The inaugural transit of the Panama Canal Expansion began on Sunday morning with the Neopanamax vessel COSCO Shipping Panama entering through the new Atlantic-facing locks.

The new canal can accommodate ships 49 meters wide carrying up to 14,000 twenty-foot-equivalent-unit (TEU) containers, as opposed to the old locks which limited ship width to 32 meters and a maximum capacity of 5,000 containers.

Panamanian President Juan Carlos Varela and Panama Canal Administrator and CEO Jorge L. Quijano honored the almost 40,000 workers who were involved with the project.

"Our commitment to provide value to our customers remains paramount. In 2015, we broke our tonnage record with 340.8 million PC/UMS in the original Canal," Quijano said.

"Today, we make history and improve global connectivity. We thank our customers for their support and appreciate the 170 reservations we have received thus far to transit the Expanded Canal."

COSCO Shipping Panama set sail June 11 from the Greek Port of Piraeus carrying 9,472 TEU and measuring 300 meters in length and 48.25 meters in beam.

Later on Sunday, the vessel reached the Pacific-facing Cocoli Locks where the official inauguration ceremony took place.

The expansion program is the canal’s largest enhancement project. It included the construction of a new set of locks on the Atlantic and Pacific side of the waterway and the excavation of more than 150 million cubic meters of material, creating a second lane of traffic and doubling the cargo capacity of the waterway.

While the expanded locks are 70 feet wider and 18 feet deeper than those in the original canal, they use less water due to water-savings basins that recycle 60 percent of the water used per transit.

Authorities says the expansion will provide greater economies of scale to global commerce, while also introducing new routes, liner services, and segments, such as liquefied natural gas.

Maersk pours praise on canal expansion

Meanwhile, major shipping company the Maersk Group said the expanded canal's opening was an 'historic moment' and mentioned some key benefits it would bring.

It says these benefits include lifting people out of poverty through the creation of new jobs and opportunities and making shippers' money go further through the use of bigger ships which would lower per-unit freight costs.

"The knock-on effect of the expansion doesn’t stop there. US energy markets are also set to gain, as the drop in natural gas, propane and petroleum shipment costs will make it more attractive to export," Maersk said.

"To put the scale of commercial savings – and the benefits for the consumer – into perspective, the alternative journey via the west coast of the US and over land to the east coast costs roughly US$600 per container more than going down the Panama Canal, depending on a ship's operating costs, which are around US$60,000 a day."

Maersk also highlighted the environmental benefits of the canal expansion, saying the shipping industry had been under pressure to reduce its carbon emissions.

"Maersk Line has already implemented a successful programme that has seen carbon emissions drop by 42% per container by the end of 2015," it said.

"Now we’re seeking to lower that even further to a 60% cut in emissions per container by 2020.

"With bigger, more modern vessels the canal will be able to further reduce the carbon footprint of its operation, as will the companies that operate within it."

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