The Panama Canal recently marked the two-year anniversary of the inauguration of its canal expansion, the largest enhancement project in the waterway’s 103-year history. To date, 3,745 Neopanamax vessels have transited the canal -- traffic that confirms the route’s efficiency and the maritime industry’s confidence in the expanded canal.

“Two years ago, we pledged to usher in a new era for world commerce,” Panama Canal administrator Jorge Quijano said. “Today, as we reflect upon our countless achievements and ever-expanding impact, we proudly reaffirm this commitment to the global maritime community.”

The performance of the expanded canal’s Neopanamax locks continues to exceed expectations. Over the past two years, the route has recorded notable milestones, such as:

Increased experience with the Neopanamax locks and continued investment into its operations have allowed the waterway to provide additional capacity, flexibility and efficiency to shippers. Such recent offerings include:

The impact of the Neopanamax locks is demonstrated across all segments, although perhaps in no segment more than liquefied natural gas (LNG), which has emerged as the waterway’s fastest growing. In just the past two years, this segment has seen:

Moving forward, the Panama Canal's LNG traffic is expected to grow 50% by the end of fiscal 2018 compared to fiscal 2017, increasing from 163 to approximately 244 transits, for which the canal stands ready to receive.

“The expanded canal is redrawing global trade routes in the LNG industry and across segments, as shippers have more opportunity to take advantage of the economies of scale provided with the Neopanamax locks,” Manuel Benitez, deputy administrator of the canal, said. “Thanks to the careful planning and strategic optimization of our operations, we’re confident the expanded canal will facilitate further growth in international trade and have a far-reaching impact in communities around the world.”

With this anniversary, the canal also reaffirmed its commitment to environmental sustainability, prioritizing water savings and reducing its carbon footprint. In the two years of operation of the Neopanamax locks, the waterway has recycled 60% of the water used per transit and is on track to reduce an estimated 160 million tons of carbon dioxide emissions over the next 10 years.