Each year, billions of dollars worth of goods arrive on our shores by sea: oil, cars, electronics and food. But how those shipments make their way to our ports is undergoing dramatic change in two significant areas.
The first is the Arctic Ocean, thanks to global warming now free of ice many summer months and open to traffic. Oil from Norway can now reach Japan by sailing “over” Russia rather than sailing through the Suez Canal, a 40% time/cost savings. And goods from China, the world’s largest shipper, can arrive in Europe cheaper and faster (by up to two weeks), by sailing the “Arctic Golden Waterway,” rather than going through the Panama Canal.