2040 may be the earliest before the Arctic Ocean route is available for merchant ships to use for commercial purposes since the treacherous conditions and short sailing seasons currently make the route unsuitable for commercial operations, according to The Guardian.
Read: Arctic Regulations Riddled with Gaps
Anne H. Steffensen, Director of the Association at A Meeting of Arctic Country Ministers and Industry in Tromsø, Norway said: “We have gone from hyper-optimism to total realism. The world economy was developed on the basis of a high oil price.
“The northern sea route seemed viable [a few years ago] but now it’s not the case. The route has vast potential but it will take a long time to open up.”
Read: IMO to implement Arctic Shipping Code by 2016
China recently announced that it was aiming to take advantage of a new arctic shipping route by launching several key services.
