New trade routes and opportunities emerge
The opening of the Arctic is set to transform the balance of global equity as new trade routes and opportunities emerge.
For the first time ever the Arctic waters were dominated by first-year, rather than multi-year, ice, according to the head of the Scott Polar Research Institute, Paul Berkman. This would allow vessels with ice-class notation rather than icebreaker notation to access the region.
This fact will lead to increased activity, particularly with shipping, which will include more interest in transiting the northeast and northwest passages.