(PANAMA CITY) — Fireworks exploded as a huge container ship made the inaugural passage through the newly expanded Panama Canal on Sunday, formally launching the Central American nation’s multibillion-dollar bet on a bright economic future despite tough times for global shipping. The Chinese-owned Cosco Shipping Panama went through the Atlantic locks at Agua Clara in the early morning, sailed the 50-mile (80-kilometer) passage to the Cocoli locks near the capital and passed into the Pacific in the evening, stewarded by tugboats and cheered by dignitaries and exuberant crowds of thousands. The $5.25 billion project went online nearly two years late after construction delays, labor strife and apparent cost overruns, but officials were still bullish and in a celebratory mood as they declared the expanded canal open for business. “This is an achievement that all of us Panamanians should be proud of,” President Juan Carlos Varela said at the inaugural ceremony on the outskirts of Panama City.