In 2014, the Panama Canal celebrated its centennial-spotlighting its legacy as an important gateway of international trade but also raising questions about its future in an increasingly integrated global economy. The Panama Canal expansion project will open a new set of locks and will complete several ancillary projects, such as dredging and widening, in early 2016 at an estimated cost of $6.2 billion. As is common with megaprojects, however, unforeseen events and cost overruns are likely to increase the final price tag.
The expansion is timely and necessary and will accommodate containerships in the range of 12,000 to 15,000 20-foot equivalent units (TEUs) with a draft of 50 feet. Before the expansion, the canal could handle containerships of up to 4,500 TEUs with a draft of 42 feet.
Read more at PortEconomics members Jean-Paul Rodrigue and Theo Notteboom interesting ariticle, pubished at the 296th Issue of TR News.
The article is free and available @PortEconomics.eu