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Panama Canal opens new shipping locks

The Cosco Shipping Panama cargo ship prepares to enter the new Cocoli locks, part of the new Panama Canal expansion project, in Panama City, Sunday. (Dario Lopez-Mills / Associated Press)
By Juan Zamorano and Kathia Martinez Associated Press

PANAMA CITY – Fireworks exploded as a huge container ship made an inaugural passage through the newly expanded Panama Canal on Sunday, formally launching the Central American nation’s multibillion-dollar bet on a bright economic future despite tough times for global shipping.

The Chinese-owned Cosco Shipping Panama passed through the Atlantic locks at Agua Clara in the early morning and in the afternoon completed the 50-mile journey to the Pacific at the Cocoli locks near the capital, stewarded by tugboats and cheered by dignitaries and exuberant crowds of thousands.

The $5.25 billion project went online nearly two years late after construction delays, labor strife and apparent cost overruns, but officials were still bullish and in a celebratory mood as they declared the expanded canal open for business.

“This is an achievement that all of us Panamanians should be proud of,” President Juan Carlos Varela said at the inaugural ceremony on the outskirts of Panama City. “Today marks a historic moment for Panama, for our hemisphere and the world.”

“This new transit route is the tip of the iceberg in making Panama once again the logistics center of the Americas,” canal administrator Jorge Luis Quijano said. “And it represents a significant opportunity for the countries of the region to improve their infrastructure, increase their exports.”

Crowds that began gathering before dawn lined both sides of the canal waving flags, partying to salsa music and watching videos on giant screens. Authorities said about 30,000 people and eight foreign heads of state were attending.

The Cosco Shipping Panama is a 158-foot-wide, 984-foot-long behemoth that is one of the modern New Panamax class of mega-vessels that are seen as the future of global shipping and will now be able to use the canal. It carried some 9,000 cargo containers during the inaugural voyage.

The waterway’s capacity doubles with the new locks, and canal authorities are hoping to better compete with the Suez Canal in Egypt and tap new markets such as natural gas shipments between the U. S. and Asia.