the Panama Canal expansion project has required consolidated control and a phased approach
Global trade volumes have expanded exponentially over the last century. And to accommodate that growth, shipping freighters have expanded in kind. Today's container ships have more than five times the capacity of their early predecessors -- and require a significantly wider berth. For the Panama Canal, this was bad for business. Opened in 1914, the canal handles 5 percent of the world's shipping traffic and 70 percent of all cargo to and from the United States. But over the years, this valuable shortcut became desperately outdated. The Panama Canal Authority knew it was time for an upgrade and launched an expansion megaproject in 2007.