The $5 billion project of Panama’s waterway expansion officially opened, when the first vessel sailed through on Sunday, June 26. The COSCO Neopanamax vessel made the inaugural transit of the Expanded Panama Canal after a 14-day journey.
The widening of the canal was initially mooted about 102 years ago, before the second world war.But as ships grew in size, the canal faced a rising pressure to expand.
Despite the construction delays, labor strife and apparent cost overruns, officials declared the expanded canal open for business.The current canal is 80 killometres long between the Atlantic and Pacific Oceans.The waterway was cut through one of the narrowest saddles of the isthmus.Massive new locks have been built at both the Pacific and Atlantic ends of the canal and channels have been deepened and widened.
Now the expansion nearly triples the capacity of the original canal as it can accommodate bigger ships, allowing them carrying up to 14,000 containers a quicker path between Asia and the USA.It was a result of 40.000 men and women work.
The first vessel to sail through officialy, was the container vessel COSCO Shipping Panama.carrying 9,472 TEUs and measuring 299.98 meters in length and 48.25 meters in beam.The container vessel set sail from the Greek Port of Piraeus,Greece.After a 14-day journey, it went through the Atlantic locks at Agua Clara on Sunday early morning, sailed the 50-mile (80-kilometer) passage to the Cocoli locks near the capital and passed into the Pacific in the evening, stewarded by tugboats and cheered by dignitaries and exuberant crowds.
Panama Canal Expansion has just started its way to make history looking to create a sustainable future of Panama society and boost global trade business as well.
The Panama Canal Administrator honored the 25,000+ Panamanians and guests who attended the historic Inauguration.
“We did it together: providing this great connection to the world.This is the beggining of a new era.” said, the Panama Canal Administrator,Jorge L.Quijano
By 2021, the Panama Canal Authority (ACP) is hoping the project will bring in $2.1 billion per year in added revenue, representing 2.8 percent of gross domestic product.
Further details on the Panama Canal Expansion may be found by watching the video below or by clicking here
