Panama Canal expansion (2007–2016)
Panama began building a third set of locks in 2007 to let New Panamax ships through a canal opened in 1914. Disputes over concrete and faulty lock gates pushed the opening two years past the original 2014 target.
The new locks opened on June 26, 2016, roughly doubling canal capacity.
Larger container ships shifted routes toward the canal, but a 2023–24 drought later cut daily transits.
A parallel lock built to relieve a hard bottleneck, with a schedule that slipped and a payoff that depended on demand forecasts holding.
