The benefits outlined in the deal will apply retroactively going back to October 2024, and will remain in effect through September 2030.

Top executives from the world’s biggest shipping companies have cautioned that any return to the Red Sea is likely to be slow given the volatility of tensions in the Middle East.

Shanghai’s port processed a record 5 million containers in January, well above any previous month according to data going back to 2007.

"They’re making an important, institutional statement from the entity that governs United States foreign policy based on a falsity," Panama's President, José Raúl Mulino, said. 

BIMCO said routes around the Cape of Good Hope or Cape Horn have been perceived as more reliable and flexible.

While Mexico is quickly becoming an important destination for offshore manufacturing, transporting goods across the border still presents a unique set of challenges.

Although Trump has repeatedly said he wants the U.S. to retake the Panama Canal, his actual goals could fall well short of that. 

The lawsuit claims that the contracts allowing Hong Kong-owned CK Hutchison Holdings to operate two ports at either end of the canal violate Panama's constitution.

The Norwegian-registered ship carrying a fully Russian crew was allowed to leave the port in Tromso after “a number of investigative steps." 

Rubio's office warned that the U.S. would take necessary measures to protect the Panama Canal against China's alleged influence in the region.