It would only need to be 10km long and would shorten the distance between New York and San Francisco by nearly 800km (500 mi) because it runs east-west instead of north-south like the Panama canal. It would also allow much bigger ships to pass through. Most importantly it would end the monopoly of the Panama canal. And now it is becoming a reality.
"Nicaragua has awarded a Chinese company a 100-year concession to build an alternative to the Panama Canal, in a step that looks set to have profound geopolitical ramifications.
The president of the country's national assembly, Rene Nuñez, announced the $40bn (£26bn) project, which will reinforce Beijing's growing influence on global trade and weaken US dominance over the key shipping route between the Pacific and Atlantic oceans."
http://www.guardian.co.uk/world/2013/jun/06/nicaragua-china-panama-canal
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