The Panama Canal Expansion project launched in 2007 is half-way done and on schedule to meet its 2015 opening, with completion of the expansion works slated for October 2014, according to the Shipping Gazette.
As of September the Panama Canal Authority has awarded contracts totalling US$4.3 billion, and the project has generated 28,690 jobs.
A statement from the ACP said as of November 30, the Expansion Programme has registered an overall progress of 48.9 per cent with several components almost finished, particularly, the dredging works at the two canal entrances.
It reported the progress to date as excavation of the Pacific locks access channel 76.5 per cent completed, 99 per cent of the dredging of the Atlantic canal entrance, 97 per cent of the dredging of the Pacific canal entrance, 82 per cent of the dredging of Gatun Lake and Gaillard Cut, 36 per cent of the design and construction of new locks and 10 per cent of raising Gatun Lake's maximum operating level.
The announcement comes as the Panama Canal authorities are celebrating 13 years under Panamanian administration. During this period, the release said the canal has strengthened its role in international commerce as a result of investment in the modernisation of its infrastructure, its expansion and an alliance with its natural surroundings.
Since the inception of the expansion, the canal authority has invested $2.09 billion in several projects to update its operational infrastructure and has acquired new equipment to boost safety and efficiency.
The main projects included the straightening and widening of Gaillard Cut; purchase of floating equipment, including tugboats, a cutter-suction dredge and a backhoe/dipper dredge, replacement of the original lock system from electromechanical to hydraulic as well as locomotives and the rehabilitation of the locomotive tracks in the locks.
Reforestation programmes with two million planted saplings in the canal watershed.
In addition, it said there are a number of projects underway, such as the construction of the new bridge on the Atlantic side of the canal.
The canal expansion project will create a new lane of traffic by building a new set of locks to facilitate the transit of bigger ships.
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