The Panama Canal Authority has proposed to double the capacity of the canal in a $5.25 billion expansion project. Under the plan, a third set of locks would be constructed, which would allow box ships up to 12,000 TEUs to traverse the canal. Currently, the Panama Canal can only accommodate ships of about 5,000 TEUs.
The project would be paid for by toll increases that are expected to run about 3 percent annually over the next 20 years, said an official with the Panama Canal Authority.
The agency estimates that the expansion could be completed by 2014, the centennial of the opening of the canal.
President Martin Torrijos and his cabinet are now reviewing the proposal, which then goes before the National Assembly. The assembly must then pass a law requiring a referendum, which could take place in the fourth quarter of this year.
Did you enjoy this article? Click here to subscribe to the magazine.
Webinars
These live or recorded events online let you demonstrate your products to a targeted audience.
White Papers
Post your white paper in this resource section to make it easy for users to find information on your products.
RFP
Click here to forward your request for quote to suppliers you select.
Buyer's Guide
Find listings of suppliers and service providers for every piece of the Global Supply Chain.
Digital Edition
An interactive version of our print magazine allows you to easily read, share with friends, and click on web links to get further resources.
eNewsletter
Subscribe to receive current information on market conditions, technology developments and industry practices.
Subscribe Now! World Trade explores several facets of domestic and international economic development. Sign up for a FREE subscription to gain the resources to increase profitability within your business.
RealTime Magazine
The journal of supply chain innovation, provides product information and real-world data collection, mobile computing, wireless and RFID solutions.
