Panama Canal Expansion
(May 8, 2006)

As the Panama Canal celebrates its 100 Anniversary, officials announced plans to begin a major expansion. Shipping executives say the extension is critical to supporting the boom in global trade.

The $5.2 billion expansion project, includes an implementation of a third set of locks, must first be approved by a referendum. Once agreed upon, the construction is anticipated to begin in 2007.  An estimated completion is scheduled for 2014 or 2015.

The expanded canal will be able to accomodate 8,000-TEU box ships, or post-Panamax vessels, that have become common on major trade lanes.

Tolls will have a gradual increase to support the costs for the expansion project. 

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