Polar Code, Set Of Proposed Arctic Shipping Rules, Could Go Into Force In 2016

New shipping rules are soon to be agreed for the Arctic, where summer sea ice has shrunk by about two-thirds over three decades, opening a new ocean with vast natural resources.

Maritime nations are close to a landmark deal on the Polar Code, aimed to improve safety, lead to lower insurance premiums and help the rise of traffic, industry insiders said.

About a tenth of the world’s undiscovered oil and close to a third of its undiscovered gas is thought to lie under Arctic waters. The Northern Sea Route along Russia’s edge can reduce the sailing distance between Asian ports and Northern Europe by 40 percent.

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via Polar Code, Set Of Proposed Arctic Shipping Rules, Could Go Into Force In 2016.

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