NEW TRADE OPPORTUNITIES
Beyond security considerations, the Arctic is increasingly seen as a strategic trade corridor.
Arctic routes could potentially halve the time needed to transport goods from China to Europe, offering a faster alternative to traditional shipping lanes.
Finnish state-owned firm Arctia, which operates one of the most experienced icebreaker fleets supporting winter navigation for merchant vessels, said warming Arctic waters could open up new trade opportunities.
Jukka Viitanen, its director of sustainability and communications, said that as traffic increases, demand for icebreaking services will also rise to keep these routes operational.
Geopolitical tensions, including the war on Iran and disruptions in the Strait of Hormuz, could have ripple effects on Arctic shipping, said observers.
Jari Eloranta, professor of economic history at the University of Helsinki, said: “Just shutting down one particular logistical chain in world trade can have tremendous impacts in terms of the world economy.
“So, companies (and) countries are looking for other ways or more reliable ways of transporting goods and services.”