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.

BY OLE ANDERSEN

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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