Polar Code to regulate Arctic shipping taking shape

[TROMSOE, Norway] New shipping rules are soon to be agreed for the Arctic, where summer sea ice has shrunk by about two-thirds over three decades, opening a new ocean with vast natural resources.

Maritime nations are close to a landmark deal on the Polar Code, aimed to improve safety, lead to lower insurance premiums and help the rise of traffic, industry insiders said.

About a tenth of the world's undiscovered oil and close to a third of its undiscovered gas is thought to lie under Arctic waters.