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59 US MX PANAMA CANAL EXPANSION PROJECT The Panama Canal Expansion is the larg- est project at the Canal since its original construction. The project will create a new lane of traffic along the Canal through the construc tion of a new set of locks, doubling capacity and allowing more traffic. The existing locks allow the passage of vessels that can carry up to 5,000 TEUs. After the expansion, the Post-Panamax vessels will be able to transit through the Canal with up to 13,000 TEUs. The expansion will double the Canal's capacity, having a direct impact on economies of scale and inter- national maritime trade. The program consists of several components: • New locks (third set of locks) • Pacific access channel • Improvement of navigational channels (dredging) • Improvements to water supply The Panama Canal expansion is based on six years of research, which included more than 100 studies on the economic feasibility, market demand, environmental impact and other technical engineering aspects. Works on the Panama Canal Expansion began in September 2007 at a total cost of $5.2 billion USD. Panama Canal Expansion Progress Since September 2007 • Project — 76% completion • Pacific access channel — 80% completion • Pacific entrance dredging — 100% completion • Gatun Lake and Culebra Cut dredging — 87% completion • Atlantic entrance dredging — 100% completion • Design and construction of the third set of locks — 71% completion • Raising Gatun Lake's maximum operating level — 87% completion Facts courtesy of Canal de Panamá INDUSTRY HAPPENINGS (continued)