The 16 floodgates, which measure 58m wide and between 22m and 33m tall, will regulate water levels in the Canal’s new set of locks.
Panama, which relies on the Canal for about USD1 billion a year in revenues, is counting on the upgrade to keep the century-old waterway relevant by enabling it to handle modern “Post –Panamax” vessels carrying up to 14,000 containers – triple the current capacity.
“Today is a historic day. Not only have the floodgates arrived but we are getting ever closer to a new era for our expanded Canal that will bring better days for all Panamanians,” said President Juan Carlos Varela, as the floodgates arrived at the entrance to the canal in the northern province of Colon.
The canal’s administrator, Jorge Quijano, called the delivery “a very important landmark” for the USD5.25 billion project, which is running a year behind schedule.
“It’s the last critical component. Once the floodgates are all installed we’ll be able to fill the locks with water and begin testing,” Quijano said.
It is estimated that around 5% of global maritime trade passes through the Panama Canal, which turned 100 in August.
But the waterway, one of the 20th century’s greatest engineering triumphs, faces increasing competition for trade between Asia and the East Coast of the United States.
In addition to its longtime rival, the Suez Canal in Egypt, it now faces the threat of a new Chinese-funded canal planned in nearby Nicaragua.
When the expansion is complete, the Panama Canal will be able to handle so-called “Post-Panamax” ships the length of four football fields.
But the upgrade has been plagued by delays, strikes and a bitter dispute over $1.6 billion in cost overruns with the consortium of companies carrying out the project.