The $5.25 billion expansion of the Panama Canal—the strategic waterway that now handles 14,000 vessels a year, or 5% of world trade—will be ready for commercial shipping later than originally planned, the Panama Canal Authority admitted Jan. 17. Widening and deepening of the 80-kilometer passage will be completed by June 2015, six months later than first intended, the Authority’s administrator Jorge Luis Quijano said (Bloomberg, Jan. 17) The expanded canal will be able to handle so-called "post-Panamax" scale ships, which are the length of aircraft carriers. The US Army Corps of Engineers estimates that US ports such as Miami are now spending up to $8 billion a year in federal, local and private money to modernize in response to the canal expansion, which experts call a "game changer."  CSX is planning to build a new $90 million rail transfer facility at Baltimore that will allow  cargo trains to be loaded a few miles from the port, while the Norfolk Southern line is blasting through Appalachian passes in West Virginia and Kentucky to allow expanded freight shipments. (Memphis Commercial Appeal, Jan. 14)