Asia/Pacific News
Cosco Shipping in Arctic Voyage First
A Cosco Shipping Co. [SHA:600428] (Cosco Shipping) vessel is set to become the first Chinese merchant ship to travel from China to Europe through the Arctic, China Daily reports.
The multipurpose ship left Dalian port in Northeast China last Thursday and is expected to reach Europe in 33 days.
The shipping company, a division of Cosco Group, plans to use the Northern Sea Route (NSR), or North East Passage, to grow its market.
Qi Shaobin, a professor at Dalian Maritime University, said major Chinese ports incuding Dandong, Yingkou, Qinhuangdao, and Tianjin will benefit from the growing ease of traveling through the Arctic.
"Once the new passage is opened, it will change the market pattern of the global shipping industry because it will shorten the maritime distance significantly among the Chinese, European and North American markets," he said.
Cosco Shipping said the NSR could cut shipping times from Asia to Europe by about one third while reducing fuel consumption, carbon emissions, and operating costs.
Traffic on the NSR has grown dramatically as the Arctic ice has melted, from four vessels in 2010 to 46 last year, and more than 200 ships have received permission to travel the route this year.
