Ship traffic through the Suez Canal remains at depressed levels, despite a Houthi ceasefire last month that theoretically opened the Red Sea to all maritime traffic except for ships directly tied to Israel. TradeWinds calculations based on daily transit figures compiled by Clarksons show almost no meaningful traffic increase.

The Panama Canal Authority late Wednesday said it has made no change to its tolls or other fees, denying the Trump administration claim that it has agreed to no longer charge U.S. government vessels for using it.

The Panama Canal Authority said in a statement late on Wednesday that it had not made any changes to charges or rights to cross the canal, after the U.S. State Department said that U.S. government vessels could transit the crossing without being subject to such fees.

The Panamanian leader says he was “incredibly surprised” by the statement, as President Trump threatens a U.S. takeover of the strategic waterway.

"If the principles, both moral and legal, of this magnanimous gesture of giving are not followed, then we will demand that the Panama Canal be returned to us, in full, and without