Somehow I doubt that China will replace its imports from Europe and the Middle East with imports from the east coast of the Americas. I also doubt that in any realistic scenario export channels to the east coast of the United States (where Nicaragua and Suez really are substitutes) would be disrupted enough to make it worth the cost.
But who knows? Like I said, the only way this thing gets built is if China backs it with sovereign wealth. Maybe they will risk it.