The Future
As demand is rising for efficient global shipping of goods, the canal is positioned to be a significant feature of world shipping for the foreseeable future. However, changes in shipping patterns—particularly the increasing numbers of larger-than-Panamax ships—will necessitate changes to the canal if it is to retain a significant market share. In 2006 it was anticipated that by 2011, 37% of the world's container ships would be too large for the present canal, and hence a failure to expand would result in a significant loss of market share. The maximum sustainable capacity of the present canal, given some relatively minor improvement work, is estimated at 330–40 million PC/UMS tons per year; it was anticipated that this capacity would be reached between 2009 and 2012. Close to 50% of transiting vessels were already using the full width of the locks.
An enlargement scheme similar to the 1939 Third Lock Scheme, to allow for a greater number of transits and the ability to handle larger ships, has been under consideration for some time, has been approved by the government of Panama, and is in progress, with completion expected in 2014. The cost is estimated at US$5.25 billion, and the project will double the canal's capacity, allowing more traffic and the passage of longer and wider ships. This proposal to expand the canal was approved in a national referendum by approximately 80% on October 22, 2006.
Read more about this topic: Panama Canal
Famous quotes containing the words the future and/or future:
“Perfect present has no existence in our consciousness. As I said years ago in Erewhon, it lives but upon the sufferance of past and future. We are like men standing on a narrow footbridge over a railway. We can watch the future hurrying like an express train towards us, and then hurrying into the past, but in the narrow strip of present we cannot see it. Strange that that which is the most essential to our consciousness should be exactly that of which we are least definitely conscious.”
—Samuel Butler (1835–1902)
“It is given to few to add the store of knowledge, to strike new springs of thought, or to shape new forms of beauty. But so sure as it is that men live not by bread, but by ideas, so sure is it that the future of the world lies in the hands of those who are able to carry the interpretation of nature a step further than their predecessors.”
—Thomas Henry Huxley (1825–95)
“He who asks fortune-tellers the future unwittingly forfeits an inner intimation of coming events that is a thousand times more exact than anything they may say. He is impelled by inertia, rather than curiosity, and nothing is more unlike the submissive apathy with which he hears his fate revealed than the alert dexterity with which the man of courage lays hands on the future.”
—Walter Benjamin (1892–1940)