The Opportunity and Challenges of the Northern Sea Route (NSR) after the Suez Obstruction of 2021

Abstract

The attention to the Arctic route between Europe and Asia has risen again after the 6-day obstruction in the Suez Canal caused by Ever Given during 23-29 March 2021. The incidence gave competent advice to a prosperous global logistics and shipping industry under the pandemic of COVID-19 since 2020 as the international trade volume increased substantially with the enactments of the interregional economic partnership agreements (EPAs). On the other hand, natural resource development in the Arctic Ocean also made capacity building, regulations, and environmental protection desirable. In this perspective, we demonstrated shipping statistics and comprehensive scenarios of Global Trade Analysis Project (GTAP) simulations to analyze the impact of Northern Sea Route (NSR) accessibility with legal and technical issues. Moreover, R&D for eco-friendly shipping led by the maritime industry through financial instruments, such as Green bond, was also introduced to provide policy recommendations and future prospects.

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