Arctic shipping routes will have little impact on the shipping industry for the foreseeable future, said Møller-Maersk CEO Nils Andersen to the Financial Times.
Calling the notion a long-term prospect rather than a "short term opportunity", Andersen told the newspaper, "We will see some single ships sailing through the Arctic . . . But the reality is, for commercial shipping such as container shipping, this is not something that will happen within the next 10 to 20 years."
The Maersk head also said that there were unfactored costs associated with Arctic shipping, including the need for icebreakers, a crucial sense of seasonal timing, and iceberg avoidance.
According to the Financial times, other shipping executives have mentioned additional difficulties for Arctic voyages, including securing insurance and emergency response timeframes.
"It's far too early to start constructing vessels for it," concluded Mr Andersen.
Usage of the Northern Sea Route (NSR), also known as the northeast passage, has significantly grown in recent years for transit between Asia and Europe, though still pales in comparison to the Suez Canal.
Meanwhile the northwest passage between Western North America and Europe, which bypasses the Panama Canal, saw its first-ever bulker voyage this year.
Russia predicts that most traffic on the NRS by 2021 will involve transportation of oil and gas from the Russian north, not cargo ships using the route as a shortcut.
Source: Financial Times