Tomorrow's Canal

Tomorrow's Canal


Tolls on ships using the canal exceeded $1 billion in 2004. Panama's famous canal has been a reliable money-spinner for years, even after it passed from US to Panamanian control in 1999. Toll revenues for the Panama Canal Authority (PCA) last fiscal year passed the $1 billion mark for the first time. Yet the 50-mile waterway completed in 1914 is showing its age, and a new generation of mega-ships cannot fit through its locks. As a result, the Authority is mulling a $10 billion expansion plan. "If we look back at 1999, people were betting that we couldn't manage the canal and much less expand it," says Alberto Alemá

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