Panama Canal Authority: Expansion Will Be Ready by January 2016

EspañolOn Tuesday, the Panama Canal Authority (ACP) announced that the expansion of the canal is expected to be ready by January 2016. The project was initially scheduled for completion this year, but disputes over cost overages and union strikes delayed construction.

“We are promising that by January 2016 the widened canal will be operational. Some work is yet to be done, but the floodgates should be ready, and we should be able to pass ships through by then,” said Jorge Quijano, head of the ACP.

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Quijano said the construction of the new floodgates, a key part of the project, will be completed in December 2015 and the canal will resume commercial operations a month later.

With the expansion, valued at US$5.25 billion, the ACP aims to double the movement of cargo between US coasts and Asian markets by 2025, which currently serves 300 million trips a year.

Source: Reuters.