December 13 - Speaking in Newark, NJ at the Containerization and Intermodal Institute annual luncheon, Alberto Alem

Alemán, who took control of PCA in 1998 and had overseen the current USD5.25 billion expansion project up until his retirement in September, noted that the increasing size of new vessels will force Panama to further expand the waterway.

The existing project will allow the canal to handle ships up to 13,000 TEU. More fuel-efficient ships and the increasing price of bunkers are bringing 18,000 teu ships onto the seas "and we must have Panama Canal locks that can handle them. We must have one more expansion," Alemán added.