rebuilding the panama canal engineering works [1] panama ... · rebuilding the panama canal ... –...
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Rebuilding the Panama Canal – Engineering Works [1]
Panama Canal Expansion Team 1 - The Wrecking Crew
Michael Carroll
Kaylan Martin
Michael Mitchell
Dustin Smith
Thomas Vest
Brenna Welch
Professor: Dr. Luis A. San Andrés
MEEN 489-501
March 22, 2011
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Overview
• Introduction
• History of the
Panama Canal
• Justification for the
Expansion
• How it works
• Costs
• Critics
• Employment
• Environmental
• Summary
• Going Forward
• References
• Questions or
Comments
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Introduction [2]
• Originally started by U.S. in
1939, but suspended in 1942
• Restarted by Panama Canal
Authority (ACP)
• Composed of Three
Components
– Construction of two lock facilities
– Excavation of new access
channels and widening of
existing channels
– Deepening of navigation
channels and raise elevation of
Gatun Lake
• 7 to 8 years to Complete
– Set to open in 2014 or 2015
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Introduction (Continued) [2]
• Built to compete
with other trade
routes – Suez Canal
– U.S. Intermodal System
• Efficiency of
reliability
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History of the Panama Canal [3,4]
• 1500’s
– Europe realizes
importance
• 1800’s
– US realizes
importance and
French company
begins construction
• 1900’s
– US finishes
construction
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Justification [2]
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Justification [5]
“This is the biggest change for the global
shipping industry since containers replaced
breakbulk as the main means of
transporting goods in the 1970s.” –FTC
Panama
Canal
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How it works
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Costs [2]
• Panama Canal Authority Estimates:
• Estimated $20 – $25 billion cost
• Annual revenue in 2025 = $6.2 billion
• 12% rate of return
• Payback period – 10 years
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Critics [6]
• Payback period
– Interest on borrowed money not factored in
– Projections based on expectations of increased
canal usage and higher toll acceptance
– Competitiveness of alternate routes unpredictable
• Cost is too uncertain
– Involvement of Parsons Brinckerhoffs
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Employment [2]
• Panama Canal Authority
– 35,000 – 40,000 jobs created
• Medium and long term gains will be most
important
• Critics
– Impossible to create that many jobs at once
– Many positions will be foreign skilled labor
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Environmental [2]
• 1 Primary concern
– Salt water flow into Gatun Lake
• Source of ½ of Panamas fresh water supply
• National Association for Nature Conservation
– “Risk is minimal”
• No new land will be bought or altered
– All is within original jurisdiction of Panama Canal
Authority
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Summary
• Need for additional lock due to growing
demands
• Environmental Factors
• Employment Generation and Economic
Benefits
• Controversy of construction
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Going Forward
• Emphasis on limiting costs and safety
issues throughout project
• Expected completion 2014 – 2015
• Canal will hopefully bring economic
prosperity to Panama
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References
1. Gene, 2011, “Rebuilding the Panama Canal,” Texas A&M Engineering,
http://engineeringworks.tamu.edu/ (16 March, 2011).
2. Panama Canal Authority, “Proposal for the Expansion of the Panama
Canal. Third Set of Locks Project.”
http://www.acp.gob.pa/eng/plan/documentos/propuesta/acp-expansion-
proposal.pdf (21 March, 2011).
3. Panama Canal Authority Historians, “Rebuilding the Panama Canal,”
Panama Canal Authority,
http://www.pancanal.com/eng/history/history/index.html (21 March, 2011).
4. Panama Canal Authority Historians, “Panama Canal History Part 7,”
Panama Canal Authority,
http://www.danallen.com/blurb.php?dogNow=720 (21 March, 2011).
5. Wilson, 2006, “Why the panama canal is getting a makeover,”
MoneyWeek, http://engineeringworks.tamu.edu/ (21 March, 2011).
6. Roberto Mendez, “A Bad Business for Panama,”
http://www.nodo50.org/caminoalternativo/canal/43.htm (21 March, 2011).
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Questions or Comments