Latest news with #ArcticShipping
Reuters
3 days ago
- Business
- Reuters
Russia's Rosatom expects boom in foreign vessels using Arctic shipping route
MOSCOW, May 30 (Reuters) - Russia expects a 50% rise in voyages by foreign vessels using the Northern Sea Route (NSR) along its Arctic coast this year, which Moscow sees as an alternative to the Suez Canal, state-controlled nuclear energy firm Rosatom told Reuters on Friday. Rosatom runs a fleet of icebreakers and is in charge of operations along the NSR, which connects Russian ports with China during the summer months, saving vessels up to 10 days at sea compared to traveling via the Suez Canal. Moscow is promoting the route as a way of avoiding sailing close to the borders of European Union member states at a time of mounting geopolitical tensions. "There is a clear upward trend in international interest in the NSR ... In 2025, foreign companies are expected to conduct at least 1.5 times more voyages through the NSR compared to the previous year," the company told Reuters in emailed comments. As of May 27, a total of 196 applications have been submitted for vessel navigation along the NSR, including vessels sailing under foreign flags, Rosatom said, adding that summer-autumn navigation will be open from July 1 to November 30. A record volume of nearly 38 million metric tons of various goods, including oil and liquefied natural gas, was shipped along the route last year, the company said. However, the NSR presents a massive challenge for ships due to thick ice in winter, and navigation is restricted to warmer months. Long dominated by vessels managed by Russian shipping giant Sovcomflot, Azerbaijan-based Vista Vvave Shipmanagement was among companies using the NSR for the first time last year.
South China Morning Post
3 days ago
- Business
- South China Morning Post
‘US troops critical': South Korean presidential candidate signals turn on China policy
US troops in South Korea could be 'critical' for containing China, and might potentially benefit Seoul's outreach to the Arctic, according to the front runner for the coming presidential election who has signalled a possible change in his position on China. During an exclusive interview with Time Magazine published on Thursday, the Democratic Party of Korea's (DPK) presidential candidate Lee Jae-myung said US Forces Korea (USFK) could play a 'critical role for the United States policy of containment against China'. He also said Washington's recent rapprochement with Moscow was 'a means to exert pressure on China' and could benefit Seoul with the possible opening of Arctic shipping routes. 04:19 Political divide widens along gender lines for young first-time voters in South Korea Political divide widens along gender lines for young first-time voters in South Korea 'If so, it could offer strategic advantages, not only for the US and Russia but also for Korea,' he said, according to Time. South Korea is set to hold a presidential election on Tuesday. Former president Yoon Suk-yeol was impeached in April, following political turmoil stemming from his abrupt declaration of martial law in December. Lee and the progressive DPK lead South Korea's presidential race with up to 50 per cent of public support according to the polls. They have largely been regarded as more friendly in their diplomacy with China compared to Yoon and his conservative People Power Party (PPP), which emphasised the alliance with the US and strengthening South Korea's outreach in addressing security challenges outside the Korean peninsula. During the last presidential election campaign in 2022 when Lee competed with Yoon for the presidency, Lee was criticised for his description of the American military in Korea as 'occupation forces'.
