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Middle East tensions spur more China-Europe container shipping via the Arctic
The Arctic route, dubbed the “Ice Silk Road,” can cut the Ningbo-to-Felixstowe voyage time by about half and reduce reliance on ice-breaker class vessels in summer.
China is increasing use of the Arctic for container shipments to Europe as Middle East conflict-related risks to shipping in the Red Sea and the Bab el-Mandeb Strait lead cargo operators to be more cautious, OilPrice reports.
OilPrice cites a Financial Times report that a Chinese container shipping firm, China’s Sea Legend, is launching a regular weekly service through Arctic waters this week.
The carrier is positioning the route, referred to as the “Ice Silk Road,” to move containers from Ningbo on China’s east coast to Felixstowe in the UK, with OilPrice saying the voyage time is cut by about half.
OilPrice adds that Arctic shipping in summer can be arranged more easily and cheaply because melting polar ice caps can remove the need for ice-breaker class vessels, and it notes Western shippers may be deterred by strained relations with Russia and concerns about the Arctic route.