EVERYTHING IS GOING SWIMMINGLY: Saving the Panama Canal will take years and cost billions, if it’s even possible.

Some shippers have expressed frustration that the canal authority isn’t moving faster to address low water levels.

“No significant infrastructure projects have gone ahead in Panama to increase the fresh water supply,” Jeremy Nixon, chief executive officer of Japanese container transportation company Ocean Network Express Holdings Ltd., or ONE, wrote in a letter to Panamanian President Laurentino Cortizo Cohen that was seen by Bloomberg. “We sincerely hope that as ONE, and on behalf of our customers, that some urgent action can now be taken.”

Panama’s presidential palace didn’t respond to a request for comment on the letter.

A combination of climate change and infrastructure expansion are to blame for the canal’s woes. The canal authority completed a new set of locks in 2016 to increase traffic and keep pace with the growing size of cargo ships. What it didn’t do was build a new reservoir to pump in enough fresh water.

Then the drought hit.

Droughts come and go but inadequate infrastructure was a problem that should have been accounted for.