The Polar Silk Road has recently gained renewed attention. During the recent 2021 Arctic Circle Assembly hosted in Iceland, the Polar Silk Road, proposed by leaders of China and Russia in 2017, came under the spotlight as the melting of Arctic sea ice has made it possible for merchant ships to navigate the Arctic Ocean, greatly shortening shipping lanes connecting Asia and Europe and even North America. Participants at the Assembly said opening the Arctic route will promote the overall growth of the economy in the region and global trade and shipping will undergo major changes. Experts said that the Polar Silk Road will be an important part of the Belt and Road Initiative (BRI).
The Polar Silk Road is a relatively new alternative for global shipping companies, especially after the unprecedented chaos seen in the Suez Canal caused by a stranded cargo ship and global logistic hurdles posed by port congestion, Song Kui, President of the Contemporary China-Russia Regional Economy Research Institute, told the Global Times. The East Asia-Europe route passes through the Suez Canal and the Strait of Malacca, a significant detour. But taking the route from Shanghai to Murmansk in Russia by crossing the Arctic waterway, the total voyage can be shortened by nearly half, taking about 15 days less, and saving 20% of fuel. Most of the goods delivered via the route are bulk commodities such as steel using specially designed ships adapted to the Arctic environment. The best shipping period is summer time between July and September, but with the melting of the ice, the shipping window would be further extended.
