Crowds were delighted as the delayed opening of the $5.4bn expansion of the Panama canal yesterday as the first ship to use it, a giant Chinese container vessel, “Cosco Shipping Panama”, entered the Agua Clara lock on the Atlantic at around 7.50am.
The expansion triples the size of ships Panama can accommodate, meaning the 102-year-old canal can handle 98% of the world’s shipping and steal market share from its Egyptian rival, the Suez Canal.
By 2021, the Panama Canal Authority (ACP) is hoping the project will bring in $2.1bn per year in added revenue, representing 2.8% of Panama’s gross domestic product.
