June 12, 2015 – The Panama Canal expansion project, or as it has been dubbed, the Third Set of Locks Project is intended to double the capacity of the Panama Canal by early 2016.
Peter Tirschwell, Senior Director Content, IHS Maritime and Trade, has reported that the opening of the third set of locks, currently set for April 2016, will overnight unlock the canal to 45 percent of the total container ship fleet —1,331 ships representing roughly 10 million twenty-foot equivalent units of capacity that is in service or on order.
Since the route to Panama can cut about 4 days of travel time (compared to going through the Suez), it is expected that carriers from Asia will take this route to save time and money.
How It Affects Your Business
How You Should Handle It
Have more questions about how your business can respond to these changes? Contact LEGACY today.
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