AN
official inauguration ceremony has been held to celebrate the opening of the US$5.25
billion expanded Panama Canal.
The
event attracted a crowd of 25,000, canal employees, heads of
state and dignitaries from around the world, canal customers, shipping and
trade executives.
Construction
of the new locks on the Atlantic and Pacific sides of the waterway commenced in
2007
and involved the excavation of 150 million cubic metres of material,
creating a second lane of traffic and doubling the cargo capacity of the
waterway to handle vessels of up to 14,000 TEU.
Said
Panamanian
President Juan Carlos Varela said: "Canal users can be assured
that we'll continue to support the Panama Canal Authority and our port
operators to provide them a world class service and strengthen our logistics
system by creating the necessary incentives and conditions to give added value
to our inter-oceanic route."
The
inaugural transit was undertaken by the neopanamax vessel, the 9,472-TEU
Cosco Shipping Panama, which began its passage through the Agua Clara
Locks on the Atlantic side of the country and concluded with its transit
through the Cocoli Locks on the Pacific side. The ship set sail on June 11 from
the Greek port of Piraeus en route to Asia.
Considered
and analysed in 100 studies, the expanded canal will provide greater economies
of scale to global commerce. It will introduce new routes, liner services, and
segments such as liquefied natural gas (LNG).
"We
are thrilled that we currently have 170 reservations for neopanamax ships,
commitments of two new liner services to the expanded canal, and a reservation
for the first LNG vessel, which will transit in late July," Panama
Canal Administrator and CEO Jorge Quijano said.
Source
: HKSG.
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