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Panama is weighing whether to cancel its contract with the Hong Kong-based company that operates ports near the Panama Canal, according to people with knowledge of the situation.

“It’s impossible, I can’t negotiate,” Mulino said when asked about returning the canal to U.S. control. “That is done. The canal belongs to Panama.”

A Senate panel on Jan. 28 took aim at China’s involvement with operations at the Panama Canal and examined President Donald Trump’s economic strategy linked to travel by U.S. ships through the facility.

The Panama Canal is lifting restrictions that caused a global shipping bottleneck as water levels normalize after a severe drought.

The Panama Canal has managed to ward off a shipping crisis that threatened to upend $270 billion a year in global trade. It did so with careful water management — and a little bit of luck.

Port of Los Angeles Executive Director Gene Seroka is still wary over developments in the Red Sea and Panama Canal.

PANAMA CITY — A severe drought that began last year has forced authorities to slash ship crossings by 36% in the Panama Canal, one of the world’s most important trade routes.

Congestion at the Panama Canal could result in delays at Egypt’s Suez Canal, possibly affecting cargoes of liquefied natural gas, according to an official at Angelicoussis Group.

The Panama Canal Authority said it will add extra slots allowing ships to pay big premiums to transit the waterway, which has become congested due to an ongoing drought.

Shipping companies have paid a total of $235 million so far this year to jump ahead of the backlog at the Panama Canal, according to data from shipping agency Waypoint Port Services.