Panama Canal: Wider, Deeper, Longer (VIDEO)
- Business & Finance
The Panama Canal, squeezing ships through from the Atlantic Ocean to the Pacific and vice versa, has played a major role in the shipping world over the past years. As it proved to be a major destination for shippers, the Canal authorities have decided to double its capacity allowing for even more traffic to pass through.
The canal is currently undergoing a major upgrade as it expands to a new lane of traffic through the construction of a new set of locks.
The existing locks allow the passage of vessels that can carry up to 5,000 TEUs.
After the expansion the Post-Panamax vessels will be able to transit through the Canal, with up to 13,000 TEUs. The expansion will double the Canal’s capacity, having a direct impact on economies of scale and international maritime trade.
In order to get a taste of what is going on on site, check out the ongoing developments:
World Maritime News Staff July 2, 2014