New Arctic route sees first delivery to S Korea
[SEOUL] South Korea has taken delivery of its first cargo shipped by a Korean firm via the Northern Sea route, as the government looks to increase use of the new shipping route opened up through the Arctic.
A vessel chartered by Hyundai Glovis took 35 days to deliver a 44,000 tonne cargo of naphtha from Port Ust Luga in Russia to Gwangyan Port, about 350 km south of Seoul, arriving late on Monday, the Korean Ministry of Oceans and Fisheries said yesterday.
Cargoes of coal, diesel and gas have made the trip through the new route opened by climate change, which offers a shorter journey between Asia and Russia, although shippers face high insurance costs, slow going and strict environmental rules.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Cruise operator Norwegian lifts 2024 profit view, but Q1 sales miss hits shares
China’s electric cars keep improving, a worry for rivals elsewhere
Singapore Airlines could post highest-ever earnings of about S$2.7 billion for FY2024, says analyst
Tesla axes most of Supercharger team in blow to other automakers
Carnival’s Princess brand revises 2025 world cruise routes amid Red Sea tensions
More than 800 Hyundai, Kia EVs in Singapore to undergo recall for electronics fault