The final four floodgates that will be used to expand the Panama Canal arrived from Italy on Nov. 12, putting the $5.25-billion project on track for completion in early 2016, around a year behind schedule.

The 16 floodgates measure 58 meters (190 feet) wide and between 22 and 33 meters tall. They will regulate water levels in the canal's new set of locks. The floodgates were built by Italian steelmaker Cimolai.

Roughly 5% of global maritime trade passes through the Panama Canal, which turned 100 in August.

In addition to its longtime rival, the Suez Canal in Egypt, it now faces the threat of a new Chinese-funded canal planned in nearby Nicaragua.

When the expansion is complete, the Panama Canal will be able to handle so-called "Post-Panamax" ships the length of four football fields.

The upgrade has been troubled by delays, strikes and a dispute over $1.6 billion in cost overruns with the consortium of companies carrying out the project.

More Resources:

IHS Quarterly: Big Data Insights (Panama Canal case study)

IHS Quarterly: Trends in the global shipping industry: Seafarers, technology, and the Panama Canal (video)

IHS Maritime