“Besides the North East Passage, the main alternative way from Europe to Asia by sea is via the Suez Canal. But the North East Passage is twice shorter and much safer, and, thus, it is small wonder that more and more European companies are now starting to prefer to deliver their goods to Asia by the North East Passage," said a British International Freight Association (BIFA) newsletter.
According to the newsletter, no Russian regulation on the traffic on the North East Passage has been in place until recently but now the political winds have changed and Russia sees the North East Passage and the Arctic as a major focal point in the years to come.
“Administration of the North East Passage will be important in the coming years as more cargo ships ply the route, making the headquarters a potentially powerful office," BIFA says according to the Hong Kong Shipping Gazette.
Straits Tankers bets on North East Passage
Nordic Bulk: Irresponsible to sail north of Russia without ice class
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