $380 billion Egyptian economy, whose currency slid to a record low in the past month.

Three Panamanian ex-presidents and Mexico’s new president, Claudia Sheinbaum, expressed solidarity with Mulino.

Trump accused Panama of charging "exorbitant" fees to transit the canal, while stating that he will not let the waterway fall into the "wrong hands." 

The FLOW program also now accounts for 75% of all U.S. container imports, as well as 80% of the country's container terminal capacity.