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Showing posts from March 28, 2015

PART IV : Panama Canal sets sights on new $17 billion expansion project

By: Reuters | Mar 26 2015 at 05:10 PM 


Liner Shipping | Ports & Terminals







As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion that would allow it to handle the world’s biggest ships.





Workers are now installing giant, 22-story lock gates to accommodate larger “Post-Panamax” ships through the Canal, one of the world’s busiest maritime routes.



The project involves building a third set of locks on the Canal. It is being headed by Italy’s Salini Impregilo and Spain’s Sacyr, and should open on April 1, 2016.



But Jorge Quijano, who leads the Panama Canal Authority, is already looking beyond this project to a fourth set of locks which would serve a new generation of even bigger ships that can carry 20,000 containers.


“Looking at our geology and the experience we gained with this current expansion, we estimate it’s a project that could cost between $16 billion and $17 billion,”he told …