The Expansion of the Panama Canal and Its Economic Impact on the US

| May 28, 2014

The Panama Canal has been reported to be undergoing key adjustments with regard to its infrastructure, which would adequately allow it to expand its capacity for service considerably above the already existing canal capacity. Since its official opening in 1914, it is said to have been an integral link in the shipment of cargo to the Atlantic from the Pacific Ocean. Every year, at least 140,000 ships are reported to transit the canal, approximately 70% of all containerized freight is either outbound or inbound to the American East Coast (Knight, 2008). More than a hundred years of operations within the canal have passed with expansion projects being considerably proposed without any signs of implementation. However, this canal is currently undergoing a key expansion project in a bid to expand its lock capacity, as well as allow considerably larger ships to transit it. This aforementioned project is expected to increase vessel calls on American Gulf and East Coasts as the shippers drift from the already congested West Coast (Knight, 2008).

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