Environmental Economics

A Seaway to Hell or an Economic Miracle of Melting Arctic?: The Northern Sea Trade Route

On August 2017, A Russian tanker settling out from Hammerfest in Norway to Boryeong in South Korea travelled through the Northern Sea Route along Northern Russia without an icebreaker escort for the first time.

The journey took only 22 days, 30% quicker than Suez Canal Route. It was significant, indeed, as it drew attention once again to how far Global Warming issue has gone to, while at the same time introducing the world to a new sail route “too economically efficient to ignore”. Discovery of new trade routes has