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Deadline for Panama Canal widening in doubt for 2014

Monday, April 16, 2012

Panama will know in a few months whether the long-awaited expansion of its shipping canal will meet the 2014 deadline for completion or face further delays.

Delays in finishing the job come with penalties of up to $54 million, while early completion would be rewarded with $50 million. Any hold-up would be only a matter of months, said the head of the Panama Canal Authority.

The $5.3 billion canal overhaul is already about six months behind schedule.

Source: Reuters