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Latest Panama Canal Stories

2006-04-25 00:50:00

By Mike Power PANAMA CITY -- Panama unveiled an ambitious $5.25 billion plan on Monday to expand its famous canal to handle a new generation of mammoth cargo ships and oil tankers. Opened in 1914 at a cost of 25,000 lives, the Panama canal was considered a masterpiece of engineering. It makes a shortcut between the Pacific and Atlantic Oceans, saving ships the long trip around South America and the treacherous Cape Horn. While much of the canal is made up of roomy lakes, modern large-bulk...

2006-04-24 18:54:02

PANAMA CITY (Reuters) - Panama will invest $5.25 billion to expand its famous canal so it can handle the new generation of mammoth cargo ships and oil tankers, top executives announced on Monday. The eight-year expansion project will require loans of up to $2.3 billion but the entire project will be financed from higher tolls and it will not add to Panama's sovereign debt, said Alberto Aleman, chief executive of the Panama Canal Authority.


Word of the Day
lunula
  • A small crescent-shaped structure or marking, especially the white area at the base of a fingernail that resembles a half-moon.
This word is a diminutive of the Latin 'luna,' moon.
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