Large-sized ships are increasingly dominating the
international shipping networks and the limitations
of the Panama Canal’s lock system prevent the
waterway from accommodating the operation of
ships surpassing the Panamax standard, that is, of a
capacity of up to 5,100 TEUs. In view of this, and of
the rapidly growing international trade flows causing
severe capacity constraints, a major expansion project
worth $5.25 billion was launched in 2006 to expand
the capacity of the canal. The expansion project,
which is set to conclude in 2015, will add a third set
of locks to the canal system as well as deepen and
widen existing channels.