From this passage tell me why Panama Canal is called one of the seven wonders of the modern world

Context: The Panama Canal is an artificial 82 km waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean and divides North and South America. The canal cuts across the Isthmus of Panama and is a conduit for maritime trade. One of the largest and most difficult engineering projects ever undertaken, the Panama Canal shortcut greatly reduces the time for ships to travel between the Atlantic and Pacific oceans, enabling them to avoid the lengthy, hazardous Cape Horn route around the southernmost tip of South America via the Drake Passage or Strait of Magellan.

Colombia, France, and later the United States controlled the territory surrounding the canal during construction. France began work on the canal in 1881, but stopped because of lack of investors' confidence due to engineering problems and a high worker mortality rate. The United States took over the project on May 4, 1904, and opened the canal on August 15, 1914. The US continued to control the canal and surrounding Panama Canal Zone until the 1977 Torrijos–Carter Treaties provided for its handover to Panama. After a period of joint American–Panamanian control, the canal was taken over by the Panamanian government in 1999. It is now managed and operated by the government-owned Panama Canal Authority.

Canal locks at each end lift ships up to Gatun Lake, an artificial lake 26 meters above sea level, created to reduce the amount of excavation work required for the canal, and then lower the ships at the other end. The original locks are 33.5 meters wide. A third, wider lane of locks was constructed between September 2007 and May 2016. The expanded waterway began commercial operation on June 26, 2016. The new locks allow transit of larger, New Panamax ships.

Annual traffic has risen from about 1,000 ships in 1914, when the canal opened, to 14,702 vessels in 2008, for a total of 333.7 million Panama Canal/Universal Measurement System tons. By 2012, more than 815,000 vessels had passed through the canal. In 2017 it took ships an average of 11.38 hours to pass between the canal's two locks. The American Society of Civil Engineers has ranked the Panama Canal one of the seven wonders of the modern world.

Answer: The American Society of Civil Engineers has ranked the Panama Canal one of the seven wonders of the modern world not only because it was one of the largest and most difficult engineering projects ever undertaken, but also because of its significant impact in maritime trade across the Atlantic and Pacific oceans near the Americas. It is a shortcut which greatly reduces the time for ships to travel between the Atlantic and Pacific oceans, enabling them to avoid the lengthy, hazardous Cape Horn route around the southernmost tip of South America via the Drake Passage or Strait of Magellan.