The Panama Canal Expansion Project

The Panama Canal Expansion Project (also called the Third Set of Locks Project) will double the capacity of the Panama Canal by 2015 through creating a new lane of traffic and allowing more and larger ship to transit.

The project will build two new locks, one each on the Atlantic and Pacific sides. Each will have three divisions with water-saving basins. Excavate new channels to the new locks. Widen and deepen existing channels. And raise Gutan Lake’s maximum operating level.

The project is expected to create demand for ports to handle post-Panamax ships. As of November 2012, the U.S. Eastern Seaboard ports of Baltimore, Maryland; Norfolk, Virginia and Miami, Florida, will be ready for these larger ships, although other ports are considering renovations, including dredging, blasting and bridge-raising. 

The construction of the third set of locks project is scheduled to take seven to eight years. The new locks could begin operations between fiscal years 2014 and 2015, approximately 100 years after the canal first opened.

The International maritime industry will benefit directly from the expansion through lower shipping costs, and global consumers will eventually benefit from the greater capacity and efficiency of the said project. 

Navigational channels. According to the plan, a 3.2 kilometer long access channel will be excavatedto connect the New Atlantic locks with existing sea entrance of the canal. To connect the new Pacific-side locks with the existing channels, two new access channels will be built: the north access channel, which will connect the new Pacific-side lock with the Culebra Cut, circumventing Miraflores Lake, and which will be 6.2 km long and the south access channel, which will connect the new lock with the existing sea entrance on the Pacific Ocean, and which will be 1.8 km long.   

Estimated cost. The ACP estimated the cost to construct the third set of locks at US $5.25 billion in 2006. This figure includes design, administrative, construction, testing, environmental mitigation and commissioning costs. It also includes contingencies to cover risks and unforeseen events such as accidents, design changes, price increases and possible delays. 

Environmental impact. According to ACP’s proposal they claim that the project will not permanently harm the environment, communities, primary forests, national parks or forest reserves, relevant patrimonial or archeological sites, agricultural or industrial production areas, or tourist or part areas. The project will not permanently reduce water or air quality. The water capacity of Gutan and Alhajuela Lakes will maximize the water supply program. And it design to use water so efficiency at the locks that no new water reservoirs will be required and no communities need to move.

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