Low oil price puts an end to Arctic shipping route

The amount of cargo transported through the Northeast Passage during the ice-free period has plummeted in spite of shipowners being able to trim off thousands of kilometers on journeys from Asia to ports in Europe, according to new data.

Photo: Marinvest

The interest from carriers in utilizing the shorter Arctic shipping route, which connects the Atlantic and the Pacific, has cooled off as bunker prices and freight rates have declined.

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