Panama Canal $5B Expansion To Open Amid Shipping Downturn

[Purveyor]

PANAMA CITY (AP) -- The $5.25 billion expansion of the Panama canal is set to open Sunday at a difficult moment for the international commercial shipping market.

Canal Administrator Jorge Luis Quijano said Wednesday the shipping market is cyclical, and will rebound.

"Things won't stay at zero. The world will continue to grow," Quijano said. "Eventually there Will be a rebound and the good thing is that we are prepared to take advantage of that when it occurs."

Quijano said Wednesday the canal expects to benefit in coming years from increased U.S. trade in oil and natural gas.

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