The New York Times » According to this investigatory report by The New York Times, the consortium that was awarded the $3.1 billion Panama Canal (“Panamax”) contract is seeking $3.4 billion in excess expenses. Construction on the megaproject was completed two years behind schedule due to internal disputes, work stoppages, porous concrete, cracks in the concrete, and water shortages. The Panamax was built to move 12 giant ship per day. However, the new locks can only handle up to three “neo-Panamax” ships per day, guided by tugboats driven in reverse, which is “something that cannot be done.”
The Panama Canal will soon be able to accommodate vessels carrying 12,600 containers, which is three times its current capacity. The $5.3 billion expansion project is 97% complete, and is expected to open on June 26, nearly two years behind schedule.