MIAMI—It's a milestone that will have a major impact on the global trade industry—and especially the way cargo is handled and transported across North America. Of course, I'm talking about the Panama Canal Expansion Project, the first major renovation the canal has seen since opening in 1914.

Scheduled to open in April 2016, the $5.25 billion expansion will accommodate a new line of Post-Panamax vessels—supertankers, container and passenger ships too large to pass through the canal before the expansion. Carla Lopez, head of research in Latin America for CBRE, says, “Now you can have these massive ships go directly to the East Coast, and that is going to drastically change the way merchandise is distributed.”

The American Association of Port Authorities (AAPA) estimates ports and their private sector partners are investing over $9 billion a year to modernize and expand port facilities. The AAPA estimates there are 125 port-related infrastructure projects underway or planned, cumulatively valued at $29 billion.