The Panama Canal Expansion refers to a significant project completed in 2016 that aimed to increase the canal's capacity. This expansion involved the construction of a new set of locks, known as the Neopanamax locks, allowing larger ships, called Neopanamax vessels, to transit through the canal. The project was essential for accommodating the growing size of global shipping fleets. The expansion was designed to enhance trade efficiency by reducing shipping times and costs. It also aimed to boost the economy of Panama by increasing toll revenues from the larger vessels. Overall, the expansion has had a lasting impact on international maritime trade.