This is a big deal as it continues the global investments by China, which should not be scary, but viewed as the global infrastructure investments that the US used to make, but is being pushed aside. I also think this says a lot about the progressive states being developed in Central & South America (Argentina, Nicaragua, Venezuela) and how they have prospered after having been less of a focus of US foreign policy post 9/11
This is likely to be much larger than the Panama Canal, which may be unable to hold the larger tanker ships that are becoming the norm in global shipping, so it really may be a necessity.