Employment Generation through the Panama Canal Projects
The Panama Canal expansion is expected to create 40,000 new jobs during construction of the third set of locks, plus 7000 additional support jobs during the peak years of building. Projected medium and long term economic growth fostered by the expanded Canal and the economic activity produced by Canal revenues will drive Panama into an even more prominent global position.
Read MorePanama Canal Expansion includes Post-Panamax Locks
One of the major engineering projects of the early 21st century is the construction of the so called “post-panamax” locks as part of the expansion of the nearly century old Panama Canal.
The bidding on both engineering issues and cost was won by Grupo Unidos por el Canal S. A. (GUPCSA). This group is a partnership of Sacyr Vallermoso, Impregilo, JAN DE NUL and Constructora Urbana SA. A look at the periodic reports issued by the Panama Canal Authority (ACP) gives us a clue as to the immensity of the project and the professionalism in how it is being carried out.
Read MorePanama Canal Expansion
The Panama Canal Authority, which governs the Panama Canal, is undertaking a historic expansion of the nearly hundred year old waterway. This project will cost somewhat more than $5 billion USD of which about half is being paid for by canal tolls. It is expected to be completed in 2014.
The project is being carried out in order to increase the number of locks and lanes of the canal and, specifically, to build larger locks so that much larger ships can pass. The largest size of ship that can pass through the canal today is referred to in shipping as a Panamax. This contrasts such a boat with a CapeSize vessel which must pass around Cape Horn at the south end of South America in order to pass from Pacific to Atlantic or back.
Panama Canal Expansion Render Atlantic Side
An interesting note is the 97 year old Panama Canal locks were specifically built to allow the largest US warships of the day to pass. The expansion project was submitted to extensive debate and a national referendum. It passed with 77% in favor on October 22, 2006. The project requires widening and deepening of all shipping channels as well as the construction of the new “third land” locks.
The promise of larger ships carrying goods through the Panama Canal has resulted in the building of new port facilities up and down the East coast of the Americas. New, larger cranes capable of offloading larger vessels are being installed from New York/New Jersey down to ports in Brazil and Argentina. Harbors are being deepened and logistical operations reviewed to prepare for the post 2014 Panama Canal.
Panama Canal Expansion Render of the Pacific Side
Based on the projections of the ACP, it is believed that the expansion project will not only industrialize Panama, but also drastically reduce poverty, elevating the country to true first-world status. While the $5.25 billion price tag is high, the benefits will likely make the Canal’s first big renovation a very important one for the country of Panama.
For more information about Panama’s Canal please contact one of Panama experts today.
Read MoreCanal Drives Panamanian Economics and Real Estate Values
The Image and fortunes of Panama are inextricably bound to fifty of the most famous miles of water and locks on earth. The Panama Canal began reshaping the fortunes of this Central American nation in 1914. The original project spanned more than 25 years and cost more than 27,000 lives to complete.
Read MoreCanal Expansion Update Yields Good News for Panama’s Tourism
In an address before the Retail Industry Leaders Association (RILA) Logistics Conference in Dallas, Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta reported that the much anticipated second canal project is on time and on budget.
Slated for completion in 2014, one hundred after the opening of the existing canal in 1914, today’s expansion project will double the capacity of Panama’s Atlantic to Pacific short cut.
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