World News
Russian oil Cargoes eye North Sea Route to China
As the Arctic ice sheet shrinks commercial shipping has been able to ply the Northwest Passage linking the Atlantic and Pacific Oceans through the Canadian Arctic for longer in the summer months but as Russia seeks new markets for its oil, the changing Arctic environment is expanding the choice of shipping routes.
The Northest Passage, also known as the North Sea Route, links Europe and Asia via Russian Arctic waters.
A cargo of Russian crude oil is reported to be using the route to get to the eastern Chinese province of Shandong in mid-August, according to the South China Post.
The route has the potential to cut 30% from the shipping distance compared to the route via the Suez Canal, the report said.
Other non-oil shipments are also testing the Arctic waters..
Supply chain news provider the Loadstar has reported that the launch of a regular container shipping service between China and the Russian part of the Arctic Ocean. An ice-breaker class box ship departed St Petersburg en route for Shanghai in early August, the publication said.
The navigation on the NSR runs from July to November.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
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| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
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| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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