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The 92-year old Panama Canal will be able to accommodate mega containerships with capacities up to 12,000 teus each once the proposed expansion completes in 2014. The Financial Times reported that the $5.25-billion expansion plan, still to be approved by the Panamian Government, when completed, will double the handling capacity of the 82-km long waterway.

The expansion presupposed construction of a third lane of locks, which will run parallel to two existing ones.

Each new lock will be 1,400 ft long, 180 ft wide with a draft of 50 ft, enough to accommodate containerships with capacity of 12,000 teus, compared to current maximum of 5,000 teus.

The Chief Executive of the Panama Canal Authority has been quoted in the report as saying that the project will be financed through toll collection though some bridging loan might also be needed.

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