Thursday, July 28, 2016

The Panama Canal Expansion is Open for Business

Originally published by Morrow Sheppard.

After nearly 10 years of construction and delays, the Panama Canal expansion finally opened for business on June 26, 2016. While the expansion is expected to bring the Panama Canal Authority (known by its Spanish acronym, “ACP”) an additional estimated $2.1 billion in annual revenue by 2021, the ACP is far from the only entity expecting to rake in the profits as a result of the long-awaited opening. Ports throughout the southeastern United States and along the East Coast have also been spending billions to upgrade their facilities so that they can receive the larger ships – nearly three times the size that could previously fit through the canal – that will soon be calling thanks to the expansion. As we recently discussed, companies across numerous industries are expected to benefit from the opening of the expanded Panama Canal, and major retailers like Walmart and Ikea are already unrolling plans to transport significantly more cargo through the Port of Houston. This means new job opportunities; but, unfortunately, it could very well mean new safety risks as well. Private Investigation Firm Warns of Safety Risks with the Panama Canal Expansion For example, as reported in Port Technology, the private investigation firm PGI Intelligence has already warned of numerous potential dangers associated with the design and construction of the Panama Canal expansion. Some of these risks include: The new locks may already be too small. The larger (so-called “neo-Panamax”) ships that will be using the new locks are just six meters thinner […]

The post The Panama Canal Expansion is Open for Business appeared first on Morrow & Sheppard LLP.

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