The Panama Canal Authority (ACP) Announces Open Tender for the Waterway’s Multibillion-Dollar Expansion Project

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Researched by Industrial Info Resources (Sugar Land, Texas). The idea of a canal that could shorten the journey between the Atlantic and Pacific Oceans can be traced back to 1524 when the king of Spain ordered the first topographic studies for the construction of a water passage that would join the two oceans. The Panama waterway was built by the U.S. in 1914. With lock dimensions of 110 feet wide and 1,000 feet long, which allow for a maximum 4,500-TEU vessel, the canal is currently regarded as a vital link in world shipping. As the world becomes more interconnected, the value of the Panama Canal and its role in foreign trade continues to grow.

In October 2006, Panama City residents voted in favour of widening the Panama Canal to ease congestion and to allow larger vessels to pass. The expansion project consists of dredging, widening and deepening of existing waterways as well as the designing and building of a third set of canal locks.

The Panama Canal Authority (ACP) recently opened invitation to tender for the first dry excavation contract for the new access channel to the Pacific side lock. The tender closing date has been scheduled for June 29.

After expansion, expected to be completed by 2014, lock dimensions will be 189 feet wide and 1,400 feet long through which the Panama Canal is expected to be able to handle vessels up to 12,000 TEU in size.

The $2.5 billion expansion project brings innumerable benefits to the Panamanian people, the international maritime industry through lower shipping costs, and global consumers that will benefit from the greater capacity and efficiency of the Panama Canal.

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