Shearman & Sterling congratulates the Panama Canal Authority on the successful opening of its third set of locks. The expanded Canal doubles the waterway’s tonnage transit capacity and supports the growing needs of international maritime trade. The new locks will handle larger, Neopanamax vessels with a capacity of almost 13,200 TEUs, nearly three times the capacity of Panamax vessels, thereby supporting greater economies of scale.
“The Expansion Program is truly an innovative and landmark project,” said Cynthia Urda Kassis, a New York-based partner in the firm’s Project Development & Finance practice. “The Panama Canal transformed global trade at its opening over a century ago and is expected to do so once again with this new expansion.”
Added Manuel Orillac, a Shearman & Sterling partner who focuses on Latin America financing projects, “The expansion has already had a positive effect throughout the Americas and globally, as ports are expanding their facilities and competing for the additional activity that will result from the larger ships that will soon use the Panama Canal. We expect the Canal to continue to have a tremendous impact on maritime traffic across the vital international lanes that connect the Pacific Ocean, the Atlantic Ocean and the Gulf of Mexico.