19 July 16

Cosco Begins Major Arctic Plan

1Chinese shipping giant Cosco is set to send three cargo ships through the Arctic Ocean, in a bid to take advantage of a route that is being made more viable by global warming, according to the China Post.

The shipping line’s Yong Sheng merchant ship left the Port of Tianjin on Saturday July 16, 2016, and is now on route to the Arctic.

Climate change is making it possible for the so-called ‘Northeast Passage’ to be used for commercial shipping.

In a previous article by PTI, it was reported that a new model of shipping had been announced by The Pew Charitable Trusts.

The model promises to offer unrivalled shipping times and unexploited access to natural resources.

This followed news that Russia was planning to set up its own extensive shipping network which could cut travel times and cost for shipping lines.

It may also be too early to use the shipping route commercially, amid previous reports that treacherous conditions may cause the Arctic route to only be commercially viable form 2040.

Source: Port Technology