The Third Set of Locks Project

America is taking a great stride in our international trade strategy with the pursuit of the expansion of the Panama Canal, also called the Third Set of Locks Project.               The plan started in 2007 but stopped due to an underestimate of funding, from which was blamed on error by the Panama Canal Port Authority’s “poor geological studies.” The mammoth project is 85% complete, with the final cost of the expansion totaling over $7 billion, and a projected date of completion this coming December. A new third lane will double the canal's capacity to start accommodating Post-Panamax ships, which are 1,200 feet in length and carry three times the cargo of 965-feet-long Panamax ships. Further research has shown many benefits the project will bring to U.S. trade, especially with Asia....(Read Full Post)