Panama Canal Expansion Inauguration Day June 26th, 2016
Let’s talk numbers. 102-year anniversary of the original Panama Canal. $5.25-billion-dollar project. Estimated $8 billion dollars a year reduction in global maritime shipping costs. Two new sets of lock complexes: 180 feet long and 1,400 feet wide. New Panamax vessels 1,200 feet long and as tall as the Empire State Building and a capacity of 13,000 cargo containers.
The Panama Canal Expansion is here, folks, and it’s a BIG DEAL.
On Sunday, June 26, the much-anticipated expansion of the Panama Canal will finally come to fruition as Panamanian President Juan Carlos Verela welcomes leaders from around the world (including U.S. Vice President Joe Biden) to share in the triumph that will undoubtedly impact world-wide shipping in a positive manner.
For an in-depth understanding of how the Panama Canal came to be, we highly recommend David McCullough’s The Path Between the Seas: The Creation of the Panama Canal, 1870-1914. His narrative-style of writing brings to life the failures and triumphs that lead to the eventual completion of the canal. At close to 700 pages detailing the intriguing behind the scenes facts, even those who are not history buffs can appreciate the work and sacrifice that took place in order to create this engineering marvel upon completion of this book.
So, why the Panama Canal expansion? Simple. This enlargement will more than double the canal’s capacity with a whole new traffic lane along the canal with two new sets of lock complexes. Before ships could move about 5,000 TEUs, now it will be able to hold 13,000. Now, what exactly is a TEU? It stands for twenty-foot equivalent, which is a cargo container that equals 20 ft (length) x 8 ft (width) x 8.5 ft (height). Before the canal expansion, ships could move 5,000. After the canal expansion, 13,000…over double the amount of cargo!
The Panama Canal Expansion was not a decision taken lightly. 6 years of research which included over 100 studies of the economic aspects, market supply and demand, and environmental impact took place before the expansion officially began in September 2007. The Panama Canal Expansion was slated to be revealed in 2014 celebrating the 100th Anniversary of the Panama Canal, however once underway, setbacks and complications such as leaks that we reported on previously have pushed the inauguration date back to this coming weekend. When you look at how long it took to build the original Panama Canal, 2 years is not too terribly long of a delay really.
And now, it’s time for the big reveal. June 26th, 2016, the Panama Canal Expansion Inauguration will mark another day in the history books of Panama and the world. In a world where we often feel isolated and disconnected from others, it is moments like these that help us to realize what can happen when we unite for a common goal. Viva Panama!
