Panama Canal invests $320m in upgrades

Amid its more publicly anticipated expansion project, the Panama Canal Authority is also modernizing and upgrading the existing waterway to streamline operations and increase capacity. Recent modernizations valued at $320 million include an improved lighting system in the locks, a new track and turntable system, the acquisition of five new tugboats, an additional tie-up station and the replacement and reconstruction of the ACP's launch fleet. According to the ACP, these latest improvements allow two additional transits per day and enhance the safety, reliability and efficiency of the Canal. "In total, the returns on our $320 million investment have been significant," said ACP Executive Vice President of Operations Manuel Benítez. "We devote a significant portion of Canal revenue to modernization and improvement projects, and through careful planning these projects have brought about the desired operational returns - safe, reliable and efficient transits for our customers." Source: joc.com