Betting on a new generation of big ships to transform world trade, China, which hascourted Latin America with $100bn of trade credits and investments, is eyeing new and faster routes to Asia via rival canal projects in the region.

An eight-year, $5.3bn expansion of the 100-year-old Panama Canal is nearing completion to facilitate passage of 21st century ships that can carry more than double the loads of today’s vessels. But even before that project is complete, Beijing, the canal’s second-biggest customer, is considering work to make it bigger still.

To the north, Hong Kong Nicaragua Development, a Chinese company, has embarked on construction of a$50bn route through Nicaragua to handle vessels larger than Panama can accommodate, which it hopes to inaugurate in 2019.