Panama seeks to expand canal capacity

According to Sunday's Financial Times, Panama is is ready to add a "third lane" to the Canal by 2014. They just need to find $5.25 billion to pay for it.

Expanding the canal would allow passage of the most modern seagoing vessels, many of which are too wide to fit through the current Canal, allowing ships from Asia to sail to east coast U.S. ports.

The canal today carries five percent of world trade, and currently operates at over 90% capacity, thanks in part to the recent boom in Chinese trade worldwide.

Panama needs to win the support of its own people in a referendum, as well as that of international financiers, who will provide half the cost of the project.

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