Panama receives last floodgates for canal expansion
COLON, Panama (AFP) – The final four floodgates that will be used to expand the Panama Canal arrived from Italy Wednesday, putting the behindschedule, over-budget project on track for completion in early 2016.
Panama, which relies on the canal for about $1 billion a year in revenue, is counting on the upgrade to keep the century- old waterway relevant by enabling it to handle modern mega-ships carrying up to 14,000 containers – triple the current capacity.
''Today is a historic day. Not only have the floodgates arrived but we are getting ever closer to a new era for our expanded canal that will bring better days for all Panamanians,'' President Juan Carlos Varela said as the floodgates arrived at the entrance to the canal in the northern province of Colon.
The 16 floodgates, which measure 58 meters (190 feet) wide and between 22 and 33 meters tall, will regulate water levels in the canal's new set of locks. They were built by Italian steelmaker Cimolai.
The canal's administrator, Jorge Quijano, called the delivery ''a very important landmark'' for the $5.25-billion project, which is running a year behind schedule.
'' It's the last critical component. Once (the floodgates) are all installed we'll be able to fill the locks with water and begin testing,'' he said.
Five percent of global maritime trade passes through the Panama Canal, which turned 100 in August.
But the waterway, one of the 20th century's greatest engineering triumphs, faces increasing competition for trade between Asia and the East Coast of the United States.