On June 26th a 9000 TEU COSCO vessel was the first to pass through the expanded Panama Canal. The expansion cost $5.25 billion and began in 2007. The Panama Canal had previously been able to manage ships carrying no more than 4800 TEU. As the global ocean fleets continue to grow in size expansion was necessary to accommodate larger ships. Now that larger ships are passing through the Panama Canal it is estimated that 10% of container shipments originating in Asia will shift