Extended Panama Canal Reopens [ Current Affairs ]
The Panamanian President, Juan Carlos Varela has revived newly modernized and expanded Panama Canal after the launch a giant Chinese container ship Cosco become the first vessel to move through the newly-enlarged Panama Canal from the Atlantic to the Pacific Ocean.
- And now the expanded Panama Canal will permit a new, much-larger generation of container ships to pass through the strip of Panama.
About Panama Canal expansion project
- In October 2006 the Panama Canal development project was permitted after it was favored by the national vote by a 76.8 % majority.
- And in 2007 the project was officially began and finish in 2014.
- But it was completed after two years of decided deadline with the estimated cost of $50 billion.
- Panama Canal expansion project is also named as the Third Set of Locks Project.
- The new track of the canal runs for 77km.
- It doubles the prevailing volume of the Panama Canal by accumulating a new lane of traffic permitting for a larger number of ships.
- It also raises the depth and width of the tracks and locks allowing much-larger age group of container ships to pass.
- With this it also has elevated the maximum operating water level of Gatun Lake.
- In general it will also have a direct impact on economies of scale and international maritime trade.
About Panama Canal
- The Panama Canal is a simulated 77 km waterway that joins the Atlantic Ocean with the Pacific Ocean.
- The canal wounds across the Isthmus of Panama.
- It is a key canal for international maritime trade.
- It is one of the most important waterways in the world providing the shortest sea link between East Asia, North America and Europe in both strategic and economic way.
- In 1914 it was inaugurated and had delivered alternative route to lengthy sea voyage nearby the southernmost tip of South America via the Drake Passage or Strait of Magellan.
- In 1881 France had started work on the canal but stopped it because of engineering problems and a high worker mortality rate.
- In 1904 US took over the project and later opened it in August 1914.
- The Panamanian government has taken over the canal totally in 1999.
- And now the Panamanian government-owned Panama Canal Authority is managing it.
- Published on: June 28, 2016