8 years ago
1
A Panama Canal for bigger cargo ships opens after $5.25B expansion
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 in the early morning and by afternoon had completed the 80-kilometre journey to the Pacific, stewarded by tugboats and cheered by dignitaries and exuberant crowds of thousands.
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Makes you wonder how the price of oil will effect their business model as ships these days are talking the long way due to how cheap oil has become.