Celebrating the Panama Canal

There is a special anniversary this year in the world of international freight shipping. The Panama Canal celebrates its 100^th Anniversary this summer. The Panama Canal has been a tremendous component of global trade for the United States, and other nations in the World. In many ways, the shipping industry would be very different if not for the Panama Canal, which connected the East and the West through ocean trade. Freight forwarders everywhere appreciate how important the Panama Canal has been in improving US trade.

This is a special time for the Panama Canal. There are new improvements that are currently being constructed now, including new locks that will be open by 2016. The improvements include new locks on the Atlantic Ocean side and the Pacific Ocean side. The improvements will widen the channels to make it 50 miles long. This is a $6.2 billion investment. The result of these projects will be a wider Panama Canal that will hold larger ships. The current trend in the shipping industry is larger vessels that can hold more cargo. Once the new Panama Canal opens, the shipping industry can see increased movement of global cargo, and this might eventually lower some ocean freight rates.

Recently, it was said that the Inter-American Committee on Ports of the Organization of American States, wants to expand trade with Latin America once the Panama Canal projects are complete. Thus, the Panama Canal will be helping improve economies around the globe once the new project is open for larger vessels.