Consultants say expanded Panama Canal fraught with safety risks that could undermine economic benefits

Risk management consultants PGI Intelligence have compiled a report on the Panama Canal’s new locks that says safety concerns resulting from the $5.3bn expansion project could lead to accidents that offset the economic benefits.

The Canal’s new locks, inaugurated on June 26 and in commercial operation since June 27, allow the trans-oceanic waterway to handle the gigantic neo-panamax container vessels.

But PGI’s report says that the locks are 427m long and 55m wide, while neo-panamaxes reach 366m and 49m in the same categories. That leaves just 6m width and 61m length of wriggle room and tugboats will be used on both ends of these ships to get them through the locks.

The report cites structural concerns exposed in the locks during the rush for completion and it also refers to the occasional need to impose draft restrictions during times of drought.

All these factors, says PGI, could mitigate against the savings of the shorter transit.

PGI is a London-based risk management consultancy specializing in geopolitical intelligence and corporate investigations, cyber security, and capacity training.