Tests with ships to begin on new Panama Canal locks in mid-2015
Reuters
Published Sep 07, 2014 09:33PM ET
Tests with ships to begin on new Panama Canal locks in mid-2015
PANAMA CITY (Reuters) - Tests with ships will begin in mid-2015 on a new set of locks that are a key component of an expansion of the Panama Canal, the waterway's chief said on Sunday.
The 100-year-old canal, which is major global trade artery, is in the midst of a massive expansion that will allow the world's largest tankers to pass through the isthmus.
The expansion, which involves building a third set of locks onto the 50-mile (80-km) waterway, was originally scheduled to be completed this year, but has been delayed several times, in part due to a dispute earlier this year because of about $1.6 billion in cost overruns.
The deadline for completion is now January 2016.
On Sunday, Panama Canal Administrator Jorge Quijano said the locks would likely be ready, holding water, by April or May of next year.
"We hope to start a series of tests with the locks next year in the month of July or August," Quijano said after overseeing the arrival from Italy of a shipment of four new gates for the locks.
(Reporting by Elida Moreno; Editing by Eric Walsh)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.