Business · Trade · 3 hrs ago

South Korea completes first Arctic container voyage to Europe and back

South Korea completes first Arctic container voyage to Europe and back

South Korea’s PanStar Acro completed the country’s first container voyage to Europe and back via the Arctic, returning to Busan on October 11.

The 50-day trip included stops in Felixstowe, Rotterdam and Gdansk, and President Lee Jae Myung welcomed the crew on October 13.

South Korea hopes to launch regular Arctic shipping services by 2030, with more trial voyages planned for 2027.

The route could cut sailing time by about a third compared with the Suez Canal route, as less ice has made northern waters more accessible.

The voyage has not yet shown the route can carry enough paying cargo, and officials say reliable schedules, ice conditions, insurance and fuel costs also need to be assessed.

The route follows Russia’s Arctic coast, raising concerns about ties with Western allies while the war in Ukraine continues; South Korea says it will follow international norms and sanctions principles.

Officials expect the route to become economically viable around 2040, but that depends on overcoming the commercial and diplomatic hurdles.

What people are saying

Lee Jae MyungSouth Korean president
We have clearly learned how badly the Korean economy is shaken when existing sea lanes are blocked
via Straits Times
The newly opening Arctic route can become another sea lane, another option... to rely on in a crisis.
via Straits Times
We will strictly observe international norms and the international community’s sanctions principles
via Straits Times
Cho HyunSouth Korean foreign minister
For now there is no problem, but there is also the relationship with the United States
via Straits Times

Sources

Related news