Northern Route Transits to Hit HIgh
Russia to China bulk cargoes shipped by Nordic Bulk Carriers via theNorthern Sea Route may save them $650,000 on fuel
According to Bloomberg, cargoes of dry-bulk commodities hauled through Arctic waters are set to rise to a record this year as shipping companies use the route to almost halve journey times compared with Suez Canal shipments.
Nordic Bulk Carriers A/S plans to transport about six to eight 70,000 metric-ton shipments of iron ore to China from the Russian port of Murmansk starting in July, according to director Christian Bonfils. Using the so-called Northern Sea Route for the journey instead of the canal saves 1,000 tons of fuel, or $650,000, he told Bloomberg.