Russia’s state nuclear agency, Rosatom, has partnered with China’s Hainan Yangpu NewNew Shipping Co. Ltd to establish a year-round container shipping line via the Arctic’s Northern Sea Route (NSR).
According to international news sources, this agreement, aiming to create a joint venture for building and operating container ships, was signed at Russia’s annual economic forum in St Petersburg. The initiative is part of Russia’s strategy to pivot its trade eastward due to Western sanctions over the Ukraine conflict.
The new shipping line is expected to make 12 voyages in 2024, with the goal of eventually transporting up to 50 million tonnes of cargo annually. Rosatom’s representative for Arctic development, Vladimir Panov, emphasized the importance of constructing up to five Arctic-class vessels to ensure year-round operation.
This venture follows a previous collaboration with Dubai’s DP World to develop Arctic container shipping, driven by the opportunities created by melting sea ice due to climate change.
Rosatom reported a record transport of over 2 million tonnes of transit cargo in 2023 and aims to increase this to 3 million tonnes in the current year. DP World’s CEO, Sultan Ahmed bin Sulayem, highlighted the significance of the NSR as a “game-changer” for global shipping, underlining the need for alternative routes amid supply chain disruptions and geopolitical tensions.
