This year, the Arctic is on track to post the lowest ice coverage on record. That development has concerned scientists, but for companies producing and shipping oil, gas and metals, this is opening a new and shorter sea route from Northern Europe to China.
More than 50 vessels are currently sailing on the route, figures from the Northern Sea Route Administration show. Several of them are tankers bringing petroleum products from Arctic fields to Asian markets.
The first LNG carriers made it across the route already in late May, the earliest voyages on the route ever.
Bloomberg Green’s Laura Millan discusses the developments on “Bloomberg Markets: European Open.”
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