Oceanic shipping through the Arctic Circle isn’t likely to have much impact on global transport and investments in harbors, including the deepening of the Port of Savannah, a new report suggests.
Armed security is one cost that could be trimmed as the need to defend against pirates in the Indian Ocean is eliminated, according to a report from the non-profit Stimson Center. The Yong Sheng is said to be the first Chinese vessel to ever navigate the high latitude route across the continent.
According to a report from the Stimson Center:
- “As a result of steadily retreating summer ice margins in the Kara Sea, the Laptev Sea and East Siberian Sea, increasing fuel costs for merchant vessels, and the extant threat of piracy in the northern Indian Ocean, the NSR [Northern Sea Route] has in very recent times become of clear commercial interest to global maritime trade.”
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