Chinese shipping giant Cosco, having sent 10 ships along the Northern Sea Route to western Europe through the Arctic Ocean north of Russia, now plans to send 10 more this summer, reports Norway's Independent Barents Observer.
The report, which also appeared in the affiliated Arctic Today, said Cosco announced that Beijing is seeking to include Arctic shipping in a US$1 trillion investment initiative that puts China at the centre of a new network of global trade routes.
Called the "Polar Silk Road" by Beijing, Arctic shipping on the Northern Sea Route is promoted by Cosco as "strategically important" to the shipping industry because it provides a cost-effective trade route for Chinese and European firms.
"The normalisation of Arctic Northeast Route fully proves its value and potential," the company said in a statement published earlier this year.
Cosco's growing interest in using the Northern Sea Route comes amid a decline in the number of ships opting to sail the northerly route.
But company figures, presented during the World Transport Convention in Beijing, underscore the economic benefits it and other firms stand to gain if the route can be developed, said the report.
"Cosco calculates that the Northern Sea Route voyages its ships have made to date cut a combined 221 days of shipping time compared with the route that passes through the Suez Canal. The shorter sailing time amounts to a reported $10 million in," said the report.
Beijing's interest in Arctic shipping gained renewed attention earlier this year with the release of China's first policy paper about the region.
Some fear, however, that allowing China to underwrite development of Arctic shipping means handing over control to Beijing. Critics point to wording in Beijing's Arctic policy stating that it feels countries should be ensured that they have the right to use Arctic shipping lanes.
Sources:Schednet
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