Panama´s former President, Martin Torrijos proposed the Panama Canal expansion project in 2006, having close to a 77% of approval by the national referendum, the Third Set of Locks formally began its construction in 2007.
The expansion was built to meet the demand on the growth of international trade, increase customer service and maintain competitiveness. With that on the table, the objective was to double the Canal’s capacity, to handle the new mega Panamax ships transporting up to 14,000 containers at a time (previous capacity was just 5,000 containers at a time).
On June 26 of 2016, The Third Set of Locks after 10 years, 5.2 billion and 40,000 workers has officially open; the Neopanamax COSCO ship from China made the inaugural trip through the new locks.
Check out: https://www.youtube.com/watch?v=M9RWxOaecX8
The construction of the Panama Canal expansion has been the biggest project ever conducted since its initial construction. This expansion will bring to the country, economic growth, and an opportunity to develop into new markets. Panama will be considered as the most important center of transport and logistics of the Americas by strengthening its connectivity and the combination of services that provides the new path.
For more information be sure to check out the following video: