World News
Nicaraguan Committee Approves Panama Canal Alternative
A committee of Nicaraguan officials, businessmen, and academics has approved a route for the proposed canal that would provide an alternative to the Panama Canal, Reuters reports.
The $40 billion project planned by Hong Kong-based HK Nicaragua Canal Development Investment Co. Ltd. (HKND Group) would run from the mouth of the Brito river on the Pacific to the Punto Cordo river on the Caribbean, passing through Lake Nicaragua.
The canal would be between 320 meters and 520 meters wide and 27.6 meters deep, according to HKND Group engineer Dong Yunsong.
Environmental and social impact studies on the plan are scheduled for completion later this year, and work could begin by December, with the canal starting operations in 2020, according to a committee member.
HKND Group is headed by Chinese businessman Wang Jing.
Maersk Line said in June that it supports the canal, which would allow for the passage of ships that are too large to fit through the Panama Canal, even after its current expansion is complete.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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