Panama Canal expansion begins in earnest

The historic expansion of the Panama Canal has officially begun after a crowd of 30,000, including world leaders in business and government, joined the Panamanian government and the Panama Canal Authority (ACP) at a groundbreaking ceremony.

The event was held to celebrate the start of the first-ever expansion of the nearly 100-year-old waterway.

The expansion works will lead to the construction of a new lane of traffic along the Panama Canal through the building of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.

Work on a dry excavation project on Paraiso Hill begins the construction of the new Pacific Locks access channel that will connect the Gaillard Cut to the new Pacific Locks.

"It's a historic day," said ACP chairman and Minister for Canal Affairs Dani Ariel Kuzniecky. "Expansion will have a significant role in world trade and the maritime industry. This project brings a true sense of pride and a real sense of responsibility. We are ready to meet the demands ahead and, truly, the best is yet to come," said ACP chairman and Minister for Canal Affairs Dani Ariel Kuzniecky.

Expansion will double capacity to more than 600 million tons, tighten the global supply chain and help get goods to market faster.

"We have researched and planned this project for years; we have the approval of the Panamanian people. As we stand here today, our vision and perseverance have paid off. Now, it is time to execute. Now it is time to begin the expansion of the Panama Canal," said ACP administrator and CEO Alberto Aleman Zubieta.