In early February 2016, the ACP reported that sill reinforcements, repairing the cracks detected earlier, were complete. By January 2016, Panama's President Varela indicated that he anticipated the expansion to be complete around May 2016. The expanded canal began commercial operation on 26 June 2016. The first ship to cross the canal using the third set of locks was a modern New Panamax vessel, the Chinese-owned container ship "Cosco Shipping Panama." The United States dispatched a navy ship to Panama to demonstrate U.S. naval power to the Chinese ship. Finances The main purpose of the canal expansion program is to increase Panama's ability to benefit from the growing traffic demand. This growing demand is manifested in both the increased cargo volumes and the size of vessels that will use the Panama route. In this sense, with a third set of locks, the canal will be able to manage the traffic demand forecast beyond 2025; total inflation-adjusted revenues for that year are predicted to amount to over USD $6.2 billion. Estimated cost In 2006, ACP estimated the cost of the third set of locks project at US$5.25 billion. This figure includes design, administrative, construction, testing, environmental mitigation, and commissioning costs, as well as contingencies to cover risks and unforeseen events, such as accidents, design changes, price increases, and possible delays. The cost of interest paid on loans during construction is not included. The largest cost is that associated with constructing the two new lock complexes—one each on the Atlantic and Pacific sides—with estimated costs of US$1.11 billion and US$1.03 billion each, plus a US$590 million provision for possible contingencies during their construction. Opponents contend the project is based on uncertain projections about maritime trade and the world economy. Roberto N. Méndez, an economist at the University of Panama, alleges that the economic and financial projections are based on manipulated data. Independent engineers, most notably Humberto Reynolds and Tomás Drohan Ruiz, the former head of engineering and dredging of the Panama Canal, say that the project will cost much more than currently budgeted and that it is too risky for Panama. M. A. Bernal, a professor at the University of Panama, argues that confidence in the ACP's budget is undermined because of the involvement of engineering and consultancy firm Parsons Brinckerhoff. Estimated profitability and financing According to the ACP, the third set of locks will be financially profitable, producing a 12 percent