After more than a year-long delay, a new set of larger locks for the Panama Canal will be complete by the end of June, the waterway's administrator said on Wednesday, after builders repaired cracks that had formed in the concrete walls.
The consortium behind the expansion of the Panama Canal believes that cracks found in the third set of locks will not delay the inauguration of the extended waterway planned for April 2016, the canal authority said on Wednesday.
Tests with ships will begin in mid-2015 on a new set of locks that are a key component of an expansion of the Panama Canal, the waterway's chief said on Sunday.
The 100-year-old canal, which is major global trade artery, is in
Sacyr, the Spanish building company leading a consortium to expand the Panama Canal, said it risks losing $574 million in guarantees and advance payments if a spat over cost overruns at the multi-billion dollar project is not resolved.
Traffic in the Panama Canal was halted on Wednesday due to heavy rain, the first time the waterway has been closed in more than 20 years.
At least five ships were visible idling in the canal, a major shipping route that connects the Atlant