The government of the Republic of Panama begins an unprecedented expansion of the historic Panama Canal this year as former US President Jimmy Carter attended groundbreaking ceremonies last September 3 at the village of Paraiso. Panama President Martin Torrijos led some 30,000 Panamanians in celebrating the event, which parallels in importance with the Canal's opening on January of 1914.
President Carter is known for signing the Panama Canal Treaty opposite Martin Torrijos' father Gen. Omar Torrijos back in September 7, 1977. The pact effectively turned over control of the Canal to the Panamanians on December 31, 1999.
The 77 kilometer (48 mile) Panama Canal lies at the Isthmus of Panama and is probably the most significant maritime shortcut connecting the Pacific and Atlantic Oceans. The famous waterway plays a strategic role in international shipping with an average passage of 14,000 ships transporting some 200 million tons of cargo each year.
With changes in maritime technology allowing larger ships able to hold more cargo, the capacity of the Panama Canal is fast reaching its maximum. A national referendum in October 2006 paved the way for the Panama Canal Expansion Project.
The "Third Set of Locks" mega-project is estimated at $5.2 billion, a hefty bill for the aging shipping route. It is expected to double the capacity of the Canal and is scheduled for completion by 2014 as Panama Canal celebrates a century of serving the international maritime industry.
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Thanks to our Panamanian friend Roberto at The Silver People Chronicle. Your earlier comment reminded me to do this story.
Images courtesy of Pancanal.com.
