Panama City: After nearly a decade of expansion Panama this weekend is officially getting ready to open its canal too far bigger cargo ships boosting global trade and transit revenues.
On Sunday, a VIP inauguration ceremony on completion of the work will be held on the banks of the canal.
Foreign dignities including, the presidents of Chile, Taiwan and other Central American Nations, will be available at the ceremony. The third shipping lane and new locks built on 102 old canals will be unveiled by the President Juan Carlos Varela.
The better international trade opportunities with Panama Canal Expansion
The new infrastructure will be officially tested by the A Chinese-owned Neopanamax-class cargo ship. It will enter from the Atlantic Ocean and after few hours exit into the Pacific Ocean.
As compared to Panamax-class ships, which were earlier the biggest to pass the eighty-kilometre long canal, Neopanamax vessels are much more major. Each is capable of hauling three times as much cargo as the smaller predecessors.
The Panama Canal expansion estimated to cost $5.5 Billion. However, there are unresolved disputes the Spanish-Italian syndicate that carried out the work and the Panamanian Government that could increase the budget figure by 100s of millions more.
The expansion work initiated in the year 2007 and was meant to have been concluded in the year 2014 nonetheless it past the budget and the deadline.
The inauguration of a broader canal is a moment of opportunity and pride for the Panama City. Now the ships as wide as Olympic-sized swimming pools and as long as Eiffel Tower will be able to use the canal.
The ships transporting the gas were gigantic to use the old canal. However, with the expansion of canal now it is possible.
As per the statement of Panama President, “The inauguration of the Panama Canal signifies new and better prospects for international trades”.
At present, approximately 5% of global maritime commercial traffic uses the canal, which offers a valuable shortcut amid North America and Asia.
