Nicaragua Looks To Rival Panama Canal

"Amid news that the Panama Canal will be expanded to accommodate the growing size and number of ships traversing the globe, Nicaragua has announced its own plan for an interoceanic canal, which planners say would be the world's largest."

"Plans to construct a canal across Nicaragua have been around for well over a century. But Mario Alonso, the project's main advocate, says this time it'll happen. He will present legislation to the National Assembly this month, and then open up the project to bidders from as far away as Russia and China, which is now expanding the port facilities it owns on both ends of Panama's canal."

"Costing $18 billion, the 172-mile-long canal would take 12 years to design and construct, according to the project profile. It would attract megaships that can carry double the load of boats that will be able to cross an upgraded Panama Canal. There are 900 such ships today and an expected 3,000 by 2019."

"A US company sailing megaships roundtrip from the East Coast to Japan would save $2 million and 34 days using a Nicaragua canal, planners claim."