Russia Highlights Northern Sea Route's Potential After Suez Canal Mishap
Umer Jamshaid Published March 29, 2021 | 12:20 PM
The Northern Sea Route (NSR), which runs along Russia's Arctic coast, dramatically slashes journey times for goods shipped from Asia to Europe and has a huge potential to ramp up cargo traffic, the Russian Ministry of Energy said on Monday after a stranded megaship caused almost a week-long shutdown of the Suez Canal
MOSCOW (UrduPoint News / Sputnik - 29th March, 2021) The Northern Sea Route (NSR), which runs along Russia's Arctic coast, dramatically slashes journey times for goods shipped from Asia to Europe and has a huge potential to ramp up cargo traffic, the Russian Ministry of Energy said on Monday after a stranded megaship caused almost a week-long shutdown of the Suez Canal.
According to the ministry, given the growing global energy trade, including in LNG, the emergence of additional short shipping routes is becoming a matter of time.
"The Northern Sea Route, whose navigation period continues to increase and reached 9-10 months in 2020, has a high potential to expand cargo traffic, significantly cutting transit time for goods shipped from Asia to Europe. The NSR ships liquefied natural gas, oil, and many other goods," the statement read.
Even in the pandemic year of 2020, cargo traffic via the NSR exceeded the planned target and totaled nearly 33 million tonnes, including over 18 million tonnes of LNG.
The ministry expects annual cargo traffic to further grow and hit 80 million tonnes by 2024.
The Suez Canal, a vital link between Asia and Europe, has been blocked since last Tuesday, when a 224,000-tonne container ship ran aground on its way from China to the Netherlands.
After almost a week of attempts, megaship Ever Given was finally refloated on Monday morning. Navigation via the key water artery, whose blockade is said to be costing the world trade $400 million an hour, is expected to resume within several hours, a source in the Suez Canal operator told Sputnik.
Related Topics
Recent Stories
50MP is Better than 200MP?
Mohammad Amir’s participation in T20I series against Ireland, England hangs in ..
Police arrest some lawyers after clash outside LHC
US wants basic human rights for Imran Khan, all other prisoners
Hajj season begins: Karachi Airport Set for Inaugural Flight
IHC orders Jail officials to shift Bushra Bibi to Adiala Jail from Bani Gala
Projects of worth $25b being implemented in Pakistan under CPEC framework: Ahsan
Saudi investors evince special interest in diverse fields
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 8 May 2024
Today Gold Rate in Pakistan 08 May 2024
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
More Stories From World
-
UK says to expel Russian defence attache as 'undeclared military intelligence officer'
9 minutes ago -
N. Macedonia polls set to upend ties with EU neighbours
29 minutes ago -
Israel pounds Gaza as truce talks resume
49 minutes ago -
Russia says it captured two more villages in Ukraine
1 hour ago -
Russia 'cannot' investigate AFP journalist's 2023 killing in Ukraine: Kremlin
2 hours ago -
Indonesia April temperatures hottest in four decades: weather agency
2 hours ago
-
Bangladesh recall Shakib for last two Zimbabwe T20s
2 hours ago -
11 Hajj flights carrying 2,160 Pakistani pilgrims to land in Madinah on Thursday
2 hours ago -
Leading Pakistani media group publishes 60th episode of BRI column
2 hours ago -
Fighter jet crashes at Singapore airbase
2 hours ago -
April temperatures in Indonesia hottest for more than four decades
2 hours ago -
Dozens of cholera cases reported in flood-hit Kenya
2 hours ago