Grupo Unidos, the main contractor for the Panama Canal Expansion project, yesterday announced that works have been almost completed on the third set of locks, one of the main stages of the project. After nearly seven years of hard work this is a major milestone in the history of worldwide maritime trade.
With the expansion opened, the Panama Canal Authority (ACP) plans to double the Canal’s capacity (it will be 6% of the world trade turnover).
The main benefits for the expansion are the country’s improved income and the development of the logistics and economic potential.
Nowadays, the Panama Canal brings in $1.6 billion annually (about 30% of the Panama’s income). With the expansion, it is estimated that the figure will grow by $400 million.
It is expected that on May 31 the ACP will accept the works on the third set of locks and final trial of the structures and systems is to be realized.
