After more than five years of work, the expansion program of the Canal reached a 50 % advance on the 31st of December 2012, according to the latest quarterly report of the Panama Canal Authority (ACP) disclosed yesterday.
The contract for the design and construction for the third set of locks that started on the 25th of august 2009, estimated to have a delay of six to nine months, reported an advance of 37 %.
The project of the new locks awarded for $ 3,200 million or 60 % of the $ 5,250 million, which is the cost of the expansion, should be completed in October 2014, according to the contract. However, the new locks will start operating only in the first and second quarter of 2015.
This indicates that the locks will begin operating between March and June 2015, after completing the test period.