Thousands attend inauguration of enlarged Panama Canal



PANAMA CITY: -- After nine years of construction work, the enlarged Panama Canal has been officially inaugurated.

A huge Chinese container ship passed through the strip of water as thousands of people looked on.

The country’s president was among the dignitaries present to celebrate the event.

The enlargement multiplies the canal’s capacity by three and is designed to boost trade between the USA and Asia – and divert trade from its competitor the Suez canal.

Already the 102-year-old canal carries five percent of the world’s maritime trade, especially between the US and China, Japan and South Korea.

Analysts say it should mean American consumers paying less for imports, reduced trade costs, while pollution should also come down as goods can be transported in larger but fewer ships.

-- (c) Copyright Euronews 2016-06-27

...I think I read somewhere that The Chinese..... in fact..... own it.....

What term replaces Panamax?

...I think I read somewhere that The Chinese..... in fact..... own it.....

"It is the Panamanian government, through the Panama Canal Authority, that operates the Panama Canal, not a company with ties to the Chinese government.........

While actual Canal operations are in the hands of the Panamanian government, a Hong Kong-based company, Hutchison Whampoa Ltd., which reportedly has ties to the government of the People's Republic of China and its military, operates the port facilities on either end of the Panama Canal." http://www.pennwellblogs.com/mae/2008/03/chinese-company-doesnt-operate-panama.html

What term replaces Panamax?

New Panamax.

http://maritime-connector.com/wiki/panamax/

TH

...I think I read somewhere that The Chinese..... in fact..... own it.....

"It is the Panamanian government, through the Panama Canal Authority, that operates the Panama Canal, not a company with ties to the Chinese government.........

While actual Canal operations are in the hands of the Panamanian government, a Hong Kong-based company, Hutchison Whampoa Ltd., which reportedly has ties to the government of the People's Republic of China and its military, operates the port facilities on either end of the Panama Canal." http://www.pennwellblogs.com/mae/2008/03/chinese-company-doesnt-operate-panama.html

The Panama Ports Company, a subsidiary of Hutchison Whampoa Ltd., has exclusive and extensive rights to control both ends of the Panama Canal. Hutchison Whampoa is a Chinese company owned by Hong Kong billionaire, Li Ka-Shing, who has strong ties with Beijing. http://themengesproject.blogspot.com/2008/10/chinas-control-of-panama-canal.html