The ambition to develop an Arctic ‘silk route’ to connect European or North American ports with Asia is by no means a novelty. Changing climate conditions have reduced the number of months in a year during which the Arctic is covered by stable ice and have thus revived the centuries-old dream of the Dutch and English East India Companies. But economic, technological, infrastructural and regulatory obstacles remain as challenging as ever.
The immediate future of Arctic shipping lies in its attractiveness as a destination rather than a transit sea area, with activities such as extracting natural resources, offshore shipping as well as cruise tourism. European shipping companies are developing an increasing interest in these markets, which need an adequate regulatory framework to flourish in a sustainable manner.