Panama Canal expansion project, Panama City

The Panama Canal Expansion Project, completed in 2016, is a monumental engineering feat that has reshaped global maritime trade. Located just outside Panama City, the expansion added a new lane of traffic to the Panama Canal through the construction of a new set of locks, known as the Cocoli and Agua Clara locks, allowing for the passage of significantly larger ships.

Tagged as a critical artery in the world's shipping network, this project was designed to double the waterway's capacity and has successfully addressed the congestion caused by the ever-increasing size and number of the vessels that traverse the canal. The expansion accommodates "New Panamax" ships, which are about one and a half times larger than the previous Panamax class.

The expansion project, which took nearly a decade to complete, involved the excavation of new channels, the widening and deepening of existing channels, and the raising of the maximum operating water level of Gatun Lake. It was one of the largest infrastructure projects in the world, costing over $5 billion. The project's importance lies in its impact on international trade, allowing for more efficient and faster transit of goods between the Atlantic and Pacific Oceans.

The Panama Canal Expansion has not only reinforced Panama's role as a pivotal maritime crossroads but has also spurred economic growth in the region. The canal handles about 6% of the world's trade, and with the expansion, it can now accommodate the transit of up to 13,000-14,000 ships annually.

Tourists and industry professionals alike are drawn to the site to witness the impressive scale of the canal's operations and the engineering marvel of its expansion. The expansion has also led to the development of new port facilities and increased the global competitiveness of Panama's shipping services.