EMEA News
Increased Cargo Expected on Russia's Northern Sea Route
Cargo shipped along the Arctic Northern Sea Route that runs from Murmansk near Russia's border with Norway to the Bering Strait near Alaska could increase significantly in the coming years.
Russian forecasts show a 50% increase in cargo is possible although much would depend on the completion of new oil and liquefied natural gas projects, Reuters reports citing published Russian sources.
Russian government forecasts see a base scenario of cargo volume of 74 million tons in 2024 and 224 million tons by 2030. The more optimistic scenario envisages turnover of 81 million tons by 2024 and to 244 million tons by 2030, according to the report.
The new east-west corridor is becoming more viable on the back of melting sea ice caused by climate change.
