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

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.