The Panama Canal
- The Panama Canal serves 13,000 vessels per year, 144 maritime routes, connecting 160 countries
- The 48-mile long canal allows ships to pass between the Pacific Ocean and the Caribbean Sea, saving more than 2,000 miles in a journey from Shanghai to the US East Coast via Panama vs Suez and up to 5,000 miles from Ecuador to Europe via Panama vs the southern tip of South America, Cape Horn
- Today, it takes approximately 10–12 hours to traverse the canal, about half the time is spent waiting due to traffic
Bigger, better Panama Canal opens for business
Heads of state, regional business and community leaders gathered at the Panama Canal to celebrate the completion of the $5 billion expansion project that will improve the competitiveness of one of the world’s two most important short-cuts for trade.
Latin America has made great progress in the last decade, and Panama is no exception. The country has invested in a four-year, USD 13.6 billion government investment programme, intended to remake the country as a shipping and logistics hub.
The results have been telling; Panama’s economic growth rate is one of the highest in Latin America, and one of the highest in the world, with gross domestic product rising an average of 8% annually for the past five years, to USD 51,7 billion in 2015 (Source: World Bank).
Serving world trade
The expansion of the Panama Canal represents the largest project at the Canal since its construction 102 years ago and shows the Panama Canal Authority’s commitment to enhancing global trade by accommodating larger vessels.