Panama Canal is a big deal again. (Carter gave it away in 1977)

CNBC | 5/9/2016 | Memphis Moe

[Memphis Moe]

"A century after transforming global trade and markets, the Panama Canal is about to revamp world trade once again.

On June 26 the canal is scheduled to reopen after a massive project costing more than $5 billion that will allow bigger ships to pass through the 102-year-old waterway, doubling cargo capacity.

U.S.-based businesses are recognizing the new growth opportunities. Many logistics experts predict the expansion of the so-called Panamex may shift international trade routes, allowing ships to reach Asia from the U.S. Gulf Coast more than two weeks faster than going east through the Suez Canal."

Excerpt; full story at link:

http://www.cnbc.com/2016/06/09/panama-canal-is-about-to-transform-world-trade-again.html

[aMorePerfectUnion]

Okay, thanks. But anyway, Carter gave away what really didn’t belong to him, that it was the US that put that canal in, right?

Sort of...

Negotiations were being carried out under Nixon and continued under Ford and Carter took over.

Carter's team entered into negotiations, but of course the treaty had to be "advised and consented" by the US Senate.

It wasn't going to pass until Senator Dennis DeConcini (D) "sponsored a critical amendment to the Panama Canal Treaty that allowed the Senate to come to a consensus on giving control of the Canal to Panama."

"The United States Senate advised and consented to ratification of the first treaty on March 16, 1978 and to the second treaty on April 18 by identical 68 to 32 margins. On both votes, 52 Democrats and 16 Republicans voted in favor of advising and consenting to ratification, while 10 Democrats and 22 Republicans voted against."

Quick quotes from Wiki... I'm tired.

[aMorePerfectUnion]

"There's really only one "canal", but there are (soon) three sets of locks on each end. Most of it is lakes."

Two years ago, I went to the Panama Canal Zone, took the tour and saw the original canal and the much larger new canal. It is these two I referred to...

[aMorePerfectUnion]

The entire blow-by-blow about the Canal, in more detail than you might want to know...

[scrabblehack]

The deal required a new treaty, no?

[Cementjungle]

Not sure which part you're referring to, but there's still only one "Panama Canal". They have a new, third set of locks on the Gatun side, some new channels, widened the locks at Miraflores, etc.

this explains it better.

[rolling_stone]

carter gave it away for peanuts...

[aMorePerfectUnion]

Perhaps it is terminology.

The original project consisted of two “lanes”.
The expansion adds a third lane/canal.

It is an amazing project. Just the amount of dirt moved was amazing to see.

[Cementjungle]

Indeed. And, here's the outline of the plan for the Nicaragua Canal that China plans to start building later this year:

http://hknd-group.com/upload/pdf/20150105/Nicaragua_Canal_Project_Description_EN.pdf