The United States, which has already been vocal on the issue, led a joint statement of mostly right-leaning countries: Bolivia, Costa Rica, Guyana, Paraguay and Trinidad and Tobago.
China's actions "are a blatant attempt to politicize maritime trade and infringe on the sovereignty of the nations of our hemisphere," said the statement released by the US State Department.
"Panama is a pillar of our maritime trading system, and as such must remain free from any undue external pressure," it said.
"Any attempts to undermine Panama's sovereignty are a threat to us all."
Panama took control of two ports previously operated by a Hong Kong-based conglomerate on the crucial passageway for global trade, following a decision by the Panamanian Supreme Court in January.
US Secretary of State Marco Rubio last month denounced China for allegedly detaining two Panama-flagged ships in response to the takeover.
China had threatened Panama with payback but denied holding up the ships, accusing the United States of fabrications.
Trump returned to office last year vowing to seize back US control of the Panama Canal, which was handed over in a deal reached by former president Jimmy Carter, who vowed that the United States would respect the sovereignty even of a less powerful country.
After Panama's moves against the Hong Kong-based company, Trump declared victory and the canal issue largely disappeared as a bilateral issue between them.
In a national security strategy last year, the Trump administration vowed aggressively to promote US interests in Latin America against outside powers led by China.